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：2024-019 | --- | --- | --- | |------------|------------------------|----------------------------------------------------------------------------| | | | | | | √ | 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） | | 参与单位名 | | 国泰基金、永赢基金、建信保险资管、上银基金、山西证券资管公募、达诚基金、益 | | 称 | 安资本、易方达等。 | | | 时间 | | 2024 年 12 月 10 日 | | 地点 | | 公司会议室 | | 公司 | | | | 接待人员姓 | | 副总经理、董事会秘书、董事 杨逊 | | 名 | | 总经办专员 陆君怡 | | 投资者关 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown rapid growth in Q3 2024, with continuous expansion of new products. The orderly advancement of the company's platform layout is viewed positively, maintaining the "Buy" rating [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.312 billion RMB, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million RMB, up 24.46% year-on-year. In Q3 2024, revenue reached 515 million RMB, representing a year-on-year growth of 59.29% and a quarter-on-quarter increase of 22.95%. The net profit for Q3 was 159 million RMB, with a year-on-year growth of 97.20% and a quarter-on-quarter increase of 23.00% [4][5] Product Development and Market Expansion - The growth in demand for polishing liquids is driven by the recovery of wafer fab utilization rates. The company has successfully launched multiple polishing liquids, including those for advanced processes, and has achieved mass production of several products using domestic grinding particles. New products have entered the growth phase, and the company has made significant technological breakthroughs in its polishing liquid products [4][5] Profitability Metrics - The gross margin for the first three quarters of 2024 was 58.56%, an increase of 2.52 percentage points year-on-year. The net profit margin was 29.92%, a decrease of 5.20 percentage points year-on-year. In Q3 2024, the gross margin was 59.86%, up 2.12 percentage points year-on-year and 2.81 percentage points quarter-on-quarter. The net profit margin for Q3 was 30.79%, an increase of 5.92 percentage points year-on-year [4][5] Earnings Forecast - The company has raised its profit forecast, expecting net profits attributable to the parent company to be 544 million RMB, 708 million RMB, and 867 million RMB for 2024, 2025, and 2026 respectively. The corresponding earnings per share are projected to be 4.21 RMB, 5.48 RMB, and 6.71 RMB, with price-to-earnings ratios of 36.3, 27.9, and 22.8 times [4][5]

会议召开方式：上证路演中心网络互动 证券代码：688019 证券简称：安集科技 公告编号：2024-064 安集微电子科技（上海）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 12 月 02 日(星期一)下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 四、 投资者参加方式 投资者可于 2024 年 11 月 25 日(星期一)至 11 月 29 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 IR@anjimicro.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 安集微电子科技（上海）股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2024 年第三季度经营成果、财务 ...

Group 1: Company Overview and Growth Drivers - The company aims to achieve growth in 2025 through three main drivers: the gradual completion of testing and mass production of new products, continued volume increase of already mass-produced products, and the domestic demand for localization from clients [2]. - The company has a strong R&D capability, with some technologies reaching an international leading level, enhancing customer loyalty through fast response and high-quality customized services [2]. Group 2: Market Opportunities and Competitive Advantages - The advanced packaging market is expanding, with the company's products already entering this field, benefiting from increasing market capacity and ongoing localization efforts [4]. - The company has established a competitive edge through a comprehensive product matrix and a strong focus on R&D, aiming to provide diverse and competitive products while managing price competition strategically [4][5]. Group 3: Financial Performance and Margins - The company reported an increase in gross margin in Q3, driven by changes in product structure and the introduction of new products in both polishing and functional wet chemical segments [5]. - The focus is on improving the Cost of Ownership (CoO) rather than just reducing costs, emphasizing value contribution to clients [5]. Group 4: Supply Chain and Material Development - Currently, the proportion of self-developed upstream raw materials used is relatively small, but the company is actively working on expanding this area to ensure quality supply stability and enhance product competitiveness [6]. - The company is prioritizing the development of upstream raw materials to optimize product performance and support new product and technology research [6].

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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 194.4 CNY, compared to the current price of 156.90 CNY [1]. Core Views - The company achieved significant revenue and profit growth in Q3 2024, driven by new product launches and an increase in market share. The revenue for Q3 2024 reached 515 million CNY, representing a year-on-year increase of 59.29% and a quarter-on-quarter increase of 22.95% [2]. - The gross margin improved to 59.86%, marking a historical high for a single quarter, while the net profit margin increased to 30.79% [2]. - The semiconductor industry is experiencing a cyclical recovery, with rising demand for CMP polishing liquids due to increased wafer fab utilization rates and ongoing capacity expansions [2]. - The company is focused on independent research and development to build core competitive advantages and expand its product line in the semiconductor materials sector [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1.312 billion CNY, a year-on-year increase of 46.10%. The net profit attributable to the parent company was 393 million CNY, reflecting a year-on-year increase of 24.46% [1]. - The projected financials for 2024-2026 show an increase in net profit from 547 million CNY in 2024 to 851 million CNY in 2026, with corresponding EPS rising from 4.24 CNY to 6.59 CNY [3]. - The company’s total revenue is expected to grow from 1.828 billion CNY in 2024 to 2.672 billion CNY in 2026, with a compound annual growth rate of approximately 17.2% [3].

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]