ACM Research (688082.SH): First three quarters revenue RMB5.742 billion, total backlog up 88.20% year-on-year, new orders surged 147% year-on-year

On October 29, ACM Research (Shanghai), Inc. (hereinafter "ACM Research") released its Q3 2026 report. In the first three quarters of 2026, it achieved operating revenue of RMB5.742 billion, up 11.57% year-on-year, with net profit attributable to shareholders of the listed company and net profit excluding non-recurring gains and losses of RMB1.070 billion and RMB875 million, respectively. Of this, the company achieved operating revenue of RMB2.024 billion in the third quarter alone. In terms of orders and shipments, the company's growth on the order side was particularly outstanding. According to the company's voluntary disclosure on October 1 regarding its order backlog, as of September 29, 2026, the company's total backlog stood at RMB17.073 billion, up 88.20% from the backlog amount voluntarily disclosed in the same period last year. In addition, the latest information shows that compared with the first three quarters of 2025, the company's new orders in the first three quarters of 2026 surged 147% year-on-year. Notably, according to ACM Research's public information, from January to September 2026, the company's shipment amount reached RMB5.961 billion, up 34.24% year-on-year. Against the backdrop of the continued upswing in the global semiconductor equipment industry and the acceleration of localized equipment procurement by Chinese wafer fabs, the steady order and shipment situation provides strong support for the steady growth of ACM Research's subsequent operating performance. In terms of market position, according to Gartner statistics, the company holds an 8.3% global market share in the semiconductor cleaning equipment field, ranking fourth globally and first among domestic equipment companies. Since its establishment, the company has adhered to a strategy of differentiated international competition and original innovation, and has formed eight major product segments: cleaning, electroplating, wafer-level advanced packaging, vertical furnace tubes, coating and developing, PECVD, panel-level advanced packaging, and stress-free polishing, covering a market of approximately US$20 billion, making it one of the few semiconductor equipment suppliers in mainland China with certain international competitiveness. Recently, a number of the company's core equipment and technologies have achieved key progress. On October 29, the company's first mass-production 310mm310mm panel-level horizontal electroplating equipment, Ultra ECP ap-p, was successfully shipped to a customer in an Asian market outside mainland China, marking another victory for its platformization and customer globalization strategy; on October 22, the company announced the iterative development of its single-wafer high-temperature SPM equipment, achieving a 70% sulfuric acid recovery rate while maintaining stringent particle control levels, and it has passed verification of more than 50 process layers. Overall, ACM Research's order trend corroborates the industry trends of growing global semiconductor equipment demand and accelerating equipment localization. As the order backlog is gradually delivered, verified, and converted into revenue, the company, with its differentiated innovation and multi-category collaborative layout, is expected to continue consolidating its market position in the industry's upcycle.