安集微电子科技（上海）股份有限公司 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 □其他 （请文字说明其他活动内容） 投资者关系活动记录表 股票简称：安集科技 股票代码：688019 编号：2024-017 | --- | --- | |------------|------------------------------------------------------------------------------| | | | | 参与单位名 | Acuity Knowledge Partners (Hong Kong) Limited 、 IGWT Investment 、 JK | | 称 | Capital Management Limited 、 Pleiad Investment Advisors Limited 、百年保 | | | 险资产管理有限责任公司、鲍尔赛嘉(上海 ) 投资管理有限公司、北京诚旸投资有限公 | | | 司、北京城天九投资有限公司、北京晟元体育文化有限公司、北京高信百诺投资管理 | | | 有限公司、北 ...

证 券 研 究 报 告 安集科技（688019）2024 年三季报点评 强推（维持） 24Q3 业绩保持高增态势，新产品加速放量 目标价：194.4 元 当前价：156.90 元 事项： ❖ 公司发布 2024 年第三季度报告： ❖ 1）2024Q1-Q3：公司实现营业收入 13.12 亿元，同比+46.10%；毛利率 58.56%， 同比+2.52pct;归母/扣非归母净利润 3.93/3.83 亿元，同比+24.46%/+58.64%； ❖ 2）2024Q3：公司实现营业收入 5.15 亿元，同比/环比+59.29%/+22.95%；毛利 率 59.86%，同比/环比+2.12pct/+2.81pct；归母净利润 1.59 亿元，同比/环比 +97.29%/+23.00%；扣非归母净利润 1.49 亿元，同比/环比+83.60%/+15.09%。 评论： ❖ 2024Q3 收入、利润创单季度新高，新品放量带动公司毛利率进一步提升。公 司持续深耕市场需求，加速导入客户并完善各类产品布局，市场份额不断提升， 业绩保持高速增长。2024Q3 公司营业收入同比/环比增长 59.29%/22.95%至 5.15 亿 ...

Summary of the Conference Call for Anji Technology Q3 2024 Company Overview - **Company**: Anji Technology - **Industry**: Semiconductor materials, specifically focusing on high-end semiconductor materials and chemical products Key Points and Arguments 1. **Company Mission and Positioning**: Anji Technology has maintained its mission of being a technology-driven company focused on high-end semiconductor materials for over 20 years, emphasizing continuous innovation and intellectual property [3][4][5] 2. **Product Development**: The company continues to enhance its product offerings, particularly in chemical mechanical polishing (CMP) slurries and functional electronic chemicals, with a focus on expanding its product lines and services [4][5] 3. **Financial Performance**: The third quarter showed steady growth in revenue and gross margin, attributed to a healthy semiconductor market and successful product introductions [6][7][8] 4. **R&D Investment**: Anji maintains a strong commitment to R&D, investing approximately 19% of its revenue into research and development, which supports future product launches and market penetration [5][6] 5. **Market Trends**: The semiconductor market remains robust, positively impacting Anji's performance. The company noted that some customers increased inventory in anticipation of fourth-quarter demand, which contributed to Q3 revenue growth [7][8][22][34] 6. **Global Expansion Strategy**: Anji is actively pursuing global market opportunities, particularly in Southeast Asia and Taiwan, to enhance its international presence and customer engagement [14][20][21] 7. **Competitive Landscape**: The company acknowledges competition in the semiconductor materials sector but emphasizes its focus on strengthening internal capabilities and maintaining quality to enhance competitiveness [16][17] 8. **Supply Chain Management**: Anji is committed to ensuring supply chain security by developing upstream resources and maintaining a healthy inventory to meet fluctuating demand [28][37] Additional Important Content 1. **Customer Engagement**: Anji is focused on understanding customer needs and providing tailored solutions, which is crucial for maintaining strong relationships and market share [25][26] 2. **Market Dynamics**: The company is aware of the shifting trends in the semiconductor industry, particularly the movement towards Southeast Asia, and is adapting its strategies accordingly [20][21] 3. **Long-term Vision**: Anji's long-term strategy includes not only maintaining its domestic market leadership but also expanding its influence globally, driven by innovation and collaboration with customers [15][19][37] This summary encapsulates the essential insights from the conference call, highlighting Anji Technology's strategic focus, financial performance, and market positioning within the semiconductor materials industry.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [6]. Core Insights - The company achieved record-high revenue of 515 million yuan in Q3 2024, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95% [1]. - The net profit attributable to shareholders reached 159 million yuan, up 97.20% year-on-year and 23.00% quarter-on-quarter, marking the second-highest in history [1]. - The company is actively expanding its product offerings and market reach, with new products entering a rapid growth phase, contributing to the overall revenue increase [1][3]. - The company is focusing on enhancing its "3+1" technology platform and expanding into the Taiwan market, which is expected to drive future growth [1][3]. Financial Performance - For the fiscal year 2024, the company forecasts revenues of 1.832 billion yuan, with a growth rate of 48.0%, and net profits of 552 million yuan, reflecting a growth rate of 37.1% [4][5]. - The gross profit margin is projected to improve to 58.7% in 2024, with a net profit margin of 30.1% [4][5]. - The company’s earnings per share (EPS) is expected to rise to 4.27 yuan in 2024, with a price-to-earnings (P/E) ratio of 34.7 [4][5]. Product Development and Market Strategy - The company is advancing its four core technology platforms, with successful new product development and industrialization, supported by increased demand from downstream storage and wafer foundry sectors [3][4]. - The product lines include a comprehensive range of chemical mechanical polishing (CMP) slurries and functional wet electronic chemicals, which are critical for integrated circuit manufacturing [1][3]. - The company is also enhancing its one-stop delivery capabilities for electroplating solutions and additives, with several products already in mass production [1][3].

