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  "documentTitle": "ACM Research, Inc. (ACMR)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2025-01-29 00:00:00",
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  "notes": "The slide argues that concerns about China WFE market declines are misplaced for ACMR due to its focus on trailing-edge nodes and strong demand in the cleaning segment.",
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      "text": "Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR.",
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      "text": "YoY revenue growth: 39%",
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      "kind": "paragraph",
      "text": "greater diversification and relatively lower volatility compared to decades past. We also admit there is always a certain \"fog of war\" in assessing downcycle timing...",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ",
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      "text": "Company, 2023, 2024E, YoY, 2025E, YoY; NAURA Technology, 22044, 29952, 36%, 39041, 30%; AMEC, 6264, 8612, 37%, 11932, 39%; Piotech, 2634, 3921, 49%, 5459, 39%; Hwatsing, 2508, 3526, 41%, 4616, 31%...",
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      "kind": "title",
      "text": "Comparison of China WFE 2024 and 2025 Street Consensus Revenue (RMB M)",
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