点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 行业背景 创新材料作为中国制造业转型升级的核心基石，正从战略支撑产业升级为国家竞争力的关键支柱。2024年，中国 创新材料产业规模已突破6万亿元，保持20%的年增速，成为全球增长最快的新材料市场。这一迅猛发展背后，是 国家战略的强力驱动——"十五五"规划将创新材料列为战略性新兴产业核心领域，配套出台《重点新材料首批次 应用示范指导目录(2024年版)》，涵盖299种新材料，为行业发展提供明确指引。 行业已进入质量跃升期： 半导体材料国产化率从2020年的15%提升至2024年的 25% ；新能源材料领域，磷酸铁 锂正极材料国产化率达 95% ，支撑宁德时代、比亚迪全球市占率超60%。但同时， 高端光刻胶、航空发动机材 料等仍面临"卡脖子"困境，国产化率不足10%。 当前行业呈现三大特征： 政策密集赋能、技术加速突破、应用场景拓展 。特别是在"双碳"目标和数字经济驱动 下， 固态电池材料、高温超导材料、钙钛矿光伏材料 等前沿领域正催生千亿级新赛道。 市场现状分析 产业规模与结构分布 中国创新材料市场已形成多元化 ...

Group 1: Report Summary - 2025 April saw the issuance of 3 convertible bonds: Anji Convertible Bond, Qingyuan Convertible Bond, and Weice Convertible Bond [1][2][3] - Anji Technology plans to issue up to 831 million yuan of convertible bonds on April 7, 2025, with funds earmarked for various projects and working capital [1] - Qingyuan Co., Ltd. intends to issue up to 500 million yuan of convertible bonds on April 8, 2025, for project investment and working capital [2] - Weice Technology aims to issue up to 1.175 billion yuan of convertible bonds on April 9, 2025, for project investment, loan repayment, and working capital [3] Group 2: Anji Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 22% - 27% [13][18] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA -; issue size: 831 million yuan; initial conversion price: 168.11 yuan; bond value: 96.09 yuan [19] - First - day target price: 120 - 125 yuan; recommended for active subscription [24] - Expected first - day new bond subscription winning rate: 0.0076% - 0.0103% [25] Underlying Stock Fundamentals - Main business: R & D and industrialization of key semiconductor materials [23] - Industry upstream: Fine chemical industry; downstream: Integrated circuit manufacturing and advanced packaging [27] - Operating performance: Revenue grew from 687 million yuan in 2021 to 1.312 billion yuan in the first three quarters of 2024, with a stable gross and net profit margin [30][34] - Equity structure: Concentrated, with the top two shareholders holding 35.44% of shares as of September 30, 2024; no actual controller; 8 holding subsidiaries and 4 important affiliated companies [56] - Business advantages: Deep - rooted in high - end semiconductor materials, with intellectual property rights, efficient product conversion, international talent, and a quality assurance system [59][60] - Fund use: Projects include Shanghai Anji Integrated Circuit Materials Base, etc., with 220 million yuan for working capital [18] Group 3: Qingyuan Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 25% - 30% [13][67] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: A+; issue size: 500 million yuan; initial conversion price: 12.93 yuan; bond value: 83.41 yuan [68] - First - day target price: 124 - 129 yuan; recommended for active subscription [72] - Expected first - day new bond subscription winning rate: 0.003% - 0.0038% [73] Underlying Stock Fundamentals - Main business: R & D, production, and sales of solar photovoltaic brackets, development and operation of photovoltaic power stations, and R & D of photovoltaic power electronics [71] - Industry upstream: Metal processing; downstream: Photovoltaic power stations [75] - Operating performance: Revenue increased from 1.018 billion yuan in 2021 to 1.319 billion yuan in the first three quarters of 2024, with stable gross and net profit margins [78] - Equity structure: Relatively dispersed, with the top two shareholders holding 44.8% of shares as of June 30, 2024; Hong Daniel as the actual controller; 58 holding subsidiaries [105] - Business advantages: International market strategy, product advantages to meet customer needs, and technological innovation [109][110][111] - Fund use: Projects include Distributed Photovoltaic Bracket Smart Factory and Energy R & D Center, with 150 million yuan for working capital [67] Group 4: Weice Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 41% - 46% [13][115] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA; issue size: 1.175 billion yuan; initial conversion price: 82.15 yuan; bond value: 98.08 yuan [116] - First - day target price: 124 - 128 yuan; recommended for active subscription [120] - Expected first - day new bond subscription winning rate: 0.0068% - 0.0099% [121] Underlying Stock Fundamentals - Main business: Wafer testing, chip finished product testing, and related supporting services [119] - Industry upstream: Test equipment and consumables manufacturers; downstream: Integrated circuit design [123][124] - Operating performance: Revenue rose from 493 million yuan in 2021 to 740 million yuan in the first three quarters of 2024, with a declining gross and net profit margin [127][131] - Equity structure: Relatively dispersed, with the top two shareholders holding 37.11% of shares as of September 30, 2024; Pian Wensheng as the actual controller; 5 holding subsidiaries and 3 affiliated companies [156] - Business advantages: Talent, technology, customer base, production capacity, and location advantages [158][159][160] - Fund use: Projects include Weice Semiconductor Wuxi Integrated Circuit Testing Base and Integrated Circuit Chip Wafer - Level and Finished Product Testing Base, with 275 million yuan for loan repayment and working capital [115]