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company achieved a record high quarterly revenue of 5.15 billion yuan in Q3 2024, representing a year-on-year increase of 59.29% and a quarter-on-quarter increase of 22.95% [3] - The company’s revenue for the first three quarters of 2024 reached 13.12 billion yuan, up 46.10% year-on-year, while net profit attributable to shareholders was 3.93 billion yuan, an increase of 24.46% year-on-year [3] - The gross margin for Q3 2024 was 59.86%, up 2.12 percentage points year-on-year, and the net margin was 30.79%, up 5.92 percentage points year-on-year [3] - The company is expanding its product lines and client base, which is expected to drive steady revenue growth [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 13.12 billion yuan, a 46.10% increase year-on-year, and a net profit of 3.93 billion yuan, a 24.46% increase year-on-year [3] - The Q3 2024 revenue was 5.15 billion yuan, with a net profit of 1.59 billion yuan, marking a 97.20% year-on-year increase [3] - The gross margin for the first three quarters was 58.56%, and the net margin was 29.92% [3] Product and Market Strategy - The company is focusing on the full range of chemical mechanical polishing liquids and expanding its functional wet chemical products [5] - It aims to enhance its market share both domestically and internationally, with a strategy to provide comprehensive services and products in the semiconductor manufacturing sector [5][6] Future Projections - The company’s net profit forecasts for 2024-2026 are adjusted to 5.63 billion yuan, 7.06 billion yuan, and 9.01 billion yuan respectively, with corresponding EPS of 4.36 yuan, 5.46 yuan, and 6.97 yuan [6] - The projected P/E ratios for 2024-2026 are 34.6X, 27.6X, and 21.6X respectively [6]

Investment Rating - The report maintains a "Buy" rating for Anji Technology (688019 SH) [2] Core Views - Anji Technology's Q3 2024 performance exceeded expectations, driven by increased market share and successful new product launches [2] - The company achieved significant revenue growth of 46 10% YoY in the first three quarters of 2024, reaching 1 312 billion RMB [2] - Net profit attributable to shareholders grew by 24 46% YoY to 393 million RMB in the first three quarters [2] - Q3 2024 revenue reached 515 million RMB, a 59 29% YoY increase, with net profit surging 97 20% YoY to 159 million RMB [2] Financial Performance - Gross margin improved to 59 86% in Q3 2024, up 2 12 percentage points YoY and 2 81 percentage points QoQ [2] - Net profit margin stood at 30 79% in Q3 2024, maintaining stability with a slight 0 01 percentage point increase QoQ [2] - R&D expenses reached 89 59 million RMB in Q3 2024, accounting for 17 40% of revenue [2] Product Development - The company has developed a comprehensive CMP polishing fluid product line, enhancing customer loyalty [2] - New functional wet electronic chemicals, including alkaline copper post-polishing cleaning fluid, have entered mass production [2] - Advanced packaging electroplating solutions and additives have achieved mass production [2] Capacity Expansion - Current CMP polishing fluid capacity stands at 29 000 tons/year, with plans to add 31 000 tons/year [2] - Post-etch cleaning fluid capacity is 2 464 tons/year, with plans to expand to 10 000 tons/year [2] - Post-polishing cleaning fluid capacity is 1 890 tons/year, with plans to reach 5 000 tons/year [2] - Etching fluid capacity is planned to reach 8 000 tons/year [2] Market Position - The company continues to strengthen its position in the semiconductor materials sector through domestic substitution [2] - Anji Technology is focusing on specialized and strong development in semiconductor material segments [2] Financial Projections - Projected net profit attributable to shareholders for 2024-2026 is 538 million, 643 million, and 831 million RMB respectively [2] - Estimated EPS for 2024-2026 is 4 16, 4 98, and 6 29 RMB [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3][4]. Core Insights - The company reported a significant year-on-year revenue growth of 46.10% for the first three quarters of 2024, reaching 1.312 billion RMB, with a net profit of 393 million RMB, reflecting a 24.46% increase [2][4]. - The third quarter alone saw a revenue increase of 59.29% year-on-year, amounting to 515 million RMB, and a net profit surge of 97.20% year-on-year, totaling 159 million RMB [2][4]. - The company is expanding its production