The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: Goldman Sachs upgraded Innoviz Technologies (INVZ) to Buy from Neutral with a price target of $2.50, up from $1.50. The firm cites the company's design potential over the next six months and its "inexpensive" valuation for the upgrade.Morgan Stanley upgraded Citizens Financial (CFG) to Overweight from Equal Weight ...

Core Viewpoint - Aehr Test Systems will report its financial results for the first quarter of fiscal 2026 on October 6, 2025, after market close [1] Company Summary - Aehr Test Systems is a global supplier of semiconductor test and burn-in equipment [1] - The financial results will cover the period ended August 30, 2025 [1] - A conference call and webcast will be held at 5:00 p.m. on the same day as the financial report [1]

Core Viewpoint - ACM Research, Inc. reported a significant increase in backlog for its subsidiary ACM Research (Shanghai), indicating strong demand for its semiconductor processing solutions [1][2]. Backlog Information - As of September 29, 2025, ACM Shanghai's total backlog reached RMB 9,071.5 million (approximately USD $1,271.6 million), reflecting a 34.1% year-over-year increase compared to the previous year's backlog [2]. - The backlog includes orders for tools that have been shipped but not yet recognized as revenue under Chinese GAAP, as well as orders for tools expected to be shipped in the future [2][3]. Financial Reporting Dates - ACM Shanghai is scheduled to release its full financial results for the nine months ending September 30, 2025, on October 29, 2025, after the market closes in China [5]. - ACM will also report preliminary financial results for the same period before the market opens in the U.S. on the same day [5]. - The company plans to release its full financial results for the third quarter of 2025 and conduct a conference call in early November 2025, with specific details to be announced later [6]. Company Overview - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at enhancing productivity and product yield in semiconductor manufacturing [8].

Core Viewpoint - ACM Research, Inc. reported a significant increase in backlog for its subsidiary ACM Research (Shanghai), indicating strong demand for its semiconductor processing solutions [1][2]. Backlog Information - As of September 29, 2025, ACM Shanghai's total backlog reached RMB 9,071.5 million (approximately USD $1,271.6 million), reflecting a 34.1% year-over-year increase compared to the previous year's backlog [2]. - The backlog includes orders for tools that have been shipped but not yet recognized as revenue under Chinese GAAP, as well as orders for tools expected to be shipped in the future [2][3]. Financial Reporting Dates - ACM Shanghai is scheduled to release its full financial results for the nine months ending September 30, 2025, on October 29, 2025, after the market closes in China [5]. - ACM will also report preliminary financial results for the same period before the market opens in the U.S. on the same day [5]. - A full financial results release for the third quarter of 2025 will occur in early November 2025, with details of a corresponding conference call to be announced later [6]. Company Overview - ACM Research, Inc. specializes in developing, manufacturing, and selling semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at enhancing productivity and product yield in semiconductor manufacturing [8].

ASML stock has lagged behind other companies in the AI supply chain. What's holding the chipmaking equipment company back. ...

Core Viewpoint - The article discusses the development and trends in the semiconductor packaging industry, particularly focusing on the plastic packaging machines, highlighting the growth potential in the Chinese market and the shift towards advanced packaging technologies. Group 1: Semiconductor Packaging Process - The semiconductor production process includes wafer manufacturing, testing, packaging, and testing, with packaging being crucial for electrical and signal connections as well as physical protection of integrated circuits [1] - The encapsulation process involves injecting packaging materials into molds to protect semiconductor chips, which is essential due to environmental conditions that could lead to chip failure [1] Group 2: Industry Development Overview - China is actively promoting the integrated circuit industry as a strategic pillar, with a focus on high-quality development and self-sufficiency in manufacturing processes, equipment, and materials [4] - The domestic integrated circuit market is experiencing steady growth, supported by strong internal demand and a clear trend towards domestic substitution, despite global economic fluctuations [4] Group 3: Characteristics of the Semiconductor Packaging Machine Industry - The trend towards high reliability in packaging machines is becoming critical, especially for automotive and industrial-grade chips, where performance metrics like temperature control and operational consistency are essential [6] - Advanced packaging technologies are driving the need for equipment upgrades, with T-Molding and C-Molding market shares expected to diverge [7][8] Group 4: Automation and Localization - The introduction of automation and intelligence in packaging machines enhances efficiency and consistency, reducing reliance on manual labor [9] - The demand for domestic equipment is increasing as local semiconductor companies expand their production capacities, with several emerging firms gaining market share [9] Group 5: Market Size and Forecast - The global semiconductor packaging machine market is projected to reach USD 406 million in 2024, with a compound annual growth rate (CAGR) of 6.59% expected until 2031 [11] - The Chinese market is anticipated to grow from USD 179 million in 2024 to USD 275 million by 2031, representing approximately 44% of the global market [11] Group 6: Market Share and Key Players - Major players in the international market include Towa, Besi, ASMPT, and Sanan Optoelectronics, with the top five companies holding about 80.79% of the market share [15] - In the Chinese market, the leading companies also include Towa, Besi, ASMPT, and Sanan Optoelectronics, with the top five accounting for approximately 77.24% of the market [15] Group 7: Policy Support - The Chinese government has implemented various policies to support the semiconductor industry, including tax incentives for companies involved in integrated circuit design, equipment, materials, packaging, and testing [16][17][18]

