ACM Research Inc - Class A

ACM Research (ACMR.NASDAQ) is positioned to benefit from China’s push toward semiconductor self-sufficiency. As China’s leading wafer-fab cleaning equipment manufacturer, ACM Research stands to gain from the ongoing demand for advanced semiconductor manufacturing capabilities. The company is included in our tension basket, which captures opportunities arising from the U.S. vs. China theme, indicating our belief in its strategic importance and growth potential in the semiconductor sector.

ACM Research (ACMR.NASDAQ) is positioned to benefit from China’s push toward semiconductor self-sufficiency. As China’s leading wafer-fab cleaning equipment manufacturer, ACM Research stands to gain from the ongoing demand for advanced semiconductor manufacturing capabilities. The company is well-placed within the context of the U.S. vs. China technological race, which is expected to drive significant opportunities in the semiconductor sector.

ACM Research is positioned at the forefront of the geopolitical tension between the U.S. and China, as it is China's leading wafer-fab cleaning equipment manufacturer. This sector is critical to national security and technological advancement, particularly in AI and semiconductors. The ongoing race for computational and energy dominance highlights the importance of companies like ACM Research that are focused on improving chip performance and efficiency. We expect ACM Research to benefit from the structural shifts in the market as both nations invest heavily in these vital industries.

We have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China’s semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. The WFE Cleaning market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share. As China moves towards self-sufficiency, ACM’s momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers.

We have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China’s semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. The WFE Cleaning market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share. As China moves towards self-sufficiency, ACM’s momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers.

We have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China’s semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. The WFE Cleaning market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share. As China moves towards self-sufficiency, ACM’s momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers.

We have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China’s semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. The WFE Cleaning market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share. As China moves towards self-sufficiency, ACM’s momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers.