1Q26 Beat; Expanding International Tractions

研报英文原文证据摘录

1Q26 Beat; Expanding International Tractions

China (PRC) | Semiconductors

ACMR EquityMayResearch11, 2026

TARGET | ESTIMATE CHANGE1Q26 Beat; Expanding International Tractions

1Q26 rev beat driven by strong demand on ECP and significant ramp of RATING BUY

single-wafer SPM tools, and GM beat driven by favorable product mix PRICE $59.85^

and lower impact from inventory provision. Mgt remained confident in LT PRICE TARGET | % TO PT $70.00 ($66.00) | +17%

US$4bn rev target, and believes its innovative hot SPM tool will take a 52W HIGH-LOW $71.65 - $21.87

significant market share. >20 tools installed outside of China Mainland FLOAT (%) | ADV MM (USD) 83.3% | 66.95

markets including ~10 customers in 5 countries is expected in 2026. MARKET CAP $4.0B

Reiterate BUY. TICKER ACMR

^Prior trading day's closing price unless otherwise

noted.

1Q26 beat; Solid shipment outlook. ACMR's 1Q26 rev increased 34% YoY to US$231m,

beating JEFe/cons by 7%/7% mainly driven by 1) strong growth in ECP front end tools (ECP/

furnace/other tools rev increased >200% YoY); and 2) significant ramp ahead for its single- FY (Dec) CHANGE TO JEFe JEF vs CONS

wafer SPM tools beginning delivering in Q1. Total shipments were $241m, suggesting 54%/6% 2026 2027 2026 2027

YoY/QoQ growth driven by 1) solid demand and good execution, with cleaning shipments REV +2% +2% +2% +6%

upping by 32%; and 2) ~15% of shipments were catch-up from tools originally scheduled for EPS +22% +4% +1% -2%

4Q25 delivery. For 2026, mgt continues to expect shipment growth to outpace its rev growth,

including 15-20 units of single-wafer SPM to be delivered. GM dropped 1.5ppt YoY but rose 2026 ($) Q1A Q2A Q3A Q4A FY

5.5ppt QoQ to 46.4%, beating JEFe/cons by 3.7ppt/4.4ppt driven by favorable product mix and EPS 0.32 0.37 0.50 0.51 2.01