{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","ticker":"ACMR","updated_at":"2026-07-12T05:40:52.812901+00:00","canonical":"https://valuechain.wiki/acm-research","same_as":["https://finance.yahoo.com/quote/ACMR","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1680062"],"citable":"밸류체인 그래프 기준 ACM Research의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, ACM Research is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 13 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 웨이퍼 세정장비 · 중국 기반 SAPS 세정","kicker_en":"NASDAQ · Wafer-cleaning equipment · China-based SAPS clean","lead":"단일 웨이퍼 습식 세정 장비 기업으로 SAPS 메가소닉 세정 기술이 강점이며, 중국 자회사를 통해 사업하나 SK하이닉스·인텔 수주로 중국 밖으로 확장 중이다. 2025년 매출 $7.82억(+40%)의 고성장은 중국 장비 국산화 수요와 한국·미국 신규 진입이라는 이중 동력에서 나온다. SMIC·화홍·YMTC 등 중국 팹이 매출의 본체라 지정학·중국 편중이 상시 리스크이며, 관전 포인트는 SK하이닉스·인텔 등 비중국 고객 확대 속도다.","lead_en":"A single-wafer wet-cleaning equipment maker whose SAPS megasonic cleaning is its strength; it operates via a China subsidiary but is expanding beyond China on SK hynix and Intel wins. Its 2025 revenue of $782M (+40%) is powered by a dual engine — Chinese equipment localization plus new entry into Korea and the US. With Chinese fabs (SMIC, Hua Hong, YMTC) as the revenue core, geopolitics and China concentration are constant risks, and the watch point is the pace of non-China customer expansion (SK hynix, Intel).","segments":{"parts":[{"desc":"SAPS 메가소닉 습식 세정이 본체 — SK하이닉스·SMIC·화홍·인텔 고객.","name":"단일웨이퍼 세정(SAPS)"},{"desc":"전기도금(ECP)·퍼니스로 장비 포트폴리오 확장.","name":"ECP·퍼니스"}],"total":"2025 매출 $782M (+40%)","concentration":"SK하이닉스·SMIC·화홍·인텔."},"segments_en":{"parts":[{"desc":"SAPS megasonic wet cleaning is the core — customers SK hynix, SMIC, Hua Hong, Intel.","name":"Single-wafer cleaning (SAPS)"},{"desc":"Portfolio expansion into electroplating (ECP) and furnace tools.","name":"ECP/furnace"}],"total":"2025 revenue $782M (+40%)","concentration":"SK Hynix, SMIC, Hua Hong, Intel."},"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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The 2025 +40% surge was powered by overlapping Chinese-fab localization demand and new entry into Korea and the US, with SAPS differentiation as the entry weapon. But with Chinese fabs (SMIC, Hua Hong, YMTC) as the revenue core, geopolitics and China concentration are structural risks, and the fact that a US-listed company's operating substance sits in China is a valuation variable. Upstream on the graph are parts and materials; downstream is cleaning-process demand at Chinese, Korean and US fabs, so localization and global entry create ripple simultaneously.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"중국 메모리·파운드리 (세정)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","value":52.2,"period":"FY2024 상위 4개 고객 비중","top_customers":"화리화홍14.7·SMIC13.6·YMTC12.0·PXW11.9"},"note":"YMTC·CXMT·SMIC·화리화홍 등 중국 팹에 싱글웨이퍼 세정·ECP·퍼니스를 공급 — FY2024 상위 4개 고객이 매출의 52.2%(화리화홍 14.7%·SMIC 13.6%·YMTC 12.0%·PXW 11.9%)로 중국 집중도가 매우 높다(10-K 공시).","note_en":"Supplies single-wafer cleaning, ECP and furnace tools to Chinese fabs including YMTC, CXMT, SMIC and Huali/Hua Hong — FY2024 top-4 customers were 52.2% of revenue (Huali/Hua Hong 14.7%, SMIC 13.6%, YMTC 12.0%, PXW 11.9%), an extreme China concentration disclosed in the 10-K.