点击招商研究小程序查看PDF报告原文 安集科技发布2025年一季报，单季收入同比高增长，利润创历史新高。行业景气度随下游晶圆厂稼动率 复苏而边际改善，公司CMP抛光液市占率持续提升，功能性湿化学品进入快速放量期。 25Q1收入同比高增长，利润创单季历史新高。 25Q1收入5.45亿元，同比+44%/环比+4.3%；毛利率 55.7%，同比-2.8pcts/环比-2.5pcts；归母净利润1.69亿元，同比+60.7%/环比+19.7%；扣非净利润1.62亿 元，同比+53%/环比+13.3%，单季扣非利润创历史新高。 CMP抛光液市占率稳步提升，公司同时加强在先进封装领域布局。 2024年公司CMP抛光液收入15.45亿 元，同比+43.7%，主要系一方面2024年下游主要晶圆厂稼动率复苏态势明显，另一方面公司铜/钨/基于 氧化铈磨料的抛光液市占率以及在客户端份额持续提升，公司最近三年全球市占率分别约7%、8%、 11%。同时公司加强在先进封装领域布局，用于2.5D/3D TSV抛光液、混合键合和聚合物抛光液进展顺 利。 功能性湿化学品业务高速增长，毛利率明显提升。 2024年公司功能性湿化学品收入2.77亿 ...

Market Overview - The convertible bond market experienced a slight increase alongside the equity market, with the China Securities Convertible Bond Index rising by 0.90% to 422.21 points as of April 25, 2025 [10][24] - The overall A-share market saw the Wande All A Index increase by 1.15%, while the Shanghai Composite Index rose by 0.56% during the same period [10][12] Convertible Bond Valuation - The convertible bond premium rate slightly decreased to 52.17%, down 3.07% from the previous week, indicating a return to the 25th percentile of historical levels since 2024 [3][37] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in banking, agriculture, communication, commercial trade, and comprehensive sectors [3][40] Convertible Bond Supply and Demand - The total outstanding convertible bonds reached 702.636 billion yuan, with a slight increase of 20.50 billion yuan from the previous week, and an average remaining maturity of 2.7 years [4][46] - Demand for convertible bonds remains strong, with convertible bond funds holding a market value of 174.968 billion yuan, reflecting a 3.6% increase from the previous annual report [4][52] Sector Performance - The automotive, construction materials, computer, home appliances, and electrical equipment sectors showed strong performance in the convertible bond market, while the media, communication, banking, food and beverage, and public utilities sectors lagged [2][35] - Notable individual bonds that performed well included Fuxin Convertible Bond (Chemicals), Zhongchong Convertible Bond (Agriculture), and Zhongqi Convertible Bond (Construction Materials) [2][35] Investment Strategy - The report suggests focusing on convertible bonds in sectors with strong policy support expectations, particularly in service consumption and growth-oriented styles, as the A-share market is expected to experience structural trends [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][8]. Core Insights - The company reported strong Q1 performance with revenue of 545 million RMB, a year-over-year increase of 44.08%, and a net profit of 169 million RMB, reflecting a year-over-year growth of 60.66% [8]. - The company's market share in CMP polishing liquids is steadily increasing, with expectations for continued growth in the semiconductor industry [8]. - The report highlights the importance of domestic substitution in the semiconductor materials sector, positioning the company to benefit from this trend [8]. Company Overview - The company operates primarily in the electronic industry, with a market capitalization of 21.695 billion RMB and a current stock price of 167.90 RMB [1]. - The major shareholder is Anji Microelectronics Co., Ltd., holding 30.81% of the shares [1]. Financial Performance - The company achieved a gross margin of 55.70% in Q1 2025, despite a slight year-over-year decline of 2.75 percentage points [8]. - The report projects net profits of 840 million RMB, 1.14 billion RMB, and 1.49 billion RMB for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 56%, 37%, and 31% [11]. Product Composition - The product mix is heavily weighted towards chemical mechanical polishing (CMP) liquids, which account for 84.17% of revenue, followed by wet electronic chemicals at 15.07% [3]. Institutional Ownership - Institutional investors hold 23.4% of the circulating A-shares, with general corporations holding 38.4% [4].

