It's funny, I just went through something very similar.
I had to apply stucco to an ACM panel that had to match an existing sign & I know I can save you a lot of time, frustration & money.
My Sherwin Williams rep told me to use their "Extreme Bond Primer" primer, apply Quikrete stucco and paint it, that was a huge nope!
I'm sure it was something I did, I had to thin it out to get it to the right texture, but the next day the Quikrete was dry, crumbly & came right off.
So I scrubbed it down to the primer, went and got sand that is made to add to paint (put in more than suggested, a bag into 1/2 gallon), applied the paint pretty thickly and used a rubber float and "stamped" the whole sheet. It turned out great.
I really recommend that extreme bond primer, I scrubbed the hell out of that panel to get that grit off & it didn't scratch at all.