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].

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 ...