纵横研报
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#Wafer cleaning

02Reports
·AI 半导体设备 ·内部研究

KINGSEMI: A Scarce Domestic Track Asset, Priced Well Ahead of the Evidence

KINGSEMI is a specialized Chinese semiconductor-equipment maker in front-end coat/develop tracks and single-wafer wet tools, now controlled by NAURA. 2025 revenue grew 11% to CNY 1.95 billion, but attributable profit fell 65% to CNY 71.7 million, and a one-month 79% surge lifted the market cap to CNY 88.5 billion, about 45 times sales. Rating Avoid: a genuinely scarce front-end track franchise, but at CNY 439 the price already assumes a mature cleaning-and-platform business the operating evidence does not yet support.

688037.SHG KINGSEMI Co., Ltd. #Semiconductor equipment#Front-end coat/develop#Wafer cleaning#Domestic substitution#NAURA control change#Valuation risk
Avoid
ACMR.US logo
·AI 半导体设备 ·内部研究

ACM Research: A Credible China Semicap Franchise, a Demanding Holdco Structure

ACM Research is a Nasdaq-listed holding company whose value is dominated by its roughly 73.6%-owned, Shanghai-listed subsidiary ACM Shanghai, built on a single-wafer wet-cleaning franchise now broadening into plating, furnace, track and PECVD. The parent trades at a steep discount to the quoted value of that stake, yet the A-share quote is already rich, four customers make up 52.2% of 2025 revenue, and first-quarter 2026 free cash flow was negative 52.1 million USD. Rating Hold: strong China semicap execution is real, but at 104.50 USD the price offers too little protection against cash-conversion, policy and holdco-structure risk.

ACMR.US ACM Research, Inc. #Semiconductor equipment#China localization#Wafer cleaning#Holdco discount#Export controls
Hold