New orders have surged by 105% year-on-year, and ACM Research (688082.SH) has entered a new cycle of rapid growth in resonance with the industry.

On August 7, ACM Research (688082.SH) released its financial report for the first half of 2026. The data shows that the companys revenue in the first half of the year amounted to 3.718 billion yuan (RMB, the same below), a year-on-year increase of 13.87%. The net profit attributable to shareholders reached 989 million yuan, reflecting a year-on-year growth of 42.14%. Specifically, in the second quarter, ACM Research's revenue was 2.242 billion yuan, up 14.40% year-on-year, while the net profit attributable to shareholders, excluding non-recurring items, was 465 million yuan, a growth of 9.08% year-on-year, achieving a double increase in both revenue and net profit. On closer examination of this financial report, it is evident that ACM Research is at the starting point of a new phase of rapid growththis impressive performance not only confirms that ACM Research's platform strategy has reached a turning point from planning to realization, but also suggests that the companys may resonate with industry to drive explosive growth. This also clearly indicates to the market that now is a critical window for long-term investment and sharing in the high growth dividends of the company. The platform strategy has become a core growth driver, and the accelerated release of performance highlights its growth resilience. A thorough review of ACM Researchs financial report reveals that the dual growth in revenue and profit is merely the surface; various details that may easily be overlooked by the market underline the report's "gold content." Among these, the most striking highlight is that ACM Research's platform strategy reached a pivotal turning point during the reporting period, as the financial data validated its shift away from a singular focus. According to the ACM Research 2026 half-year performance conference, during the reporting period, the first growth curve, primarily driven by cleaning equipment, achieved revenue of 2.259 billion yuan. The second growth curve, mainly focusing on ECP electroplating equipment, furnace tube equipment, and other upstream devices, performed exceptionally well, with revenue soaring 36.29% year-on-year to 1.102 billion yuan, accounting for 29.63% of total revenue. This explosive growth stems from dual momentum: on one hand, the shipment volume of ECP electroplating chambers broke through the milestone of 2,000 units, marking the official entry of this technology into an accelerated growth phase; on the other hand, new categories such as furnace tubes are also entering a stage of substantial contribution. Meanwhile, the third growth curverevenue from advanced packaging equipment (excluding ECP electroplating equipment) and other downstream devices grew by 19.27% year-on-year to 358 million yuan, accounting for 9.62% of total revenue. This was primarily driven by the surge in demand for accelerators, HBM, and 3D packaging amid the AI computing power wave, further validating the company's forward-looking layout in advanced packaging platforms such as ECP electroplating, Track, and PECVD entering a harvest period. These major business lines together constitute the core engine of ACM Research's performance growth during the reporting period, driving the companys overall revenue growth by 13.87% year-on-year in the first half of the year. The revenue share of non-cleaning equipment has continued to increase during the reporting period, marking a successful transition of ACM Researchs revenue structure from "singular success of cleaning equipment" to a "multidriven approach." The platform strategy has transformed from a strategic layout into a core growth driver in financial terms, and the diversification of the revenue structure has been completed. Furthermore, the structural optimization of the business that drives more robust growth is another highlight of this financial report. Looking back at 2025, ACM Research experienced significant fluctuations in quarterly revenue growth due to reliance on cleaning equipment and the rhythm of revenue recognition. Since entering 2026, with the release of the platform strategy benefits, the new business lines have effectively hedged against the cyclical fluctuations of a single product, bringing the revenue back on a growth trajectory with revenue growth rates of 13.06% and 14.40% in the first and second quarters, respectively, maintaining double-digit growth for two consecutive quarters with an accelerating trend. Clearly, since 2026, the rhythm of performance release has noticeably accelerated and become more resilient. Additionally, another highlight of this financial report lies in the balance of "high R&D and stable profitability." In the first half of this year, the company's R&D spending reached 663 million yuan, accounting for 17.82% of total revenue during the period, an increase of 1.15 