On July 6, Acm Research rose 5.77% in regular trading, trading at $105.025/share, with turnover of $18.53 million. The rally was driven by Goldman Sachs issuing a major research report systematically upgrading its valuation methodology for China's semiconductor equipment and materials sector.
Goldman Sachs switched its valuation approach for covered companies — including ACM Research (Shengmei Shanghai) — from near-term P/E ratios to discounted P/E based on 2030 projected earnings, maintaining buy ratings across the board while significantly raising target prices. Specifically, Goldman raised ACM Research's 12-month target price from $109.4 to $164, implying approximately 40% upside. Net profit forecasts for 2026-2028 were raised by 0%, 3%, and 7% respectively, driven by increasing customer capital expenditure and product line expansion.
The core thesis centers on memory and advanced logic capacity expansion, combined with steadily rising domestic substitution rates, which Goldman believes have materially improved long-term earnings visibility for Chinese semiconductor equipment makers. Large multi-year supply agreements — including a reported 20-billion-yuan server DRAM deal between CXMT and Tencent — signal a structural shift from short-cycle capex dependence to locked-in, durable order flows. The broader semiconductor equipment sector rallied in sympathy, with KLA up 3.72%, Lam Research up 3.46%, and Applied Materials up 2.67%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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