ACM Research PECVD and Growth Outlook

Goldman Sachs reiterates its Buy rating on ACM Research, raising the price target to $95.20 based on strong growth prospects in new equipment categories like PECVD and advanced node expansion in China.

Key Takeaways

• 1.ACM Research is expected to see accelerated revenue growth in 2026, driven by the ramp-up of new products like PECVD and Track tools.
• 2.Advanced node capacity expansion in China and rising semiconductor production equipment (SPE) localization rates are key growth drivers.
• 3.The 12-month price target for ACMR has been raised to US$95.2 from $62.7, maintaining a Buy rating.

Table of Contents

• ACM Research (ACMR)
• Ramp-up of new products
• Advanced node capacity expansion to drive growth
• Earnings revisions
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Valuation
• Price Target Risks and Methodology - ACM Research
• Disclosure Appendix

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