ACM Research Enhanced Tools Riding on Advanced Logic and Memory Expansion

Goldman Sachs maintains a Buy rating on ACM Research (ACMR) with a revised target price of $95.50, driven by its leading cleaning tool technology for advanced nodes.

Key Takeaways

• 1.Maintain Buy rating on ACMR based on differentiated cleaning technology that improves production yields for GAA logic and DRAM/HBM devices.
• 2.Increasing exposure to advanced logic and packaging clients; 2025 revenue contribution from memory and packaging rose to 27% and 14% respectively.
• 3.Earnings estimates for 2027-2028 revised upward by 3% due to higher demand for high-end cleaning tools at advanced nodes in China.

Table of Contents

• Enhanced tools to support advanced applications
• Earnings revision
• Valuation
• Price Target Risks and Methodology - ACM Research
• Disclosure Appendix

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