ACM Research: On track to a WFE platform via ECP and AP; cleaning recovery from 2H26; OW - better earnings & P/E ahead

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

10 August 2026

ACM Research

On track to a WFE platform via ECP and AP; cleaning

recovery from 2H26; OW - better earnings & P/E ahead

Overweight

ACMR, ACMR US

Price (07 Aug 26):$83.80

▲Price Target (Jun-27):$110.00

Prior (Dec-26):$70.00

ACM Research’s 2Q26 results were a solid beat. The company lifted the bottom

of 2026 revenue guidance (now: up 25-30% YoY) and indicated 105% YoY growth

for orders in 1H26 (in our view, memory >50% of order backlogs). We remain

positive on ACMR and see the following catalysts: (1) a cleaning equipment

revenue recovery from 2H26 and another phase of structural growth from 2027,

driven by SPM tool shipments; (2) significant revenue ramps for electro-chemical

plating (ECP) and advanced packaging (AP) equipment; and (3) non-China

business expansion (20 tool shipments in 2026). We set our Jun-27 PT at $110,

based on a 32x 2027E P/E. We see a JPMe 70% CAGR for operating profit in 202527, the transition to a WFE platform business model (2026E revenue mix: 54%

cleaning, 35% ECP and 11% AP) and more project wins in international markets

and panel-level packaging ECP as re-rating catalysts.

Lifting the bottom of 2026 revenue guidance; orders up 105% YoY in

1H26. ACMR raised its 2026 revenue guidance from $1.08bn-1.175bn to

$1.125bn-1.175bn, implying 25-30% YoY growth. We forecast revenue

growth of 5% QoQ in 3Q26 and 13% QoQ in 4Q26, achieving $1.18bn for

2026E. ACMR reiterated that shipment growth would outpace revenue growth

in 2026. ACMR’s shipment lead time is 6-8 months, with some constraints in

component supply. ACMR’s orders increased 105% YoY in 1H26, with a

heavier emphasis on newer products. We believe memory made up >50% of

ACMR’s order backlogs thanks to very strong demand and ACMR’s leading

market share. ACM Research (Shanghai) (ACMR-SH) will release its backlog

figures as of 30-Sep (or early October), and we expect this to be a positive

event. Last, it seems that ACMR is not keen to raise equipment prices, as it has

prepared key component inventories and there was not much price hike from

its component suppliers.

Cleaning revenue growth slowdown in 2025-1H26; recovery from 2H26E.

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