NASDAQ · Wafer-cleaning equipment · China-based SAPS clean
ACM Research
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).
ACMR Updated Jul 12, 2026 3 AI consumers
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).
Financials & Segments
- Total revenue · 2025 revenue $782M (+40%)
- Customer concentration · SK Hynix, SMIC, Hua Hong, Intel.
- Segments · Single-wafer cleaning (SAPS) · ECP/furnace
Revenue from
- China memory · foundry (cleaning) High confidence· Market share 52.2% · FY2024 상위 4개 고객 비중
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. - SK hynix High confidence
Supplies single-wafer cleaning (SAPS) to SK hynix — the key non-China customer symbolizing expansion beyond China.Confirms EN SemiAnalysis Published Jan 1, 2026: ACM Research wins at SK Hynix and Intel (China top equipment) - SMIC High confidence
Supplies SAPS cleaning tools to SMIC — the core customer of Chinese localization demand.Confirms EN SemiAnalysis Published Jan 1, 2026: ACM Research wins at SK Hynix and Intel (China top equipment) - Hua Hong Semiconductor Medium confidence
Supplies SAPS cleaning tools to Hua Hong — the second axis of Chinese-fab localization.Confirms EN SemiAnalysis Published Jan 1, 2026: ACM Research wins at SK Hynix and Intel (China top equipment)
Pays to
- manufacturing & capacity expansion (undisclosed) Low confidence
Cleaning-tool manufacturing and capacity (China/Korea). - components, materials & R&D (undisclosed) Low confidence
Equipment parts, materials and R&D.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Hua Hong Semiconductor | lead1 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| ACM Research | node | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +161.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
A cleaning-equipment leader led by SAPS megasonic wet cleaning, China-subsidiary based but expanding beyond China on SK hynix and Intel wins — a dual-growth setup. 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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $110 · Price $103 (07-10) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Overweight | $130 | Jun 24, 2026 | Report ↗ |
| Roth Capital Partners | Buy | $125 | Jun 18, 2026 | Report ↗ |
| Seaport Global Securities | Buy | $75 | May 5, 2026 | Report ↗ |
China-focused cleaning and plating tool maker ACM Research sees bullish momentum, with Morgan Stanley hiking its target to $130 on advanced-packaging demand.