Shares of semiconductor-manufacturing equipment company ACM Research (NASDAQ: ACMR) are up just over 100% since last December as the company ratchets up its sales to China's burgeoning chipmaking industry. Revenue is up 38% through the first nine months of 2023, and earnings per share (EPS) have more than doubled.

That said, after a massive run-up, it looks like ACM is showing signs of slowing a bit. Optimism is still running high, though, as China is highly motivated to develop its own chip manufacturing capabilities to meet domestic demand. Is the stock a top semiconductor buy for 2024?

As I discussed a few months ago, ACM is based in Silicon Valley, but the vast majority of its revenue comes from China. Of its total $387 million in sales through the first nine months of 2023, nearly $376 million came from customers in that country. With numerous export restrictions on chip and manufacturing equipment in place from the U.S. government, how is a company like ACM able to skirt this obstacle?

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Source Fool.com