ACMSH(SH:688082) GF SECURITIES·2024-02-29 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 145.74 CNY per share [3][5]. Core Insights - The company experienced rapid growth in 2023, with revenue reaching 3.888 billion CNY, a year-on-year increase of 35.34%. This growth was driven by increasing demand for semiconductor equipment in the domestic market, successful new customer acquisition, and new product recognition [3]. - The company's net profit attributable to shareholders was 911 million CNY, reflecting a year-on-year growth of 36.21%. The gross margin improved to 51.99%, up 3.09 percentage points year-on-year, while the net profit margin was 23.42%, a slight increase of 0.15 percentage points [3]. - The company is steadily advancing its equipment platformization strategy, having developed a range of products including cleaning, semiconductor plating, and advanced packaging equipment. The company has established a leading position in the domestic 12-inch copper interconnect plating equipment market [3]. Financial Summary - In Q4 2023, the company reported revenue of 1.139 billion CNY, a year-on-year increase of 27.22%. The net profit for the quarter was 238 million CNY, up 4.51% year-on-year [3]. - The company forecasts net profits for 2024, 2025, and 2026 to be 1.232 billion CNY, 1.623 billion CNY, and 2.044 billion CNY, respectively, indicating a strong growth trajectory [3][4].