ACM Research (Shanghai) (688082) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥5.62 billion in 2024, up 44.48% year-over-year, driven by global semiconductor recovery and strong demand in mainland China.

• Net profit attributable to shareholders reached ¥1.15 billion, up 26.65% year-over-year; adjusted net profit (excluding share-based payments) grew 35.48%.

• Maintained robust order backlog, expanded product lines, and improved operational efficiency, with significant investments in R&D and talent.

• Board proposes a cash dividend of ¥6.57 per 10 shares, totaling ¥288 million, representing 25% payout of 2024 net profit.

Financial highlights

• Revenue: ¥5.62 billion, up 44.48% year-over-year; net profit: ¥1.15 billion, up 26.65%.

• Operating cash flow: ¥1.22 billion, a significant turnaround from negative cash flow in 2023.

• Gross margin: 48.14%, slightly down 1.6 percentage points year-over-year.

• Basic EPS: ¥2.64, up 26.32% year-over-year; ROE: 16.65%, up 1.46 percentage points.

• R&D investment: ¥838 million, 14.93% of revenue.

Outlook and guidance

• Expects continued growth driven by global semiconductor demand, AI, and 5G applications.

• Will increase R&D investment, focus on product innovation, and expand international market presence.

• Plans to further optimize talent incentive mechanisms and maintain high operational transparency.