Core Viewpoint - Longchuan Technology (300604) has experienced a significant surge in stock price, driven by strong performance in the semiconductor sector and positive market sentiment, with a projected net profit for the first three quarters of 2025 expected to double year-on-year [1][4]. Company Performance - Longchuan Technology's stock price rose from 66.89 CNY to 96.32 CNY per share between September 23 and 24, 2023, marking a market capitalization exceeding 600 billion CNY [4]. - The company anticipates a net profit of 8.27 billion to 8.77 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 131.39% to 145.38% [4]. - Revenue figures from 2022 to 2024 show fluctuations, with revenues of 25.77 billion CNY in 2022, 17.75 billion CNY in 2023 (a 31.11% decline), and a recovery to 36.42 billion CNY in 2024 [6]. - The net profit figures for the same period were 4.61 billion CNY in 2022, plummeting to 0.45 billion CNY in 2023 (a 90.21% drop), and recovering to approximately 4.58 billion CNY in 2024 [6]. Industry Context - The semiconductor sector is currently experiencing a cyclical recovery, with increasing demand and supportive government policies aimed at enhancing domestic capabilities [1][2]. - The recent surge in the semiconductor sector is attributed to a combination of policy benefits, demand recovery, and valuation corrections, with significant investments flowing into the industry [2]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have set growth targets for the electronic information manufacturing industry, aiming for an average growth rate of around 7% [2]. Strategic Developments - Longchuan Technology announced a strategic acquisition of a stake in Kewaiseng Visual Technology (Suzhou) Co., Ltd. for 119 million CNY, aiming to enhance its competitive edge and operational efficiency [4][5]. - The acquisition is expected to bolster the company's research and development capabilities in AOI (Automated Optical Inspection) equipment through Kewaiseng's core visual software platform and algorithms [5]. Financial Health - Despite the impressive growth projections, Longchuan Technology has shown volatility in its financial health, with net cash flow from operating activities fluctuating significantly, including a negative cash flow of 0.8 billion CNY in the first half of 2023 [6]. - The company's accounts receivable have been on the rise, reaching 16.50 billion CNY by June 2025, indicating potential liquidity challenges [6][7]. - Research and development expenses have consistently increased, amounting to 9.67 billion CNY in 2024, reflecting the company's commitment to innovation in a competitive industry [7].

Whales with a lot of money to spend have taken a noticeably bearish stance on Applied Mat.Looking at options history for Applied Mat (NASDAQ: AMAT) we detected 55 trades.If we consider the specifics of each trade, it is accurate to state that 38% of the investors opened trades with bullish expectations and 45% with bearish.From the overall spotted trades, 28 are puts, for a total amount of $1,496,816 and 27, calls, for a total amount of $1,893,200.Projected Price TargetsBased on the trading activity, it app ...

Group 1 - Heartland Advisors released its second-quarter 2025 investor letter for the Heartland Opportunistic Value Equity Strategy, indicating a shift in investor sentiment towards optimism as recession concerns were deemed overblown [1] - The strategy achieved a return of 0.65% in the quarter, underperforming the Russell 3000® Value Index, which returned 3.84% [1] - Stock selection was negative in 7 of the 11 sectors, with the Industrials and Financials sectors being the primary contributors to this underperformance [1] Group 2 - The investor letter highlighted Applied Materials, Inc. (NASDAQ:AMAT) as a key stock, which provides manufacturing equipment, services, and software to the semiconductor and display industries [2] - Applied Materials, Inc. had a one-month return of 24.16% but experienced a 52-week loss of 2.60%, with its stock closing at $199.60 per share and a market capitalization of $159.01 billion on September 25, 2025 [2] - The company was noted for initiating a new position in Applied Materials, which holds a 21% market share in wafer fabrication equipment (WFE) and is recognized as the world's dominant player in deposition technology [3]

Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with high investment levels in the semiconductor equipment sector [1] - Global semiconductor equipment company revenues are projected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the complex requirements of AI chips [1] - The overseas semiconductor equipment market has experienced a 40% year-on-year growth driven by AI-related investments, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in H1 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - In H1 2025, several semiconductor equipment manufacturers showed varied performance, with nine front-end equipment companies achieving revenue growth [2] - Notable companies with the highest net profit growth include Weidou Nano (348.95%), Changchuan Technology (98.73%), Huafeng Measurement Control (74.04%), and Zhongke Fei Measurement (73.01%) [3] - Leading companies like Beifang Huachuang and Zhongwei Company reported net profit growth rates of 14.97% and 36.62%, respectively [3] - Huahai Qingke recorded a revenue of 1.95 billion yuan, a 30.28% increase, but its net profit growth was lower at 16.82%, indicating a decline in profitability [3] Product Development - Huahai Qingke's main product, CMP equipment, has seen continuous upgrades, with the Universal-H300 polishing system receiving bulk orders [4] - The company has achieved a high market share for its 12-inch and 8-inch CMP equipment among leading domestic clients [4] - The 12-inch ultra-precision wafer thinning machine, Versatile-GP300, has gained market recognition, leading to a significant increase in orders [4] - The company is expanding its wafer regeneration capacity with a project in Kunshan, aiming for a total capacity of 400,000 pieces per month [4]