Group 1 - The semiconductor industry ETF (159582) has seen a recent increase of 0.07%, with a latest price of 1.43 yuan, and a turnover rate of 3.05% during trading, amounting to 471.41 million yuan [3] - The semiconductor industry ETF has achieved a 41.19% increase in net value over the past year, ranking 109 out of 2765 in the index stock fund category, placing it in the top 3.94% [4] - The top ten weighted stocks in the semiconductor industry index account for 75.31% of the total index, with notable companies including Northern Huachuang (002371) and SMIC (688981) [5] Group 2 - Domestic semiconductor equipment manufacturers are expected to gradually replace foreign counterparts through technological advancements and market expansion, as the domestic demand is driven by the expansion of local wafer fabs like SMIC [3] - The semiconductor industry ETF has the lowest management fee rate of 0.50% and a custody fee rate of 0.10% among comparable funds, indicating cost efficiency for investors [4] - The ETF has a tracking error of 0.056% over the past year, which is the highest tracking precision among comparable funds [4]

2025年4月25日，安集微电子科技（上海）股份有限公司（以下简称"安集科 技"、"公司"，股票代码688019）向不特定对象发行可转换公司债券成功上市。本次 可转换公司债券发行数量为830.50万张，初始转股价格为168.11元/股，融资总额 83,050.00万元，申万宏源承销保荐担任保荐人和主承销商。 安集科技上海金桥总部 安集科技本次向不特定对象发行可转换公司债券成功上市是申万宏源承销保荐主 动担当践行做好"科技金融"大文章，服务科创板"硬科技"上市公司再融资的典型案 例，也是申万宏源承销保荐继2019年助力公司科创板首批上市、2023年助力公司完 成以简易程序向特定对象发行股票后的又一次精诚合作，持续服务、陪伴客户成长。 Millight 00 High 1981 0 0 LERY H 1 2 3 19 10 , ना HE o t o = THE ■ b 4 . ` । The United on the first of the first of the first of the first of the first of the first of the first of the first ...

