ACMSH(688082) 长城证券·2024-06-13 03:01Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has demonstrated rapid revenue growth, with a 2023 revenue of 3.888 billion yuan, representing a year-on-year increase of 35.34%. The net profit for the same year was 911 million yuan, up 36.21% year-on-year [1][2] - The company is actively expanding into overseas markets, with significant growth potential in advanced packaging equipment, which is expected to contribute 10%-15% of total sales in the future [4] - The company has received bulk orders for advanced packaging equipment, which is anticipated to drive revenue growth in 2024 [4] Financial Summary - Revenue (million yuan): - 2022A: 2,873 - 2023A: 3,888 - 2024E: 5,434 - 2025E: 6,669 - 2026E: 8,120 - Year-on-year growth rates for revenue: - 2022: 77.3% - 2023: 35.3% - 2024: 39.8% - 2025: 22.7% - 2026: 21.8% [1][7] - Net profit (million yuan): - 2022A: 668 - 2023A: 911 - 2024E: 1,213 - 2025E: 1,456 - 2026E: 1,816 - Year-on-year growth rates for net profit: - 2022: 151.1% - 2023: 36.2% - 2024: 33.3% - 2025: 20.0% - 2026: 24.7% [1][7] - The company's gross margin for 2023 was 51.99%, an increase of 3.09 percentage points year-on-year [2] Market and Product Development - The company is focusing on high-end advanced packaging equipment to meet the growing demand for AI chips, which require more sophisticated packaging solutions [2][4] - The company has successfully completed client validation for its first SAPS cleaning equipment in the U.S. and is in the process of installing equipment for European clients, indicating a strong potential for repeat orders [4]