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].

安集微电子科技（上海）股份有限公司 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：2024-015/016 | --- | --- | --- | |------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------| | | √ | 特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | | □ | 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） | | 参与单位名 | | 鹏华基金、光保、泰康基金、富国、万家、大成、农银、申万菱信、鹏扬基金、太平 | | 称 | | 资产、兴业基金、国联安基金、太平基金、泉果基金、银华基金、国君资管、德邦基 金、中信保诚基金、申万菱信、国投瑞 ...

申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 2024年度日常关联交易预计的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"）作为安集微 电子科技（上海）股份有限公司（以下简称"公司"、"安集科技"）向特定对 象发行股票的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券 法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 等有关规定，对安集科技2024年度日常关联交易预计的情况进行了核查，具体情 况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 9 月 24 日召开了 2024 年第一次独立董事专门会议，审议通 过《关于 2024 年度日常关联交易预计的议案》。独立董事专门会议认为：公司 预计 2024 年将要发生的关联交易为公司正常经营业务所需，属正常商业行为， 遵守了自愿、等价、有偿的原则，定价公平合理，所发生的关联交易符合公司的 利益，不存在损害公司和其他股东利益的情况。公司独立董事专门会议同意将《关 于 2024 年度日常关联交易预计的议案》提交公司董事会审议。 公司于 2024 年 9 ...

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 第十四次会议于 2024 年 9 月 27 日以通讯表决的方式召开。本次会议的通知于 2024 年 9 月 24 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：2024-060 安集微电子科技（上海）股份有限公司 第三届监事会第十四次会议决议公告 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 经与会监事认真审议，通过了以下议案： 二〇二四年九月三十日 （一）审议通过《关于公司 2024 年度日常关联交易预计的议案》 经审议，监事会认为 ...

证券代码：688019 证券简称：安集科技 公告编号：2024-061 安集微电子科技（上海）股份有限公司 关于 2024 年度日常关联交易预计的公告 本公司董事会及全体董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、准确性和完整性承担法律责任。 重要内容提示： 是否需要提交股东大会审议：否 日常关联交易对上市公司的影响：安集微电子科技（上海）股份有限公 司（以下简称"公司"）本次预计2024年度日常关联交易额度系为满足公司正常 生产经营需要，相关日常关联交易遵循公允、合理的原则，不存在损害公司及股 东利益的情形，不影响公司独立性，公司不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 9 月 24 日召开了 2024 年第一次独立董事专门会议，审议通 过《关于 2024 年度日常关联交易预计的议案》。独立董事专门会议认为：公司预 计 2024 年将要发生的关联交易为公司正常经营业务所需，属正常商业行为，遵 守了自愿、等价、有偿的原则，定价公平合理，所发生的关联交易符合公司的利 益，不存在损害公司和其他股东利益的情 ...

会议以通讯表决方式审议通过了以下议案： 一、审议通过《关于公司2024年度日常关联交易预计的议案》 证券代码：688019 证券简称：安集科技 公告编号：2024-059 安集微电子科技（上海）股份有限公司 第三届董事会第十四次会议决议公告 本公司董事会及全体董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。 安集微电子科技（上海）股份有限公司（以下简称"公司"）第三届董事会 第十四次会议于2024年9月27日以通讯方式召开。公司于2024年9月24日以邮件等 方式向全体董事发出召开本次会议的通知，与会的各位董事已知悉与所议事项相 关的必要信息。本次会议由董事长Shumin Wang女士召集并主持，会议应到董事 8名，实到董事8名，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。 特此公告。 安集微电子科技（上海）股份有限公司 董 事 会 二〇二四年九月三十日 经审议，公司 2024 ...

Group 1: Company Overview - The company focuses on rapid growth in domestic business while gradually increasing absolute overseas sales, particularly in Taiwan [2] - The strategic positioning is "rooted in China, serving globally," with plans to expand product categories and enhance international cooperation [2] Group 2: Strategic Planning - The company aims to strengthen its core competencies in product development, sales, and production to ensure steady revenue and profit growth [3] - There is a commitment to expanding market share domestically while intensifying overseas business development [2] Group 3: Competitive Advantages - The company possesses advanced technical capabilities and a competitive R&D level, which enhances its market responsiveness and service quality [3] - The focus on self-controlled supply of core raw materials is intended to improve product stability and competitiveness, positively impacting gross margins in the future [3] Group 4: Product Development - The company maintains a comprehensive product line in chemical mechanical polishing liquids to meet diverse customer needs [4] - Continuous efforts are made to tackle leading technology challenges in functional wet electronic chemicals and to supply high-end products in the electroplating sector [4] Group 5: Intellectual Property - The company is actively enhancing its intellectual property portfolio by developing product formulations based on core technologies and applying for patents [4]