Financial Performance - The company achieved operating revenue of CNY 545.28 million, a year-on-year increase of 44.08%[4] - Net profit attributable to shareholders reached CNY 168.83 million, up 60.66% compared to the same period last year[6] - The net profit excluding non-recurring gains and losses was CNY 161.73 million, reflecting a 53.03% increase year-on-year[6] - Total operating revenue for Q1 2025 reached ¥545.28 million, a 44.1% increase from ¥378.45 million in Q1 2024[19] - Operating profit for Q1 2025 was ¥183.78 million, up 62.0% from ¥113.59 million in Q1 2024[20] - Net profit for Q1 2025 was ¥168.83 million, representing a 60.6% increase compared to ¥105.08 million in Q1 2024[20] - Total comprehensive income for Q1 2025 was ¥169.26 million, an increase of 60.9% from ¥105.17 million in Q1 2024[20] - Earnings per share for Q1 2025 were ¥1.31, compared to ¥1.06 in Q1 2024[20] Cash Flow and Investments - The net cash flow from operating activities was CNY 57.65 million, a decrease of 46.46% compared to the previous year[6] - Cash flow from operating activities for Q1 2025 was ¥57.65 million, down 46.6% from ¥107.66 million in Q1 2024[21] - The company reported a net cash outflow from investing activities of ¥125.84 million in Q1 2025, compared to a net outflow of ¥84.00 million in Q1 2024[22] - The company experienced a net cash inflow from financing activities of ¥18.60 million in Q1 2025, compared to a net outflow of ¥8.59 million in Q1 2024[22] Research and Development - R&D investment totaled CNY 92.30 million, representing 16.93% of operating revenue, a decrease of 2.17 percentage points from the previous year[5] - Research and development expenses increased to ¥92.30 million in Q1 2025, up 27.7% from ¥72.30 million in Q1 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3.60 billion, an increase of 4.27% from the end of the previous year[5] - As of March 31, 2025, the total assets of Anji Microelectronics Co. Ltd. amounted to RMB 3,599,182,068.45, an increase from RMB 3,451,756,060.58 as of December 31, 2024, reflecting a growth of approximately 4.3%[16][18] - The company's current assets reached RMB 2,156,201,671.64, up from RMB 2,026,156,535.74, indicating an increase of about 6.4%[16] - Cash and cash equivalents increased to RMB 945,014,110.97 from RMB 897,657,456.83, representing a growth of approximately 5.3%[16] - Accounts receivable rose to RMB 459,047,455.71 from RMB 392,765,862.26, marking an increase of around 16.8%[16] - Inventory levels increased to RMB 654,473,207.11 from RMB 617,635,256.81, which is an increase of about 5.9%[16] - Total liabilities decreased to RMB 721,374,308.26 from RMB 750,799,379.57, reflecting a reduction of approximately 3.9%[18] - The company's equity attributable to shareholders rose to RMB 2,877,807,760.19 from RMB 2,700,956,681.01, indicating an increase of about 6.6%[18] - The short-term borrowings increased to RMB 155,103,366.68 from RMB 130,103,366.67, which is an increase of approximately 19.2%[17] - The company's long-term investments stood at RMB 113,369,583.96, slightly down from RMB 114,139,623.34, showing a decrease of about 0.7%[17] - The total non-current assets amounted to RMB 1,442,980,396.81, a slight increase from RMB 1,425,599,524.84, reflecting a growth of approximately 1.2%[17] Business Strategy and Growth - The company continues to deepen customer cooperation and enhance product innovation capabilities, focusing on the "3+1" technology platform[5] - The company is actively expanding its product lines in the chemical mechanical polishing and functional wet electronic chemicals sectors, leading to significant revenue growth in these areas[5]

Investment Rating - The report maintains a Neutral rating for Anji Microelectronics Technology and raises the target price to CNY175 from CNY157 [3][5]. Core Insights - Anji Microelectronics reported a revenue of CNY1,835 million for 2024, reflecting a year-on-year growth of 48%, driven by strong performance in photoresist solvent, which grew by 79% year-on-year [1][4]. - The company's gross margin improved to 58.5%, up 2.6 percentage points year-on-year, attributed to scale advantages and product mix improvements [1]. - Earnings for 2024 were reported at CNY534 million, a 33% increase year-on-year, but fell short of consensus estimates due to higher asset impairment losses and a reduction in government subsidies [1]. Summary by Sections 2024 Performance - Revenue reached CNY1,835 million, exceeding Bloomberg consensus by 1% [1]. - Photoresist solvent sales increased by 79% year-on-year, while CMP slurry sales grew by 44% [1]. - Gross margin was 58.5%, 0.4 percentage points above consensus [1]. 2025 Forecast - Expected sales and earnings growth of 24% and 28% year-on-year, respectively, driven by continued localization trends [2]. - Potential for increased CMP slurry penetration in key clients, with current penetration below 50% for the second and third largest clients [2]. - Anticipated better revenue growth in photoresist solvent due to low current penetration of around 20-25% [2]. Valuation and Target Price - The new target price of CNY175 is based on a 33x multiple of the 2025F EPS of CNY5.3, slightly above the historical average P/E of 32x [3][26]. - The stock currently trades at 33x 2025F P/E, indicating a modest upside of 1.2% from the closing price of CNY172.91 [5][26]. Financial Projections - Revenue projections for FY25 are set at CNY2,275 million, with net profit expected to reach CNY682 million [4][10]. - Normalized EPS is forecasted to grow by 27.7% in FY25, reaching CNY5.29 [10].

新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 二〇二五年四月 股票代码：688019 股票简称：安集科技 安集微电子科技（上海）股份有限公司 向不特定对象发行可转换公司债券 之 上市公告书 保荐人（主承销商） 安集微电子科技（上海）股份有限公司 向不特定对象发行可转换公司债券之上市公告书 第一节 重要声明与提示 安集微电子科技（上海）股份有限公司（以下简称"安集科技"、"发行人" 或"公司"）全体董事、监事、高级管理人员保证上市公告书的真实性、准确性、 完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其内容 的真实性、准确性和完整性承担个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司董 事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意， ...