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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Item 8.01 |
Other Events.
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Item 9.01 |
Financial Statements and Exhibits.
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(d) |
Exhibits.
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Exhibit
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Description
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Record of December 2023 Investor Relations Activity filed by ACM Research (Shanghai), Inc. with the Shanghai Stock Exchange on December 21, 2023
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104
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Cover Page Interactive Data File (embedded within the XBRL document)
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ACM RESEARCH, INC.
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By:
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/s/ Mark McKechnie
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Mark McKechnie
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Chief Financial Officer and Treasurer
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Dated: January 5, 2024
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Stock Code: 688082
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Short Name: ACMSH
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Categories of investor relations activities
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✓Specific object survey
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☐Analyst meeting
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☐Media interview
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☐Performance briefing
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☐Press conference
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☐Roadshow
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☐Site visit
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☐Others
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Date
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December 19, 2023
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Venue
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Conference call
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Participants of the listed company
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Chairman: HUI WANG
General Manager: JIAN WANG
Person in Charge of Financial Matters: LISA YI LU FENG
Board Secretary: MINGZHU LUO
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Summary of investor relations activities
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I. Company Introduction: The leadership of ACM Research (Shanghai), Inc. (the “Company”) gave a brief introduction to the Company’s current business development and operating performance and answered questions of concern
from investors.
II. Q&A
1. Can you update us on the progress of the two new products on the customer side, and whether they are
expected to generate revenue next year?
A: We expect to soon deliver one PECVD equipment to a customer, and believe that next year our PECVD equipment will attract
multiple customers, including those in the storage and logic sectors. We believe our PECVD equipment is fully backed by independent intellectual property (IP) rights and represents our differentiated technology route. In both domestic and
international markets, we believe there is a strong customer demand for equipment featuring this differentiated technology, which is crucial for competing with top-tier global enterprises.
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Our Track equipment is performing well in customer-side verification, and we hope to complete integration process tests with
lithography equipment by the middle of next year. Moreover, we are continuing our efforts on attracting new customers, with several negotiations underway. Next year, we expect our focus will be introducing KrF equipment into the market
while concurrently advancing the development of ArF immersion system.
2. With the end of the current production expansion phase by domestic semiconductor manufacturers, will the
Company still be able to maintain its high growth rate over the next 2-3 years? And how do you view the future competitive landscape of the semiconductor equipment market?
A: We are planning for continued growth in revenue from our cleaning equipment in 2024. We believe this, combined with the ramping
up of production of our electroplating and furnace tube equipment, provides a positive environment for next year’s performance. In 2025 and 2026, we expect revenue contribution from our new PECVD equipment and Track tools, which together
with a growing overall market for these two equipment categories, may enable us to continue growing our revenue. Longer term, our growth is expected to benefit from ongoing expansion into overseas markets, with a strategic goal to balance
our revenue between domestic and international markets.
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Looking ahead, as the semiconductor industry moves towards
globalization, we believe the market for semiconductor equipment will inevitably become globally competitive. We expect our commitment to developing technologies with independent intellectual property rights will remain a cornerstone of
our competitiveness in the industry.
3. Could you provide an overview of the expected orders for the Company next year?
A: Overall, we expect 2024 sales to grow versus 2023, as we are observing a strong demand for equipment stemming from the
production expansion of downstream manufacturers. As a core supplier of cleaning equipment in China, we believe the Company is positioned to secure large orders during this expansion. We see our wet bench equipment, copper plating and
furnace tube equipment as key growth drivers for next year. We are also expecting an increase in customer adoption of our furnace tube equipment by the end of this year. Furthermore, we believe that our CO2 and single wafer high-temperature
sulfuric acid technology tools can contribute as growth drivers.
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4. How is the R&D focus distributed among the Company’s R&D team of over 700 members?
