ACM Research (Shanghai) (688082) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 1.57 billion, up 37.96% year-over-year, with YTD revenue at RMB 3.98 billion, up 44.62% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 315 million, up 35.09% year-over-year; YTD net profit was RMB 758 million, up 12.72% year-over-year.

• Strong growth driven by robust semiconductor equipment demand in China, new customer acquisition, and product acceptance.

Financial highlights

• Basic EPS for Q3 was RMB 0.72, up 33.33% year-over-year; YTD basic EPS was RMB 1.74, up 12.26%.

• Diluted EPS for Q3 was RMB 0.71, up 39.22% year-over-year; YTD diluted EPS was RMB 1.71, up 12.50%.

• Gross margin and operating profit improved due to higher sales and margin expansion.

• Net cash from operating activities for YTD was RMB 567 million, a significant turnaround from negative RMB 258 million last year.

• R&D investment YTD was RMB 612 million, up 42.14% year-over-year, representing 15.39% of revenue.

Outlook and guidance

• Management expects continued growth, leveraging technology leadership and expanding customer base.