ACMSH(SH:688082) China Post Securities·2024-06-11 12:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock performance relative to the benchmark index over the next six months [9]. Core Views - The company has launched a new frame wafer cleaning equipment for advanced packaging, which is expected to contribute to 10%-15% of its revenue. The innovative solvent recovery system of this equipment offers substantial environmental and cost benefits, achieving nearly 100% solvent recovery [4][6]. - The company is well-positioned in the advanced packaging market, with anticipated growth in domestic orders due to increasing demand for 2.5D and 3D packaging technologies. It is also exploring markets in South Korea, the USA, and Taiwan [4][6]. - The introduction of high-temperature single wafer SPM equipment and supercritical CO2 cleaning products is expected to open new growth avenues in the cleaning segment. The company aims to capture 25%-30% of the total front-end cleaning market with its differentiated products [4][5]. - The company is advancing its vertical furnace tube technology, focusing on LPCVD, oxidation, diffusion, and ALD applications, with significant progress in ALD technology expected to drive future growth [5][6]. Financial Summary - The company is projected to achieve revenues of 57 billion, 78 billion, and 107 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 11 billion, 16 billion, and 25 billion yuan for the same years. The corresponding P/E ratios are expected to be 31x, 21x, and 14x [6][8]. - The revenue growth rates are forecasted at 35.34%, 46.63%, 37.00%, and 37.14% for the years 2024 to 2026, respectively [8].