capacity, with ongoing projects expected to enhance its output in the next 2-3 years, particularly in polishing liquids and functional wet electronic chemicals [6][4]. Summary by Sections Company Overview - The company operates in the electronics sector, with a current stock price of 140.97 RMB and a market capitalization of 18.215 billion RMB [1]. - Major shareholder is Anji Microelectronics Co., Ltd., holding 30.81% of shares [1]. Financial Performance - The company achieved a gross margin of 58.56% in the first three quarters, an increase of 0.68 percentage points year-on-year [4][5]. - The report forecasts net profits of 560 million RMB, 748 million RMB, and 976 million RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 39%, 34%, and 30% [6][8]. Product and Market Position - The product mix includes 84.4% from chemical mechanical polishing liquids and 6.4% from wet electronic chemicals, with a steady increase in market share for polishing liquids from 3% in 2020 to 8% by the end of 2023 [1][4]. - The company is successfully introducing new products, with some entering a growth phase, and is expected to further enhance its product structure and profitability [3][4]. Capacity Expansion - Current polishing liquid capacity stands at 29,100 tons, with additional capacities under construction expected to come online in the next few years [6]. - The company is also developing new production facilities for etching and plating liquids, which will contribute to its platform strategy in electronic materials [6].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥514,957,812.48, representing a year-over-year increase of 59.29%[2] - Net profit attributable to shareholders for Q3 2024 was ¥158,572,358.58, up 97.20% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥148,654,767.18, reflecting an 83.60% increase year-over-year[2] - Basic earnings per share for Q3 2024 were ¥1.23, up 95.24% year-over-year[4] - Total operating revenue for the first three quarters of 2024 reached ¥1,312,231,263.35, a significant increase of 46.0% compared to ¥898,187,885.81 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was ¥392,568,199.29, representing a 24.5% increase from ¥315,424,660.91 in 2023[19] - Basic earnings per share for the first three quarters of 2024 were ¥3.05, up from ¥2.47 in 2023, reflecting a growth of 23.5%[20] - The total comprehensive income for the first three quarters of 2024 was ¥391,095,405.82, compared to ¥314,125,584.96 in 2023, indicating a growth of 24.5%[20] Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥132,910,849.32, a significant increase of 278.49% compared to the same period last year[4] - Operating cash inflow for the first three quarters of 2024 reached CNY 1,266,518,752.95, a 36.6% increase from CNY 927,352,697.40 in the same period of 2023[21] - Net cash flow from operating activities was CNY 328,204,872.12, up 69.6% compared to CNY 193,360,855.33 in the previous year[21] - Cash inflow from investment activities totaled CNY 184,687,823.03, down 39.8% from CNY 306,613,346.44 in 2023[22] - Net cash flow from investment activities was -CNY 172,466,656.93, an improvement from -CNY 350,741,520.34 in the same period last year[22] - Cash inflow from financing activities amounted to CNY 134,943,061.96, a decrease of 47.3% from CNY 256,017,757.36 in 2023[22] - Net cash flow from financing activities was CNY 70,467,667.72, down 56.0% compared to CNY 159,785,763.10 in the previous year[22] - The ending balance of cash and cash equivalents increased to CNY 747,613,196.55, compared to CNY 336,682,813.67 at the end of the previous year[22] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥3,213,835,988.47, representing a 23.45% increase from the end of the previous year[4] - The company's current assets totaled approximately RMB 1.82 billion, up from RMB 1.34 billion at the end of 2023, indicating a growth of around 35.5%[14] - Total liabilities of the company amounted to approximately RMB 672.69 million, up from RMB 479.36 million, representing a growth of about 40.4%[15] - Short-term borrowings surged to approximately RMB 59.96 million from RMB 9.87 million, indicating a significant increase of around 507.5%[15] - The company's long-term borrowings increased to approximately RMB 147.49 million from RMB 94.59 million, reflecting a growth of about 56%[15] Research and Development - Total R&D investment for Q3 2024 amounted to ¥89,592,300.74, an increase of 37.86% compared to