Anji Technology(SH:688019) Xin Lang Cai Jing·2025-08-26 06:36Core Viewpoint - The company reported strong revenue and profit growth in Q2 2025, with a continuous increase in market share for CMP polishing liquids and rapid expansion in functional wet chemicals, maintaining an "overweight" investment rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 43.2%, and a net profit attributable to shareholders of 376 million yuan, up 60.5% year-on-year [1] - In Q2 2025, revenue reached 596 million yuan, representing a year-on-year growth of 42.3% and a quarter-on-quarter increase of 9.3%; net profit attributable to shareholders was 207 million yuan, up 60.4% year-on-year and 22.5% quarter-on-quarter [1] - The gross profit margin was 57%, remaining stable year-on-year and increasing by 1.3 percentage points quarter-on-quarter [1] Group 2: CMP Polishing Liquids - The company’s revenue from CMP polishing liquids in H1 2025 was 930 million yuan, a year-on-year increase of 38% [2] - Sales of copper and copper barrier polishing liquids continued to grow, with successful validation of advanced process new products at client sites [2] - The company is expanding its market share in dielectric materials polishing liquids and tungsten polishing liquids, with multiple products passing validation in advanced processes [2] Group 3: Functional Wet Chemicals - Revenue from functional wet chemicals reached 200 million yuan in H1 2025, a year-on-year increase of 75.7% [3] - The company has developed a range of products including post-etch cleaning solutions, photoresist stripping solutions, and electroplating solutions, with successful progress in advanced process cleaning solutions [3] - The company is expanding its overseas market presence and increasing market share in various product lines, including advanced packaging and electroplating solutions [3] Group 4: Investment Recommendations - The company has revised its revenue forecasts for 2025, 2026, and 2027 to 2.5 billion, 3.15 billion, and 3.72 billion yuan, respectively, and has adjusted net profit forecasts to 790 million, 1.01 billion, and 1.22 billion yuan [3] - Corresponding price-to-earnings ratios are projected to be 34.0, 26.5, and 22.0 times for the respective years [3]