percentage points compared to the same period in 2025. While maintaining high R&D investment, ACM Research reported a non-recurring net profit of 465 million yuan in the second quarter, setting a historical high for the second quarter with a year-on-year growth of 9.08%, marking a pivotal recovery in profits after facing pressure in the first quarter. This combination of "increased R&D investment and repaired profit results reinforces ACM Research's strategic resolve for "long-termism"ensuring current profit growth without reducing investments in long-term competitiveness, which is of significant importance for the company's stable long-term development. The company's and industry resonate perfectly, with H1 new signed orders doubling, verifying high growth certainty. Looking at a longer cycle, the current high growth in ACM Research's performance is not a temporary pulse but the start of a new growth cycle. Currently, the industry and company are in a rare resonance window, and ACM Research's future accelerated growth has a high level of certainty. The company has guided that its revenue in 2026 is expected to be between 8.2 billion and 8.8 billion yuan, representing a year-on-year growth of 20.83%-29.68%, which directly validates this high-certainty growth logic. Specifically, the support for industry comes from the convergence of multiple factors. First is the initiation of the China WFE super cycle, which opens up a three-year order visibility. The global semiconductor equipment industry has entered a super cycle, with UBS estimating that global WFE (wafer fab equipment spending) will increase from $147 billion to $247.5 billion from 2026 to 2028, with a compound annual growth rate of nearly 30%. China is the core engine, and Bernstein has raised its forecasts for China's WFE for 2026-2028 to $58 billion, $67 billion, and $77 billion. Major storage manufacturers in mainland China are aggressively expanding capacity, providing equipment manufacturers with a clearly visible trillion-level order pool over the next three years. More critically, equipment revenue typically lags orders by about a year, indicating that capital expenditures in 2026 will concentrate in 2027-2028 and that the current phase is still in the early to middle stages of dividend realization. Second, the sharp increase in the localization rate signifies that the order fulfillment pace is markedly faster than expected. According to industry chain research, in May 2026, Yangtze Memory Technologies launched the procurement process for its third-phase technology, with local equipment purchases exceeding 50%, and the localization rate for core processes surpassing 60%; the localization rate for the next-generation development platform is expected to exceed 40%. In the second quarter of 2026, CXMT Corporation has initiated a bidding process, planning to expand production by 50,000 to 60,000 wafers, corresponding to equipment purchases of $5 billion to $6 billion, clearly prioritizing local equipment procurement. In 2026, the total equipment purchases of the storage dual giants are expected to reach 55-63 billion yuan, bringing substantial increments to local manufacturers. The trend of wafer fabs prioritizing local semiconductor equipment has shifted from "policy guidance" to "order-driven," entering a substantial stage of profit realization. The release of profit elasticity signifies that semiconductor equipment has moved away from the "policy alternative" positioning, officially becoming a core purchasing sequence for wafer fab expansion, which will promote the acceleration of localization rates. Thus, it is evident that the dividends from the current round of the semiconductor equipment industry differ fundamentally from those of previous cycles: the demand side is supported by the global WFE super cycle, while the supply sides equipment localization has switched from "policy guidance" to "order-driven." Multiple resonant factors together construct the high prosperity growth logic of this round of the industry. More critically, affected by the delay in equipment revenue recognition, the peak of this round of dividends has yet to occur, as it will materialize in 2027-2028. We are still in the early to middle stages of the growth cycle rather than a short-term pulse market. This industry-level dividend is most favorable to platform-based equipment manufacturers capable of multi-category layoutsthey can meet the all-category equipment demand brought about by storage expansion and, during the rapid ascent of localization rates, capture more market share with mature technology reserves. ACM Research, which has made breakthrough progress in its platform development, stands as a core beneficiary of this dividend, as its own attributes will further amplify the growth elasticity of industry . At the company level, ACM Research has verified the turning point of its platformization, anticipating a resurgence in cleaning equipment alongside an