{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-3dbc63d0ef7f", "slug": "be3fcb7ce6bf", "title": "ACM Research, Inc. (ACMR)", "subtitle": "Kerrisdale Capital · 2025-01", "author": "Kerrisdale Capital", "date": "2025-01-29 00:00:00", "pageCount": 30, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "ACM Research, Inc.", "targetTicker": "ACMR", "document": { "id": "019dd923-622c-750b-8b98-3dbc63d0ef7f", "slug": "be3fcb7ce6bf", "title": "ACM Research, Inc. 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Genre is institutional research note (28pp + disclaimer), Word-style prose with embedded tables and one bar chart, no slide-deck design. Notable rhetorical moves: explicit rebuttal of J Capital's 2020 short report; punchy one-liners ('Yes, $73.', 'Wild.', 'We're fully, not semi, excited'); sum-of-parts arithmetic anchored on the ACMS Shanghai-listed sibling. Date inferred from cover ('January 2025') and stock price footnote 'as of 1/29/25'.", "kpisCited": [ { "detail": "ACMR 1.1x vs. small-cap WFE median 7.5x, large-cap 5.3x, Japanese 4.8x, Chinese 7.3x", "metric": "EV / 2025E Revenue" }, { "detail": "ACMR 5.4x vs. Chinese WFE median 27.3x, small-cap 21.8x", "metric": "EV / 2025E EBITDA" }, { "detail": "ACMR 10.3x vs. Chinese WFE median 37.0x, small-cap 27.9x", "metric": "2025E P/E" }, { "detail": "ACMS implied stake worth $4.9bn vs. ACMR market cap $1.2bn — over 300% gap", "metric": "ACMS / ACMR holdco discount" }, { "detail": "4% (2019) -> 17% (2024) -> 36% (2026E) per Bernstein; 50% target by 2028", "metric": "Chinese WFE self-sufficiency" }, { "detail": "<$30M (2016) to $730M LTM Sept 2024 — 10x in six years", "metric": "Revenue growth" }, { "detail": "37% — vs. global big-four (-12% in 2023) and Chinese-listed suppliers +35%", "metric": "2024E YoY revenue growth" }, { "detail": "22% — comparable to US peers (Camtek 30%, Onto 28%)", "metric": "LTM EBITDA margin" }, { "detail": "~40% for ACMR vs. ~35% for global leader Screen", "metric": "Cleaning market share at YMTC" }, { "detail": "13.0% — in line with Chinese WFE 14.8%, Small-Cap WFE 11.2%, Large-Cap 12.3%", "metric": "ACMR R&D / revenue" }, { "detail": "+$11.1bn global / +$3.5bn China across plating, furnace, track, PECVD", "metric": "SAM expansion beyond cleaning" }, { "detail": "11.7% WACC, 17.5x EV/LTM EBITDA exit, 21% EBIT margin -> $72/share", "metric": "DCF inputs" } ], "closingAsk": "Buy ACMR shares at current teen-dollar levels and ride the inevitable re-rating as China's WFE national champion either organically scales or is acquired at a 5x windfall premium.", "extraction": { "at": "2026-04-22 20:38:01+00", "model": "unknown-legacy", "runId": null, "seconds": 166.85147, "promptVersion": null }, "scqaReward": "Six valuation methodologies — ACMS look-through ($73), peer revenue multiples ($72-$104), discounted 2028E EPS at 30x P/E ($63), and a 10-year DCF ($72) — average to $81 per share, implying 362% upside (a 10-bagger base case).", "thesisTypes": [ "undervaluation", "multiple_rerating", "breakup_spinoff" ], "top3Reasons": [ "ACMR's 82%-owned Shanghai sub ACMS trades at 6x revenue; ACMR at 1.1x — implies $73 vs. $17.48", "Chinese WFE self-sufficiency went 4% (2019) to 17% (2024), heading to 36% by 2026", "Six valuation methods converge $63-$104 fair value, averaging $81 — a 362% upside 10-bagger" ], "scqaSituation": "ACM Research is a US-listed, Shanghai-operated supplier of semiconductor wafer cleaning tools — China's domestic leader at ~14% national share — with an 82%-owned Shanghai-listed subsidiary, ACMS, that holds nearly all the operating business.", "thesisSummary": "ACM Research is the leading Chinese supplier of wafer cleaning equipment, having grown revenue from under $30M in 2016 to $730M LTM as Beijing channels capex toward domestic WFE national champions to circumvent US export restrictions. Despite 37% 2024E revenue growth, 22% EBITDA margins, and a profile comparable to US peers like Lam Research and Applied Materials, ACMR's NASDAQ shares trade at just 1.1x 2025E revenue and 10.3x P/E versus 5-8x revenue and 20-37x P/E for global and Chinese WFE peers. The dislocation is starkest at home: ACMR's 82%-owned Shanghai-listed subsidiary ACMS sports a $5.9B market cap implying $4.9B for ACMR's stake — over 300% above the parent's $1.2B value. Six independent valuation methods (ACMS look-through, peer multiples, DCF, 2028E EPS at 30x) converge on $63-$104 per share, averaging $81 versus $17.48 today.", "primaryDemands": [ "Re-rate ACMR to peer multiples (5-8x revenue) given comparable growth and margin profile", "Unlock the ACMS holding-company discount via partial ACMS share sale + dividend or buyback", "Consider Hong Kong dual-listing or going-private at a premium to current price", "Be receptive to acquisition by larger Chinese WFE players (AMEC, Naura)" ], "scqaResolution": "Management can monetise the ACMS stake via partial sale + dividend or buyback, pursue a Hong Kong dual listing, take the company private at a premium, or accept an acquisition offer from larger Chinese WFE peers AMEC or Naura.", "thesisOneLiner": "ACMR trades at 1.1x revenue while its 82%-owned Shanghai subsidiary ACMS trades at 6x — a sum-of-parts gap that implies a 10-bagger as China's WFE self-sufficiency drive accelerates.", "precedentsCited": [ "Applied Materials / Semitool acquisition", "Lam Research / SEZ acquisition", "Lam Research / Novellus Systems acquisition", "Hong Kong-listed China holding-company / mainland subsidiary structures (precedent for narrow holdco discount)", "Chinese national-champion playbook in solar cells and electric vehicles" ], "scqaComplication": "ACMR trades at 1.1x 2025E revenue and 5.4x EBITDA — a 50-85% discount to global, Japanese, US small-cap and Chinese WFE medians — punished by undifferentiated China-risk sentiment despite being a strategic beneficiary of Beijing's accelerating WFE self-sufficiency push.