安集微电子科技〈上海〉股份有限公司 2024 年第一次独立董事专门会议决议 安集微电子科技(上海)股份有限公司 2024 年第一次独立董事专门会议决议 一、会议召开情况 安集微电子科技(上海)股份有限公司(以下简称"公司")第一次独立董 事专门会议于 2024年 9 月 24日以通讯表决的方式召开,本次会议应出席独立董 事 3 名,实际出席董事 3 名。本次会议的召集和召开程序、出席和列席会议人员 资格均符合《公司法》《公司章程》及《独立董事专门会议工作制度》的有关规 定。 二、会议审议情况 (一) 审议通过《关于公司2024年度日常关联交易预计的议案》 经审阅,公司独立董事认为:公司预计2024年将要发生的关联交易均为公司 正常经营业务所需,属正常商业行为,遵守了自愿、等价、有偿的原则,定价公 平合理,所发生的关联交易符合公司的利益,不存在损害公司和其他股东利益的 情况。本次董事会审议公司2024年度关联交易事项的决策程序,符合有关法律法 规和公司章程的规定,公司独立董事专门会议同意将《关于2024年度日常关联交 易预计的议案》提交公司董事会审议。 表决结果:同意3票，反对0票，弃权0票。 特此决议。 (本 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 103.80 [1] - The sector rating is **Outperform** [1] Core Views - The company achieved steady growth in H1 2024, with revenue increasing by 38.68% YoY to RMB 797 million, while net profit attributable to shareholders decreased slightly by 0.43% to RMB 234 million [2] - The company's platform-based layout is progressing in an orderly manner, and its advanced process products continue to gain traction, supporting the Buy rating [2] - The company is committed to achieving a full product line layout for CMP slurries, with multiple products achieving mass production and sales in advanced nodes [2] - Functional wet electronic chemicals, electroplating solutions, and additives are also gaining momentum, with the company accelerating the establishment of a self-controllable supply chain for core raw materials [2] Financial Performance H1 2024 Summary - Revenue: RMB 797.27 million, up 38.68% YoY [3] - Gross profit margin: 57.72%, up 2.63 pct YoY [2] - Net profit margin: 29.35%, down 11.53 pct YoY [2] - Operating expenses ratio: 26.43%, up 1.99 pct YoY [2] Q2 2024 Summary - Revenue: RMB 418.82 million, up 37.06% YoY and 10.67% QoQ [4] - Net profit attributable to shareholders: RMB 128.92 million, down 18.84% YoY but up 22.68% QoQ [4] - Gross profit margin: 57.06%, up 2.98 pct YoY but down 1.40 pct QoQ [2] - Net profit margin: 30.78%, down 21.20 pct YoY but up 3.01 pct QoQ [2] Product Development CMP Slurries - Revenue from CMP slurries reached RMB 673 million in H1 2024, accounting for 84.39% of total revenue, with a gross margin of 61.03% [2] - Multiple copper and copper barrier layer slurries have achieved mass production and sales in advanced nodes, with domestic abrasive particles being used [2] - Dielectric material slurries, including silicon nitride and oxide slurries, are progressing well, with some products achieving mass production [2] - Tungsten slurries have passed verification and achieved mass production in advanced logic and memory chips [2] - TSV slurries, hybrid bonding slurries, and polymer slurries are making progress, with the company serving as a preferred supplier for multiple clients [2] Functional Wet Electronic Chemicals - Revenue from functional wet electronic chemicals reached RMB 118 million in H1 2024, up 80.94% YoY, accounting for 14.78% of total revenue, with a gross margin of 37.90% [2] - The product line includes post-etch cleaning solutions, photoresist strippers, post-polishing cleaning solutions, and etchants, widely used in logic circuits, 3D NAND, DRAM, and CIS [2] - Advanced node post-etch cleaning solutions and alkaline post-polishing cleaning solutions are gaining traction [2] Electroplating Solutions and Additives - Localized supply of electroplating solutions is progressing smoothly, with ongoing development and verification of damascene electroplating, TSV electroplating, and advanced packaging tin-silver electroplating [2] - The company is accelerating the establishment of a self-controllable supply chain for core raw materials, with multiple products using domestically produced silicon sol and cerium oxide abrasives achieving mass production [2] Valuation and Forecast - The company is expected to achieve net profits of RMB 487 million, RMB 611 million, and RMB 723 million in 2024, 2025, and 2026, respectively, with EPS of RMB 3.77, RMB 4.73, and RMB 5.59 [2] - The corresponding P/E ratios are 27.5x, 21.9x, and 18.6x for 2024, 2025, and 2026, respectively [2] - The report maintains a Buy rating based on the company's steady growth and platform-based layout [2]