the same period last year[4] - Research and development expenses for the first three quarters of 2024 amounted to ¥234,157,501.60, an increase of 40.8% compared to ¥166,284,463.23 in 2023[19] Market and Product Development - The company reported a significant increase in the proportion of revenue from new products, contributing to the overall growth in net profit[8] - The company continues to focus on market expansion and product development, with new products entering the growth phase during the reporting period[8] Shareholder and Corporate Governance - The company reported no significant changes in the shareholder structure or related party transactions during the reporting period[11] - There were no new strategies or product developments mentioned in the conference call, focusing instead on financial performance and asset management[12]

安集微电子科技（上海）股份有限公司（以下简称"公司"）第三届监事会 第十五次会议于 2024 年 10 月 29 日以通讯表决的方式召开。本次会议的通知于 2024 年 10 月 26 日通过电子邮件等形式送达全体监事。会议应出席监事 3 人， 实际出席监事 3 人，会议由监事会主席冯倩女士主持。会议的召集和召开程序符 合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、部门规章 以及《安集微电子科技（上海）股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，作出的决议合法、有效。 二、监事会会议审议情况 证券代码：688019 证券简称：安集科技 公告编号：2024-062 安集微电子科技（上海）股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 安集微电子科技（上海）股份有限公司 监 事 会 二〇二四年十月三十日 经与会监事认真审议，通过了以下议案： （一）审议通过《关于 2024 年第三季度报告的议案》 经审核，监事会认为：公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 156.77 CNY based on a PE valuation of 36 times for 2025 [2][62]. Core Insights - The company, Anji Technology, is a leading domestic manufacturer of chemical mechanical polishing (CMP) liquids, with a diversified business model covering various chemical products and a focus on self-supply of core raw materials [1][12]. - The CMP polishing liquid business is expected to see significant revenue growth, driven by the recovery of wafer fab utilization rates and ongoing capital expenditures from downstream customers [1][24]. - The functional wet electronic chemicals segment is also poised for growth, with increasing demand for products used in advanced packaging and electroplating [1][43]. Summary by Sections Company Overview - Anji Technology has established a "3+1" business structure, encompassing a full range of CMP liquids, functional wet electronic chemicals, and electroplating liquids and additives, while building its core raw material supply capabilities [1][12]. Investment Logic - CMP Polishing Liquids: - Recovery in wafer fab utilization rates indicates the industry has passed its low point, with continued capital expenditures from downstream wafer fabs [1][24]. - The company is advancing its CMP polishing liquid processes, with successful testing of new products based on cerium oxide abrasives [1][24]. - Expected revenues for CMP polishing liquids from 2024 to 2026 are projected at 14.86 billion, 18.44 billion, and 22.60 billion CNY, with year-on-year growth rates of 38%, 24%, and 23% respectively [1][57]. - Functional Wet Electronic Chemicals: - Increased demand driven by the recovery of wafer fab utilization rates [1][43]. - The company plans to expand production capacity for various cleaning and etching liquids, with projected revenues of 1.98 billion, 2.35 billion, and 2.64 billion CNY from 2024 to 2026, reflecting growth rates of 34%, 22%, and 20% respectively [1][57]. Profit Forecast and Valuation - Revenue forecasts for 2024-2026 are 17.04 billion, 21.08 billion, and 25.76 billion CNY, with net profits of 4.41 billion, 5.63 billion, and 7.01 billion CNY, reflecting growth rates of 9.60%, 27.47%, and 24.53% [2][60]. - The company maintains a stable gross margin above 50%, with CMP polishing liquids achieving a gross margin of 61.03% in the first half of 2024 [1][17]. Production Capacity and Expansion Plans - The company is actively expanding its production capacity, with plans for new facilities in Shanghai and Ningbo, aiming to enhance its output of CMP and functional wet electronic chemicals [1][21][43]. - The total planned capacity for CMP polishing liquids is expected to reach 60,000 tons upon completion of new production lines [1][32]. Market Position and Competitive Advantage - Anji Technology holds a significant market share in the CMP liquid sector, with a focus on high-quality products tailored for advanced semiconductor manufacturing processes [1][25]. - The company emphasizes R&D, with a research expense ratio exceeding 19%, positioning itself favorably against competitors [1][36].