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-28","url":"https://www.sec.gov/Archives/edgar/data/1680062/000168006225000003/acmr-20241231.htm","title":"ACM Research 10-K FY2024(고객 집중도 공시)","title_en":"ACM Research 10-K FY2024 (customer concentration)","excerpt":"ACM 10-K FY2024: 상위 4개 고객 52.2%(화리화홍·SMIC·YMTC·PXW)","excerpt_en":"ACM 10-K FY2024: top-4 customers 52.2% (Huali/Hua Hong, SMIC, YMTC, PXW)"}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스에 단일웨이퍼 세정 장비(SAPS) 공급 — 중국 밖으로의 확장을 상징하는 핵심 비중국 고객.","note_en":"Supplies single-wafer cleaning (SAPS) to SK hynix — the key non-China customer symbolizing expansion beyond China.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful","title":"ACM Research, SK하이닉스·인텔 수주(중국 최대 장비사)","title_en":"ACM Research wins at SK Hynix and Intel (China top equipment)","excerpt":"SK하이닉스에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to SK hynix."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm","title":"ACM Research FY2025 3분기 실적(8-K)","title_en":"ACM Research FY2025 Q3 results (8-K)","excerpt":"SK하이닉스에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to SK hynix."}]},{"direction":"revenue","counterparty":"SMIC","counterparty_slug":"smic","confidence":"high","metric":null,"note":"SMIC에 SAPS 세정 장비 공급 — 중국 국산화 수요의 본체 고객.","note_en":"Supplies SAPS cleaning tools to SMIC — the core customer of Chinese localization demand.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful","title":"ACM Research, SK하이닉스·인텔 수주(중국 최대 장비사)","title_en":"ACM Research wins at SK Hynix and Intel (China top equipment)","excerpt":"SMIC에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to SMIC."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm","title":"ACM Research FY2025 3분기 실적(8-K)","title_en":"ACM Research FY2025 Q3 results (8-K)","excerpt":"SMIC에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to SMIC."}]},{"direction":"revenue","counterparty":"Hua Hong","counterparty_slug":"hua-hong","confidence":"mid","metric":null,"note":"화홍반도체에 SAPS 세정 장비 공급 — 중국 팹 국산화의 두 번째 축.","note_en":"Supplies SAPS cleaning tools to Hua Hong — the second axis of Chinese-fab localization.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://newsletter.semianalysis.com/p/acm-research-chinas-most-successful","title":"ACM Research, SK하이닉스·인텔 수주(중국 최대 장비사)","title_en":"ACM Research wins at SK Hynix and Intel (China top equipment)","excerpt":"Hua Hong에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to Hua Hong."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm","title":"ACM Research FY2025 3분기 실적(8-K)","title_en":"ACM Research FY2025 Q3 results (8-K)","excerpt":"Hua Hong에 단일웨이퍼 세정 장비(SAPS) 공급.","excerpt_en":"Supplies single-wafer cleaning tools (SAPS) to Hua Hong."}]},{"direction":"cost","counterparty":"제조·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"세정 장비 제조·증설(중국·한국).","note_en":"Cleaning-tool manufacturing and capacity (China/Korea).","sources":[{"stance":"confirms","publisher":"ACM Research","publisher_en":"ACM Research","kind":"ir","lang":"en","published_at":"2026-01-01","url":"https://ir.acmrcsh.com/","title":"ACM Research","title_en":"ACM Research","excerpt":"세정 장비 제조·증설(중국·한국).","excerpt_en":"Cleaning-tool manufacturing and capacity (China/Korea)."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"장비 부품·소재·R&D.","note_en":"Equipment parts, materials and R&D.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.sec.gov/Archives/edgar/data/0001680062/000162828025049264/acmr-q32025xearningsreleas.htm","title":"ACM Research FY2025 3분기 실적(8-K)","title_en":"ACM Research FY2025 Q3 results (8-K)","excerpt":"SAPS 메가소닉 세정 기술.","excerpt_en":"SAPS megasonic cleaning tech."}]}]}