ACM Research面板级封装设备在台进入客户评估，但无订单、收入最早两年后，属远期软催化

ACM Research is expanding beyond China as its panel-level packaging equipment advances through customer evaluations in Taiwan, while the US semiconductor equipment maker invests in South Korea and Oregon. The company expects overseas operations to grow faster than its China revenue, although technology adoption, packaging-size standards, and US-China tensions could affect its plans.

The company said its panel-level packaging equipment is progressing well in Taiwan, where customers have begun evaluating the systems. ACM Research expects the business to become a meaningful revenue source within two years, based on the semiconductor supply chain's equipment evaluation cycle, which typically does not exceed two years.
If customers intend to begin producing panel-level packaging products in 2028, they would need to start evaluating equipment now, ACM Research said. That timing underpins its expectation that revenue could begin flowing as soon as two years from now. However, delays in technology development or a short-term preference for established technologies could extend the timeline to three to five years or longer.
Panel-level packaging faces standards uncertainty
The semiconductor industry remains highly conservative, with manufacturers generally seeking to maximize existing technologies before adopting new ones, even when the economic benefits of a new approach are clear.
Panel-level packaging also faces uncertainty over which size will ultimately prevail. ACM Research said the industry is considering options ranging from 310mm and 510mm to 600mm and 700mm, creating a competitive landscape similar to the historical battles over wafer sizes.
Companies are pursuing different integration approaches. Intel is using 510mm, Taiwan Semiconductor Manufacturing Co. is pursuing 600mm, and Elon Musk's team appears to favor 700mm. ACM Research does not expect the market to converge on a single standard in the short term, so it has prioritized developing at least two of the sizes under consideration.
Overseas business set to outpace China
The company is also investing heavily in South Korea and Oregon as it expands internationally. By the end of 2026, it expects to have more than 22 systems installed outside China, serving about 10 customers across Taiwan, Malaysia, Singapore, South Korea, and North America.
ACM Research said revenue from China will continue to grow, but that its business outside China will expand faster. Its current goal is to have non-China operations account for one-quarter of total revenue. Over a five-year outlook, if revenue from China reaches about US$3 billion, the company aims to generate US$1 billion outside China. Its long-term target for non-China revenue is about US$1.5 billion, which it expects to achieve in roughly five years.
Geopolitical tensions complicate US expansion
AI-driven capacity expansion is the primary growth engine for ACM Research in China. US restrictions on equipment exports are also accelerating the shift toward localized supply chains, providing an additional boost to the company's China business.
In the US market, however, geopolitical tensions between the US and China remain the company's biggest challenge. ACM Research said many observers continue to view it as a Chinese company, which can discourage potential customers. Companies seeking subsidies under the US CHIPS and Science Act must be particularly cautious when selecting suppliers.
ACM Research is therefore bringing more of its operations back to the US to demonstrate that it is a US company building equipment and developing technologies domestically.