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Hello my dears,

I am pleased to report that semiconductor machine manufacturers are currently presenting good figures. And are continuing to rise despite high valuations.

I have compared the valuations in the sector for you (see sector comparison below).

And found ACM Research with a still acceptable valuation. $ACMR (+8,49 %) found.

One of ACM Research's clients is SK Hynix. Good figures were presented here this week and SK Hynix is continuing to expand.

ACM will present its figures in February. Based on the good figures of the machine manufacturers and SK Hynix, the figures should also be good.

What is your opinion on my thesis?

But I don't want to inspire anyone to buy a certificate beforehand 🙈.

@Multibagger
@TomTurboInvest
@Klein-Anleger

So let's quickly move on to the company presentation, your opinion on the company is welcome in the comments.

Have fun with $ACMR (+8,49 %) !

The laughing third in the trade war: How ACM Research profits from China's chip emergency

Paradoxical profiteer of the sanctions: The more US high-tech exports to China are curbed, the greater the demand for alternatives - and ACM, as a technologically strong niche player (cleaning & advanced packaging), supplies precisely the "shovels" for China's semiconductor self-sufficiency. Exciting risk/reward profile: high growth rates and profitability meet a significant valuation gap compared to US peers.

ACM Research sits in a strategic nichewhich is even receiving a tailwind from geopolitical tensions. The company is technologically relevant, is growing rapidly and is undervalued compared to Western competitors - but geopolitical risk remains the decisive factor.

Growth despite headwinds: ACM Research increases sales to USD 269m (+32%) in Q3 2025 and becomes a key supplier for China's chip build-up - even in a politically tense environment. More than just cleaning: With SAPS technology for 3D structures and a growing share from advanced packaging/ECP (HBM), ACM is moving into the core processes of the AI chip era - with a solid balance sheet and moderate valuation at the same time. What sounded ambitious two years ago is now within reach.

ACM Research, Inc. designs, manufactures and sells production equipment and provides service solutions for single wafer or batch wet cleaning, electroplating, stress-free polishing, plasma-enhanced chemical vapor deposition (PECVD), track and thermal processes. The company offers two main models of wet wafer cleaning systems based on its Space Alternated Phase Shift (SAPS) technology: Ultra C SAPS II and Ultra C SAPS V. It has also developed Timely Energized Bubble Oscillation (TEBO) technology for the wet cleaning of wafers in the production of two-dimensional (2D) and three-dimensional (3D) wafers with fine structures. The company has developed these tools for the manufacture of foundry, logic and memory chips, including dynamic random access memory (DRAM), 3D NAND flash memory chips and compound semiconductor chips. The company also develops, manufactures and markets a range of advanced packaging tools for wafer assembly and packaging.

Number of employees: 2,023

Founded in 1998 in Silicon Valley,

In September 2006, ACM expanded its operations into Asia and established a subsidiary, ACM Research (Shanghai), Inc. ACM now has full R&D, engineering and manufacturing operations at its Zhangjiang High-Tech Park in Shanghai, China. In June 2011, the company established a second subsidiary, ACM Research (Wuxi), Inc. to better serve customers in this region. In addition, advanced service coverage has been positioned in strategic locations worldwide, including Beijing, Taiwan, Korea and the US, to provide world-class support for customers worldwide.

ACM Research has established key intellectual property (IP) rights to its proprietary Space Alternated Phase Shift (SAPS)™ and Timely Energized Bubble Oscillation (TEBO)™ megasonic cleaning technologies and their specialized chamber and platform designs. TEBO technology was particularly groundbreaking and revolutionary in enabling future generations of semiconductor circuits.

In October 2008, ACM Research Shanghai received a research and development grant to develop and commercialize the 65-45nm stress-free Cu polishing technology (SFP™). In January 2014, the company received another R&D grant to develop the new electrocopper plating technology (ECP™) from ACM. With a strong IP portfolio of over 140 internationally granted patents, ACM is committed to providing customers with cutting-edge technology, world-class products and exceptional service and support.

🌏 Where ACM Research is actually active

1. headquarters & legal home

• Fremont, California (USA)
• Founded in 1998 in Silicon Valley.

2. largest market & operational base

• China is the dominant market
• Most sales come from China.
• The most important subsidiaries are located in Shanghai and Wuxi.
• There are located R&D, Engineering and Manufacturing.

3 Why so China-heavy?

• Chinese semiconductor manufacturers (SMIC, Huahong etc.) are the main customers.
• US export controls mean that China local alternatives alternatives - ACM benefits from this.

4. further international presence

• ACM is listed on the NASDAQ (ACMR) listed.
• The Shanghai subsidiary is also listed on the Shanghai STAR Market (688082) listed.

🧭 Conclusion

ACM Research is a US companybut operationally extremely China-focused. It can be characterized as a US company with a Chinese production and sales focus - and it is precisely and it is precisely this structure that makes the company so geopolitically exciting.

January 22, 2026

ACM Research aktualisiert den Umsatzausblick 2025 und liefert einen ersten Ausblick für den Umsatz 2026

USD in millions

Estimates

Year Turnover Change

2024 782,1 40,23 %

2025 897 14,69 %

2026 1.141 27,15 %

2027 1.316 15,38 %

Year EBIT Change

2024 200,6 62,83 %

2025 141,8 -29,33 %

2026 195,6 37,97 %

2027 268,6 37,34 %

Year Net result Change

2024 103,6 33,97 %

2025 118,3 14,21 %

2026 151,6 28,12 %

2027 187,4 23,59 %

Year Net debt CAPEX

2023 -91,1 61,88

2024 -278 82,46

2025 -786 49,5

2026 -792 46

2027 -788 48,5

Year Free cash flow change

2023 -137,2 10,5 %

2024 69,99 151,01 %

2025 250,3 257,64 %

2026 100,2 -59,97 %

2027 104,3 4,09 %

Year EBIT margin ROE

2023 22,09 % 14,9 %

2024 25,64 % 12,4 %

2025 15,8 % 10,11 %

2026 17,15 % 11,13 %

2027 20,41 % 12,53 %

Year Earnings per share Change

2023 1,16 96,61 %

2024 1,53 31,9 %

2025 1,734 13,36 %

2026 2,2 26,84 %

2027 2,617 18,95 %

Year Dividend Yield

2025 0,2428 0,44 %

2026 0,2655 0,48 %

2027 0,383 0,69 %

Year P/E ratio PEG

2023 16.8x 0.2x

2024 9.87x 0.3x

2025 32.2x 2.4x

2026 25.4x 0.9x

2027 21.3x 1.1x

Market value 3,619

Number of shares (in thousands) 64,876

Date of publication 26.02.2025

Sector comparison

(Source Onvista) P/E ratio Earnings growth

Company 2026 2027 2026 2027

ACM Research 25.57x 22.72x +27.22 % +10.47 %

Applied Materials 35.41x 28.41x +8.60 % +24.40 %

Advantest 48.39x 37.30x +28.73 % +12.87 % +12.87 %

Tokyo Electron 31.83x 25.84x +20.74 % +15.07 % +15.07 %

ASML Holding 44.58x 35.43x +6.71 +26.22 %

Lam Research 49.34x 39.66x +16.39 % +21.95 %

KLA-Tencor 46.03x 36.34x +14.33 % +25.56 % +25.56 %

ACM Research

20 Feb. report financial year 2025 Earnings reports & dividends

Comparison with ASML Holding