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 25, 26, 27 ], "peerCompaniesCited": [ "Applied Materials", "Lam Research", "KLA", "ASML", "Tokyo Electron", "Screen Holdings", "Camtek", "Onto Innovation", "Nova", "Veeco Instruments", "Axcelis Technologies", "Disco", "Lasertec", "AMEC", "Naura Technology", "Hwatsing Technology", "Kingsemi", "Piotech", "Skyverse Technology" ], 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INVESTMENT HIGHLIGHTS ... 3\nII. COMPANY BACKGROUND ... 7\nIII. RIDING THE CHINESE SEMICONDUCTOR WAVE ... 8\nIV. BUILDING A PLATFORM COMPANY BY EXPANDING PRODUCT BREADTH ... 11\nV. BECOMING A GLOBAL SUPPLIER TO THE INDUSTRY'S LEADERS ... 16\nVI. THE CHINA WFE OUTLOOK ... 18\nVII. FIRING UP THE CASH MACHINE ... 21\nVIII. GEOPOLITICS AND \"CHINA RISK\" ... 22\nIX. VALUATION: MULTI-BAGGER UPSIDE ... 24\nX. 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As Chinese WFE companies grow within China, over time they are building the capabilities to supply global tier-one customers outside of China. We've seen this movie before in solar cells, electric vehicles, and dozens of other industries. 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The more aggressively the U.S. seeks to limit access to foreign WFE, the brighter the future for China's homegrown WFE national champions, including ACMR, China's cleaning equipment leader.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:41.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "338213ed-cba5-4c8f-9cc9-c00fc9c04a06", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "This transition from foreign chipmaking equipment to domestic tools remains in its early stages. Bernstein calculates that Chinese WFE self-sufficiency grew from just 4% in 2019 to 17% in 2024, and, more importantly, they see the pace of localization only accelerating, forecasting an expansion to 36% in 2026. 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ACMR's NASDAQ-listed shares are trading at an inexplicable discount, and numerous common sense valuation methodologies imply a multi-bagger re-rating. 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The muddled rationales out there trying to justify the current low stock price are all silly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:43.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a807978e-11fb-48d7-a5ef-7893536a48a7", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.31, "x": 0.118, "y": 0.712 }, "kind": "source-note", "text": "Source: S&P Capital IQ, Kerrisdale analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Worried about touching anything China? Sentiment will turn, sooner or later, and dirt-cheap Chinese companies will be valued based on the present value of their future discounted cash flows instead of meaningless geopolitical headlines.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:41.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ef66b50-c65c-43d8-95f2-ba42a2e69c98", "parentComponentId": null }, { "bbox": { "h": 0.255, "w": 0.764, "x": 0.118, "y": 0.183 }, "kind": "paragraph", "text": "Unlocking Value. There are several ways through which management can attempt to unlock value in ACMR. The company could sell a modest amount of its ACMS shares and fund a similarly modest dividend or share buyback at ACMR. It could pursue a more sizeable ACMS share sale and dividend the entire value of ACMR back to shareholders. It could work with a private equity firm to take private ACMR in the United States at a 100% premium to the current share price, yet still a dramatic discount to the company’s value as implied by its ACMS holding. It could pursue a “homecoming” listing and dual list its shares in Hong Kong. There are several similarly structured companies listed in Hong Kong whose operations are based in China and whose chief Chinese operating subsidiary trades publicly in China. The discounts between the HK-listed holding companies and China-listed operating companies are far smaller than the massive disparity currently between ACMR and ACMS shares.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:41.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8171a95-de81-41cf-8476-b406315a4aff", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.445 }, "kind": "paragraph", "text": "ACM Research is also an attractive acquisition target for the two larger Chinese WFE players, AMEC and Naura. The Chinese WFE market has developed an oligopolistic structure similar to that of the global industry. M&A is a logical strategy in WFE to achieve product/process breadth. There are numerous precedent transactions around ACMR’s product areas that reinforce the industrial logic: Applied Materials / Semitool, Lam Research / SEZ, and Lam Research / Novellus Systems to name a few. Chinese WFE players AMEC and Naura have market values 3-5x larger than ACMS, suggesting it is a digestible target. 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In the Chinese stock market, the Shanghai-listed ACMS trades at 6.0x 2025E revenue, an 18% discount to the 7.3x median for", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:34:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b61-7647-86f9-d4750c531dbd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: $558", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:34:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b61-7647-86f9-da38f0d89265", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.764, "x": 0.118, "y": 0.67 }, "kind": "paragraph", "text": "ACMR's structure deftly captures the benefits of its dual citizenship... 