ACMSH(688082) 群益证券·2025-02-27 10:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a record high performance in Q4 2024, with revenue growth exceeding 44% year-over-year and net profit growth of 27%, aligning with expectations. The company is expanding its product offerings beyond cleaning equipment into areas such as coating, developing, and wet etching, suggesting strong growth potential [7][9]. - The company is expected to achieve net profits of RMB 15.3 billion and RMB 17.6 billion in 2025 and 2026, respectively, with year-over-year growth rates of 33% and 15% [9][11]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 111.16 as of February 27, 2025, and a market capitalization of RMB 481.94 billion [2]. Recent Performance - In 2024, the company achieved revenue of RMB 56.2 billion, a year-over-year increase of 44.5%, and a net profit of RMB 11.5 billion, a year-over-year increase of 26.7% [9]. - The company's semiconductor cleaning equipment revenue reached RMB 40.6 billion, growing approximately 55% year-over-year [9]. Financial Projections - The company forecasts revenue growth to RMB 69.14 billion in 2025 and RMB 82.42 billion in 2026, with corresponding net profits of RMB 15.31 billion and RMB 17.62 billion [11][13]. - The projected earnings per share (EPS) for 2025 and 2026 are RMB 3.51 and RMB 4.04, respectively [11]. Market Position - The company is well-positioned to benefit from the increasing demand for semiconductor equipment in China, particularly in light of the ongoing technological competition with the U.S. [9].