安集科技：存储需求拉动业务增长 海外布局稳步推进

Core Viewpoint - Anji Technology (688019.SH) has disclosed its latest developments in storage demand, capacity layout, and overseas expansion during an investor relations event held on December 9-10, 2023, attended by various institutional investors [1] Group 1: Storage Demand - The company indicated that several products, including chemical mechanical polishing (CMP) slurries and functional wet electronic chemicals, are now applied in the manufacturing process of storage chips, with improvements in customer demand expected to drive business growth [3] Group 2: Capacity Layout - Anji Technology's production capacity is primarily based in Shanghai's Jinqiao, focusing on CMP slurry production, while the Ningbo Beilun site emphasizes functional wet electronic chemicals, ensuring supply chain security with some slurry production [3] - The Shanghai Chemical Zone is currently in the construction phase for upstream raw material production lines, with the company planning to align production line construction and commissioning with its mid-to-long-term strategy and market conditions [3] Group 3: Overseas Expansion - The company reiterated its core strategy of "rooted in China, serving globally," adopting a gradual and demand-driven approach to expand overseas markets, particularly focusing on Taiwan [3] - Efforts include building a local talent team and laboratory environment, enhancing local service capabilities, and actively managing projects with clients, achieving progress in technical cooperation and product validation [3] Group 4: Competitive Advantages - Anji Technology has established a "3+1" technology platform over two decades, with some technical indicators reaching international advanced levels, enhancing its product iteration speed and continuous innovation [4] - The company emphasizes a customer-centric service model with high responsiveness and flexibility, providing one-stop solutions while ensuring supply security through self-controlled core raw material supply [4] Group 5: Business Structure and Market Position - The business structure for CMP slurries and functional wet electronic chemicals is expected to remain stable in the short term, with functional wet electronic chemicals entering a phase of scale growth after expanding its product series [4] - The competitive landscape for functional wet electronic chemicals is primarily dominated by overseas manufacturers, but the company aims to leverage its R&D strength, quality assurance, and customer collaboration to expand in both mainland China and overseas markets [4] Group 6: Profitability and Financial Outlook - With the ramp-up of functional wet electronic chemicals production at the Ningbo Beilun site, scale effects are anticipated to gradually improve the gross margin of related products [5] - The company aims to balance gross margin and R&D investment to solidify its long-term competitive advantage [6]