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(“ACM Korea”), along with 138 other companies related to semiconductor manufacturing in China, to its Entity List under its Export Administration Regulations. These regulations restrict U.S. suppliers from exporting products to ACM Shanghai and ACM Korea without a special license. They would also restrict certain non-U.S., non-China suppliers from supplying these entities if certain foreign direct product (FDP) rules apply. 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In our model, we assume a gradual decline in DIOs from over 700 at FYE 2023 to 400 days by 2039, a level which is still 24% higher than the average of 322 days from 2016 to 2020. 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While the timing is indeterminate, we anticipate the transaction likely occurs in 2025. The company has guided investors to expect that funds will be used to invest in growth. 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Geopolitics and “China Risk”", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4aac0112-0e83-456a-9b11-06440a659346", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.11, "y": 0.69 }, "kind": "title", "text": "Export Restrictions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0be4751-1f52-46e3-8c27-b0093acf58ef", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 27, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 16, "name": "Solution", "beatId": "7fc4dd0f-0fab-4865-bc60-52ab1be5f86a", "matchId": "b59617a2-feca-409c-add4-fb55d094b408", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document presents a clear solution, highlighting ACMR's growth drivers and investment potential", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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ACMR management says that U.S. suppliers now supply maybe “a few percentage points” of the company’s COGS and remains confident that any supply chain issues can be effectively managed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03ab400e-93f5-42d7-b3da-41020b422a3a", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.775, "x": 0.118, "y": 0.164 }, "kind": "paragraph", "text": "Further concern that these rules will materially slow down Chinese WFE spending also seem overblown to us. Again, the December 2 additions are merely the latest salvo in the United States’ wider war against China building out its indigenous semiconductor industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bad5d40d-618f-4238-be19-fa62728f0220", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.775, "x": 0.118, "y": 0.735 }, "kind": "paragraph", "text": "Finally, we believe that the recent revelations around DeepSeek, which caused so much market volatility earlier this week, only support our core thesis on ACMR. Attempts to restrict China’s access to the hardware required to develop advanced AI models not only didn’t prevent China’s success, it resulted in the more efficient development of comparable technology - a great example of the law of unintended consequences that we expect will be repeated in the WFE market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb74c04-b632-4007-81c4-d827b5d1a63b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "ACMR management says that U.S. suppliers now supply maybe “a few percentage points” of the company’s COGS and remains confident that any supply chain issues can be effectively managed. — ACMR Management", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:34:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b61-7647-86fb-c82aaecceb7f", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.08, "x": 0.118, "y": 0.705 }, "kind": "source-note", "text": "Source: ACMR", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, we give ACMR kudos for better than average disclosure practices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fe819a0-1b3e-403a-975d-e26e9b7d2c07", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.763, "x": 0.118, "y": 0.183 }, "kind": "paragraph", "text": "J Capital Research, a credible short activist with a track record of targeting Chinese companies, published a short report on ACMR in 2020 largely focused on accounting and related party issues. We disagree with the report's conclusions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfdfc246-eb9a-446b-8258-ab5931f2d4b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.655, "x": 0.118, "y": 0.741 }, "kind": "title", "text": "ACMR Trades at a Massive Discount to U.S. and Chinese Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d97164d9-14e9-4ffe-a16e-1dc4e5ddb723", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.488, "x": 0.118, "y": 0.588 }, "kind": "title", "text": "IX. 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ACMR multiples have remained flat... simple conclusion is that valuing ACMR in line with practically any other WFE company yields tremendous upside.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a72fff0-799c-47fb-9205-976a12d86978", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.296 }, "kind": "paragraph", "text": "We further illustrate the absurdity of ACMR's current valuation with two back of the envelope calculations: the value of ACMR's ownership stake in ACMS and future (2028E) EPS at a projected P/E multiple discounted back to the present.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c84c4d2f-9f96-4fbb-ab00-becd7fffb917", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Looking at current share prices, the company's subsidiary ACM Research (Shanghai) trades at a $5.8 billion enterprise value... 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