| Categories of investor relation activities | □ Survey by specific investors √ Analyst meeting □ Media interview □ Results briefing □ Press conference □ Roadshow □ On-site visit √ Others (open conference call) | ||||
| Date | March 2023 | ||||
| Venue | Conference call | ||||
| Participants of the listed company | Chairman: HUI WANG General Manager: JIAN WANG Person in Charge of Financial Matters: LISA YI LU FENG Board Secretary: MINGZHU LUO | ||||
| Summary of investor relation activities | I. Company Introduction: Leaders of ACM Research (Shanghai), Inc. (the “Company”) gave a brief introduction to the Company’s performance and financial situation for the year 2022, and answered questions of concern by investors. II. Q&A: 1. The Company has faster progress in overseas customer development compared to other domestic peers. What are the Company’s strategies for developing international customers? How about the verification of the cleaning and electroplating equipment delivered by the Company last year? A: It is a long-term development trend for the internationalization of the semiconductor equipment industry. At present, we are still focusing on the domestic market in China, while also hoping to introduce verified products with differentiated technology to the global market. First, as to copper plating equipment, our copper plating equipment was verified in a Chinese factory of an Asian company last year, the verification of which is currently in good order. In the future, we believe there will be greater opportunities for our cooperation with this Asian company with its expansion in other regions of Asia. Second, our back-end packaging products have been practically applied to packaging companies of major international manufacturers in China. Finally, last year, two sets of our equipment entered top tier customers in the U.S. and underwent validation in their U.S. factories, which verification has had a relatively smooth progress and is expected to be completed in the first half of this year. If the equipment performance is verified, we expect to receive repeat orders. In the future, we intend to use additional efforts to develop international customers. At present, we have had SK Hynix as a customer, and we intend to continue to develop U.S. customers based on this. We have also recently accessed the European market. While further promoting our cleaning technology for these existing markets, we have also continued to focus on the market of Taiwan, China. In addition to cleaning equipment, we believe our existing copper plating equipment is of great potential, particularly as we believe there is only one front-end copper plating company and three back-end advanced packaging companies worldwide, including us, with great opportunities in front-end and back-end packaging technologies. We hope that our front-end equipment can develop smoothly and enter the global market. As to furnace tube equipment, the Company recorded a good traction of LPCVD, ALD and other equipment in China, among which the preliminary verification of our ALD equipment is tracking to plan, which we believe provides good potential for ALD in the international market in the future. Overall, we are currently investing significant effort to expand our sales with additional major global customers. 2. What products drive the rapid increase in the Company’s gross margin? What is the approximate gross margin for furnace tube? A: Among cleaning equipment, the gross margin for single wafer equipment is higher than that for wet bench equipment, and the gross margin for single wafer equipment varies depending on customer needs and product specifications. The gross margin for copper plating equipment also varies, with front-end equipment having a higher gross margin than back-end equipment. For 2022, a higher mix of front-end copper plating equipment contributed in part to good gross margin. We have started selling furnace tube equipment, including LPCVD and ALD, this year. Standard furnace tools have an average profit, while ALD furnace has a relatively higher gross margin. We maintain our gross margin target of 40% to 45%. 3. Has the Company taken into full account various factors, such as the pace changes resulting from downstream customer adjustments, to make the annual revenue projection? A: In January of this year, the Company made a full-year projection mainly based on demand from its mainland China customers for mature nodes. 4. Will the revenue from furnace tube business in 2023 have a growth at several times due to its small base? A: Last year, revenue from furnace tube and copper plating equipment accounted for about 20% of total revenue, most of which still came from copper plating equipment. We expect revenue from copper plating equipment to grow this year, and we expect that revenue from furnace tube will see even greater growth this year. In terms of furnace tube business, we look forward to the joining of multiple customers this year, which will, in addition to LPCVD equipment, including vacuum tempering and high-temperature tempering, also cover ALD equipment. For ALD equipment, instead of seeking to be awarded vast orders, we hope it can be expanded to multiple customers. This year, we expect furnace tube to contribute good growth for us, primarily owing to the increase in new customers and repeated orders from existing customers. 5. Last year, the Company’s ECP equipment had a very high gross margin, driving up the overall gross margin. Accordingly, the gross margin for the furnace tube segment will probably rebound to around 45% this year, right? A: No change to our gross profit margin target range of between 40% and 45%. 6. Last year, the U.S. promulgated a series of restrictions on the semiconductor industry, including restrictions on American nationals. What are their impacts on the Company so far? How will the Company address future risks? A: We abide by the export control laws of both China and the U.S. Our American employees are subject to certain restrictions in connection with R&D of advanced technologies and other related work in or with China. The U.S. laws do not impose such restrictions on the activities of Chinese citizens on our R&D team in China, which comprise the majority of our team, or our R&D personnel participating in advanced node developments at our Korean subsidiary. Accordingly, we believe the restrictions on American citizens under the new U.S. export control regulations have an immaterial impact on us. | ||||
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