ACM Research (Shanghai) (688082) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 2.40 billion for H1 2024, up 49.33% year-over-year, driven by strong semiconductor equipment demand and successful new market/customer expansion.

• Net profit attributable to shareholders was RMB 443 million, up 0.85% year-over-year; adjusted net profit (excluding non-recurring items) was RMB 435 million, up 6.92%.

• R&D investment increased 62.46% year-over-year, supporting new product development and technology upgrades.

• Maintained leading position in China’s semiconductor equipment sector, with continued recognition and awards for innovation and disclosure.

Financial highlights

• Revenue: RMB 2,403.9 million, up 49.33% year-over-year.

• Net profit attributable to shareholders: RMB 443.2 million, up 0.85% year-over-year.

• Adjusted net profit: RMB 434.5 million, up 6.92% year-over-year.

• Operating cash flow: RMB 446.7 million, improved due to higher sales collections and increased advance payments.

• Gross margin: 50.11%, stable year-over-year.

• R&D expenses: RMB 390.3 million, 16.24% of revenue.

Outlook and guidance

• Expects continued strong demand for semiconductor equipment in China, supported by domestic industry investment and policy.

• Ongoing expansion in new markets and customer segments, with new product launches and technology upgrades planned.