ACMSH(SH:688082) Huajin Securities·2024-03-12 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The successful delivery of 4,000 wet cleaning equipment units marks a significant milestone, reflecting high market recognition of the company's products [1] - The company has a strong focus on semiconductor cleaning equipment, with a revenue share of 67.24% in 2023, and aims to achieve a market share of 55%-60% in China [1][2] - The company expects revenue for 2024 to be between 5.0 billion to 5.8 billion yuan, representing a year-on-year growth of 28.59% to 49.16% [2] Financial Performance - In 2023, the company achieved a revenue of 3.888 billion yuan, a year-on-year increase of 35.34%, and a net profit of 911 million yuan, up 36.21% [2][3] - The gross margin for 2023 was 51.99%, an increase of 3.09 percentage points compared to the previous year [2] - The company plans to maintain R&D expenditure at 15-16% of revenue, with 2023 R&D expenses amounting to 615 million yuan, a 62.04% increase year-on-year [2] Revenue Projections - Revenue projections for 2024 to 2026 are 5.4 billion, 6.501 billion, and 7.854 billion yuan, with growth rates of 38.9%, 20.4%, and 20.8% respectively [2][3] - The net profit for the same period is expected to be 1.122 billion, 1.422 billion, and 1.800 billion yuan, with growth rates of 23.2%, 26.7%, and 26.6% respectively [2][3] Market Position - The company holds a 7.2% market share in the global single-wafer cleaning equipment market as of 2022 [1] - The company is expanding its product portfolio to include semiconductor plating equipment, furnace tube equipment, and other advanced technologies [1][2]