Image source: @Lukas/Pixabay

Highlights

  • In Q1FY24, ACMR reported a 105% surge in net sales compared to pcp
  • Gross margin for the quarter was 52.0%, slightly lower compared to 53.8% in pcp
  • The company’s revenue guidance for FY24 lies between USD 650 million to USD 725 million

ACM Research, Inc. (NASDAQ: ACMR), an American semiconductor firm, specializes in producing and selling single-wafer wet cleaning equipment used for enhancing product yield. Headquartered in the United States, the company primarily conducts its business operations in China via its subsidiary, ACM Research.

In the first quarter of FY24 (Q1FY24), ACMR reported a 105% surge in revenue compared to the prior corresponding period (pcp). It was driven by higher sales across various segments including single wafer cleaning and advanced packaging. The company’s income from continuing operations surged by around 146.5%, driven by increased sales. However, it was partially offset by increased total operating expenses. Likewise, the company’s cash and cash equivalents also increased by 16% in the quarter andgross margin for the quarter was 52.0%, slightly lower compared to 53.8% in the prior year.

Recent business update

As per the company’s announcement dated 08 May 2024, ACMR has expanded its advanced packaging portfolio with the introduction of the Frame Wafer Cleaning Tool which has been recently installed and qualified with a major Chinese manufacturer.

Company outlook

ACMR has maintained its revenue guidance for fiscal year 2024, at a range of USD 650 million to USD 725 million. This projection is grounded in ACM management's thorough evaluation of ongoing factors such as international trade policies, anticipated expenditures from major clients, logistical challenges within the supply chain and other factors.

Top 10 shareholders

ACMR has a diverse shareholding in which the top 10 shareholders collectively hold around 36.51% of the company’s total shares. The Vanguard Group, Inc., holds maximum stake in the company at around 6.97% followed by BlackRock Institutional Trust Company, N.A. which holds around 6.05%.

Stock performance

Over the last three months, the stock price of ACMR has declined by approximately 24.62%, while over the past nine months, it has surged by around 44.76%. The stock is trading near the higher band of its 52-week high of USD 34.40 and 52-week low price of USD 9.36.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is June 05, 2024. The reference data in this report has been partly sourced from EODHD/Others.