ACMR

ACM Research is a rapidly scaling semiconductor wet-process equipment maker, with revenue up 15.2% to $901M, continuing a powerful run from $260M in FY2021. Gross margin is healthy at 44.4%, the balance sheet is strong (cash up 85.9% to $757M, equity up 61.9% to $1.46B, liabilities/equity just 0.64x), and R&D investment jumped 37.5% to $145M as it broadens its tool portfolio. The structural tailwind is China's drive for semiconductor self-sufficiency, where ACM's locally manufactured cleaning and plating tools are well positioned.

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