ACM Research (ACMR, Financial) has forecasted its preliminary, unaudited revenue for the first quarter of 2025, expecting figures between $165 million and $170 million. This range translates to an anticipated year-on-year growth of 8.4% to 11.7%.
However, the company predicts a decline in total shipments for the same period, estimating between $154 million and $157 million, marking a decrease of 36% to 37% compared to the previous year. This downturn is attributed to an influx of customer orders in Q4 2024, which had bolstered shipments during that quarter.
When accounting for both Q4 2024 and Q1 2025, overall shipments are projected to have grown by 8% to 9% year-over-year. ACMR expects shipment growth to resume in the second quarter of 2025.
In addition, the company has reaffirmed its full-year 2025 revenue forecast, projecting between $850 million and $950 million, which would signify a year-on-year growth of 9% to 21%.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for ACM Research Inc (ACMR, Financial) is $35.26 with a high estimate of $40.00 and a low estimate of $31.00. The average target implies an upside of 69.52% from the current price of $20.80. More detailed estimate data can be found on the ACM Research Inc (ACMR) Forecast page.
Based on the consensus recommendation from 8 brokerage firms, ACM Research Inc's (ACMR, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for ACM Research Inc (ACMR, Financial) in one year is $31.84, suggesting a upside of 53.08% from the current price of $20.8. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the ACM Research Inc (ACMR) Summary page.
ACMR Key Business Developments
Release Date: February 26, 2025
- Revenue (Q4 2024): $223.5 million, up 31.2% year-over-year.
- Revenue (Full Year 2024): $782.1 million, up 40.2% year-over-year.
- Gross Margin (Q4 2024): 49.8%.
- Gross Margin (Full Year 2024): 50.4%.
- Operating Income (Q4 2024): $52.8 million, up 46.4% year-over-year.
- Operating Margin (Full Year 2024): 25.6%, up from 22.1% in 2023.
- Net Income (Q4 2024): $37.7 million, up from $28.7 million in Q4 2023.
- Net Income (Full Year 2024): $152.2 million, up from $107.4 million in 2023.
- Net Cash (End of 2024): $259.1 million, up from $198.5 million at the end of Q3 2024.
- Cash Flow from Operations (Full Year 2024): $152 million.
- Capital Expenditures (Full Year 2024): $85.3 million.
- Revenue from Single Wafer Cleaning (Full Year 2024): $579 million, representing 74% of total revenue.
- Revenue from ECP Furnace and Other Technologies (Q4 2024): $51.7 million, up 60.9% year-over-year.
- Revenue from Advanced Packaging (Full Year 2024): Grew by 3.3%.
- Shipments (Full Year 2024): $973 million, up 63.1% year-over-year.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- ACM Research Inc (ACMR, Financial) reported a strong revenue growth of 31% for the fourth quarter and 40% for the full year 2024.
- The company achieved a gross margin of 49.8% for the fourth quarter and 50.4% for the full year, indicating strong profitability.
- Operating profit increased by 46% in the fourth quarter and 63% for the full year, showcasing effective cost management.
- ACM Research Inc (ACMR) has successfully localized its supply chain, reducing reliance on US-sourced components.
- The company has a strong market presence with a 30-35% market share in plating, both in the front and back end in China.
Negative Points
- ACM Shanghai and ACM Korea were added to the US Department of Commerce's entity list, impacting their ability to obtain components from the US.
- The new regulations may pose challenges to ACM Shanghai's operations, potentially affecting production.
- Visibility for the fourth quarter of 2025 remains unclear, which could impact future revenue projections.
- The impact of recent export control rules on customer spending plans in 2025 is uncertain.
- Four customers accounted for over 50% of ACM Research Inc (ACMR)'s business, indicating a high customer concentration risk.
