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HomeOEM/ODMCONTRACT MANUFACTURINGACM Research: Risky And Potentially Rewarding At The Same Time (NASDAQ:ACMR)

ACM Research: Risky And Potentially Rewarding At The Same Time (NASDAQ:ACMR)

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ACM Research (NASDAQ:ACMR), a supplier of semiconductor manufacturing equipment, is looking to recoup some of the losses suffered in 2023. The stock has outpaced most semis in recent months, aided in part by the worst-case scenario not coming to pass, which had caused major problems for ACMR. Why will be covered next.

Source: finviz.com

(Unit: $1000, except EPS)

(GAAP)

FY2022

FY2021

YoY

Revenue

388,832

259,751

49.69%

Gross margin

47.2%

44.2%

300bps

Operating income

59,035

38,702

52.54%

Net income (attributable to ACMR)

39,263

37,757

3.99%

EPS

0.59

0.58

1.72%

(Non-GAAP)

Revenue

388,832

259,751

49.69%

Gross margin

47.4%

44.4%

300bps

Operating income

66,765

43,819

52.37%

Net income (attributable to ACMR)

54,848

42,267

29.77%

EPS

0.83

0.65

27.69%

(Unit: $1000, except EPS)

(GAAP)

Q4 FY2022

Q3 FY2022

Q4 FY2021

QoQ

YoY

Revenue

108,542

133,709

95,142

(18.82%)

14.08%

Gross margin

49.6%

49.3%

47.8%

30bps

180bps

Operating income

16,670

31,636

19,126

(47.31%)

(12.84%)

Net income (attributable to ACMR)

11,809

21,004

15,565

(43.78%)

(24.13%)

EPS

$0.18

$0.32

$0.23

(43.75%)

(21.74%)

(Non-GAAP)

Revenue

108,542

133,709

95,142

(18.82%)

14.08%

Gross margin

49.7%

49.4%

47.9%

30bps

180bps

Operating income

19,164

33,529

20,420

(42.84%)

(6.15%)

Net income (attributable to ACMR)

12,596

28,178

18,069

(55.30%)

(30.29%)

EPS

$0.19

$0.42

$0.27

(54.76%)

(29.63%)

“For 2023, we expect growth from our China-based customer with a share gain in our core cleaning tool and SAP and the furnace product cycle. We also anticipate initial sales to the U.S. and European markets. We have two cleaning tools at the U.S. facility of a large U.S.-based manufacturer. An evaluation is going well, and we are optimistic it will lead to additional orders from them in 2023.”

ACMR

Market cap

$684.79M

Enterprise value

$562.96M

Revenue (“ttm”)

$388.8M

EBITDA

$64.4M

Trailing GAAP P/E

19.38

Forward GAAP P/E

13.21

PEG GAAP

7.02

Price/sales

1.75

Price/book

1.01

EV/sales

1.45

Trailing EV/EBITDA

8.74

Forward EV/EBITDA

6.03

 

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