A: In general, a majority of our R&D team is dedicated to the development of cleaning equipment, which is a diverse and
significant segment for us, including high temperature sulfuric acid and CO2 technologies that involve a large portion of our R&D personnel. Additionally, copper plating, PECVD, furnace tube, and Track equipment each receive
considerable attention from our R&D team, with a relatively balanced distribution across these four segments. We are firmly committed to developing differentiated technologies in our R&D efforts, positioning ourselves to actively
engage in the global market competition in the future.
5. What is the Company’s market share in China’s electroplating equipment market? How about the overseas
market expansion on electroplating equipment next year?
A: We estimate our Company holds approximately 30% of the market share in China’s electroplating market. Looking at the global
market, we believe the electroplating industry is sizable and experiencing rapid growth. We have now secured overseas demo orders for our front-end copper plating equipment. Moving forward, we plan to expand our market outreach for copper
plating equipment into other regions including Europe, the United States, and Singapore.
6. In light of new competitors entering the domestic electroplating market, how do you perceive the
competition in this segment?
A: The technology for copper plating equipment is primarily dominated by a few industry leaders, including the Company, which we
believe has built strong technical patent barriers. Given these patent restrictions, we believe it is challenging for new competitors to quickly circumvent them, making it difficult for them to pose a competitive threat to the established
market.
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7. What will the gross margin of the Company’s furnace tube equipment be?
A: The gross margin of our furnace tube equipment varies depending on the specific type, with ALD equipment generally having a
relatively higher margin. Additionally, these margins can be influenced by the specific sales market conditions. Overall, we expect that the comprehensive gross margin for our furnace tube equipment to be within the range of 40% to 45% in
the future.
8. Could you provide an overview of the current business climate in the equipment market? What are the
anticipated prospects for the Company in the overseas market next year?
A: The overall demand in 2023 for the international (i.e. non-mainland China) market has been relatively low. However, we expect
some improvement in international market demand in the second half of next year.
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At present, two of our tool categories are under verification with a U.S. customer. Additionally, we have received an order from
this customer for a second set of bevel and backside cleaning equipment, which we expect to deliver by the end of the first quarter of next year. Meanwhile, we are discussing additional equipment types with this U.S. customer, and we hope
to deepen the relationship and become a more strategic supplier in the future. In the overseas market, there is a greater emphasis on differentiated technology. We believe our independently developed, patented IP with distinct features is
likely to give us a competitive edge in the global market.
9. Can you introduce the composition of the Company’s core R&D team?
A: In technology development, our primary focus is to maintain independent control over our patents, ensuring the integrity and
uniqueness of our IP through a differentiated technological approach. Our R&D team is built through a combination of internal training programs and strategic recruitment directly from our customer side.
10. How do you think of the domestic environment for semiconductor equipment patents in China?
A: We believe China’s substantial investment in the semiconductor industry marks an inevitable shift towards a global market orientation for the
semiconductor sector. This evolution highlights the critical need for the semiconductor sector to develop proprietary, differentiated patented technologies to compete on a global scale. As such, we believe the respect and protection of
patented technologies will continue to be a fundamental trend in the future development of the domestic market.
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Institution Name
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DH Fund
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power pacific
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Bosera Fund
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Boyu Investment
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Fullgoal Fund
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ICBC Credit Suisse
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Franklin Templeton Sealand Fund
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GH SHINING ASSET MANAGEMENT
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GFUND
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Sinolink Securities
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CPIC
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Haitong Securities
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Harmon Tronics Investment
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China Everwin Asset Management Co., Ltd.
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HSBC Jintrust
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JYAN ASSET MANAGEMENT
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Harvest Fund
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CCB Principal
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Minsheng Tonghui Insurance Asset Management
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Nanhua Fund
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PUYUAN AMC
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PICC Asset
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Ruiyi Asset
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Foresight Fund
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Sumitomo Mitsui DS Capital Management Hong Kong Branch
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SWS MU Fund Management
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Western Securities
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Maxwealth Fund
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Zhonghai Fund
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Lombarda China Fund
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China Securities
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China Post Securities
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