ACMSH(688082)2024-03-12 07:38Group 1: Company Performance and Projections - The company expects a revenue guidance of 5-5.8 billion RMB for 2024, driven by strong demand in the semiconductor equipment market [3][5] - The anticipated shipment growth rate for 2024 is expected to exceed the revenue growth rate due to delayed deliveries from the previous year [3] - The company’s revenue structure for 2024 will primarily come from cleaning equipment, followed by copper plating and furnace equipment, with advanced packaging equipment contributing as well [9] Group 2: Market Trends and Demand - The semiconductor equipment market in China shows a positive outlook, with strong order demand from both leading and mid-tier manufacturers [3][4] - The company has received multiple repeat orders for TSV plating equipment, indicating sustained market demand [8] - The company’s cleaning equipment currently covers 90-95% of the cleaning process steps, positioning it as a leading provider globally [9] Group 3: Profitability and Margins - The company’s gross margin has been positively impacted by the increased volume of plating equipment, which has a relatively high margin [4] - The gross margin is expected to continue improving in 2024, supported by the growth of plating equipment and the gradual delivery of advanced packaging equipment orders [4] Group 4: Research and Development - R&D investment as a percentage of revenue has increased by over 2 percentage points compared to the previous year, with expectations to maintain a level of 15-16% going forward [6] - The company is focusing on developing new products, particularly in the high-end packaging sector, to meet evolving market demands [7] Group 5: International Market and Revenue Composition - The company anticipates that the majority of its 2024 revenue will still come from the Chinese market, with a smaller proportion from international sales [5] - The gross margin from international business is significantly higher than that from the Chinese market, influenced by the product mix sold [6]