explosive growth in multiple new businesses. Specifically, in the cleaning equipment sector, high-temperature SPM cleaning products are in a cyclical transition, serving as ammunition for the next round of rebound in cleaning business; the Tahoe platform has expanded to wet etching and monitoring wafer recycling, having already been adopted by several leading logic and storage customers, and cleaning equipment is expected to maintain a growth trajectory in the second half of the year. Regarding new business, 2026 is anticipated to be a significant year for revenue recognition from ECP electroplating and furnace tubes, with both products being at the core of the current growth; looking forward to 2027, the subsequent new growth pipeline is not a concept preheating stage, but has already crossed the development milestones and entered the stages of certification and first orders, with a natural revenue recognition window set for 2027, succeeding the volume gains of ECP electroplating and furnace tubes in 2026. Among these developments, in April this year, the company's second PECVD device was officially delivered to a leading logic wafer manufacturer in China for final validation. This equipment uses SiCN film deposition technology and boasts the worlds first three-position rotating deposition architecture developed in-house with independent intellectual property rights, meeting the stringent process requirements for IC post-processing applications and advanced packaging wafer-level bonding applications. In surveys conducted in June, ACM Research stated that "negotiations regarding PECVD are ongoing with two customers," and the second device validation delivery is expected to occur in the second half of this year to 2027. Meanwhile, the vertical furnace tube has expanded from LPCVD to oxidation furnaces, diffusion furnaces, and ALD equipment, with ultra-high-temperature vertical furnace tubes and High-K ALD furnace tubes currently undergoing testing and optimization at the company's Lingang R&D line in preparation for industrialization. The management team indicated that the product cycle of furnace tubes will support growth in 2026 and beyond. Additionally, in the coating and developing Track sector, the first high-capacity KrF front-end coating and developing equipment was delivered to a leading logic wafer manufacturer in China in September 2025 and is currently under validation, with production certification expected to be completed by the end of 2026. The horizontal panel-level copper electroplating, as the worlds first commercial large-panel copper electroplating platform, is a strategic product line that the company began to proactively layout five years ago. It has currently secured production orders for 510515mm from existing customers in mainland China (delivery anticipated in the first half of 2027) and evaluation orders for 310310mm from new customers in Asia (expected delivery in the fourth quarter of 2026). The company expects to become one of the first manufacturers to deliver horizontal panel-level electroplating systems to multiple regions and clients, accurately positioning itself in the next-generation packaging track for AI mega-chips. It is evident that as cleaning equipment continues to grow and ECP electroplating equipment experiences accelerated volume, 2026 will become a "Big Year" for ACM Research's market entry, marking a tipping point for the company's new businesses from technological validation to commercial landingcompleting the deliverycertificationfirst order actions for four new business lines, namely PECVD, vertical furnace tubes, coating and developing Track, and horizontal panel-level electroplating, will naturally lead them into the revenue recognition phase in 2027, establishing a natural succession to existing core businesses. The certainty of this growth path has already been pre-verified at the order end. In the half-year earnings conference on August 14, the company clearly stated that new signed orders in the first half of the year increased by 105% year-on-year, covering all product categories, with significant contributions from new categories such as electroplating, directly providing evidence of the high growth potential of new business lines and solidly locking in strong certainty for future revenue expansion. The explosive growth in orders, coupled with the deepening implementation of the platform strategy, is winning ongoing recognition from the capital markets. Nomura Orient International Securities assigned an "Overweight" rating to ACM Research on August 10, predicting that the companys net profit will reach 1.91 billion yuan in 2026, a growth of 36.98% compared to 2025. UBS maintained a "Buy" rating, believing that ACM Research is a major beneficiary of the continuous expansion of high-end logic and storage production lines, forecasting a 30%/37% compound growth rate in revenue/profit from 2025 to 2028, suggesting that its current valuation is attractive.