ACMSH(SH:688082) Soochow Securities·2024-02-29 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 3.89 billion yuan in 2023, representing a year-on-year growth of 35.3%. The semiconductor cleaning equipment contributed 2.61 billion yuan, growing by 25.8%, while other semiconductor equipment saw a significant increase of 81.6% to 940 million yuan. The net profit attributable to shareholders was 910 million yuan, up 36.2% year-on-year [2][9][11] - The company is experiencing a robust growth in new product lines, with a focus on expanding its product categories, including PECVD and Track equipment, while maintaining its leading position in semiconductor cleaning equipment [3][17][18] - The company has a strong order backlog of 6.796 billion yuan as of September 27, 2023, a 46.3% increase from the previous year, indicating strong demand from leading domestic enterprises [14] Summary by Sections Revenue and Profitability - In 2023, the total revenue was 3.89 billion yuan, with a year-on-year increase of 35.3%. The net profit attributable to shareholders was 910 million yuan, reflecting a growth of 36.2% [2][9][11] - The gross margin for the company was 52%, an increase of 3 percentage points year-on-year. The gross margin for semiconductor cleaning equipment was 48.6%, while other semiconductor equipment reached 59.5% [3][11] Product Development and Market Position - The company is actively expanding its product offerings, particularly in PECVD and Track equipment, to meet diverse customer needs in both logic and storage applications [17][18] - The company has established a strong order backlog, covering various semiconductor fields, including logic, storage, and advanced packaging [14] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders is 1.24 billion yuan for 2024 and 1.55 billion yuan for 2025, with an expected net profit of 1.87 billion yuan for 2026. The corresponding dynamic P/E ratios are projected to be 30, 25, and 20 times [19]