2Q26 beat on ECP and backend strength

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M

Update

August 7, 2026 02:27 PM GMT

Morgan Stanley Taiwan Limited+

ACM Research Inc | Asia Pacific

Charlie Chan

Equity Analyst

2Q26 beat on ECP and backend

strength

Morgan Stanley Asia Limited+

Henry Zhao

Research Associate

Morgan Stanley Taiwan Limited+

AlphaSignals Earnings Reaction

Daniel Yen, CFA

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

ACMR 2Q26 recap:

• Revenue reached US$293mn, up 27% Q/Q and 36% Y/Y, beating MSe and

consensus, driven by strong ECP and advanced packaging tool growth (in line

with our previous note Backend optionality adds to China memory upside).

• Total shipments were US$282mn, up 36% Y/Y.

• GM rose to 46%, down 0.4ppts Q/Q. Net income to shareholders was US

$89mn, up 414% Q/Q and 199% Y/Y.

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

Lucas Wang

Research Associate

Morgan Stanley Asia Limited+

Ethan Jia

Outlook on new products. The company delivered 168% and 153% Y/Y growth for

ECP and advanced packaging. Its PECVD and track tools are under customer

Research Associate

qualification, targeting production-ready status by end-2026, unlocking incremental

revenue streams.

Maintain OW: China memory expansion remains the clearest near-term growth

driver, while advanced packaging ECP and broader platform expansion provide

additional upside. We remain constructive on ACMR’s growth runway as it broadens

beyond wet cleaning and gains traction with more clients.

ACM Research Inc (ACMR.O, ACMR US)

Greater China Technology Semiconductors | China

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 6, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Fiscal Year Ending

Overweight

Attractive

US$130.00

65

US$78.98

US$127.19-23.03

59

US$4,672

US$4,093

US$81

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