ACM Research

Gross margin has generally been in the mid-to-high 40 percent range recently, indicating some pricing discipline relative to cost of goods. Still, customers are concentrated and largely based in China; procurement there is price-sensitive and policy-driven.

The company’s unique cleaning approaches can command premium versus local peers for certain steps, but broad-based price increases without volume risk appear limited. Near-term mix shifts toward ECP and other categories can support blended margin, but we do not underwrite latent Verisign- or ASML-like pricing power.