Anji Technology(SH:688019) Guotai Junan Securities·2024-07-17 23:01Investment Rating - The report maintains a "Buy" rating for the company with a target price of 237.90 CNY [15][16]. Core Views - The company is a leader in CMP polishing liquids with a global market share of 8%, and it is expanding into functional wet electronic chemicals and electroplating liquids, indicating significant growth potential [15]. - The company is expected to achieve a revenue of 757 to 800 million CNY in the first half of 2024, representing a year-on-year growth of 31.67% to 39.15% [15]. - The net profit attributable to the parent company is projected to be between 224 to 236 million CNY, with a growth rate of 0.42% to 4.69%, primarily due to the completion of certain government subsidy projects in the previous year [15]. Financial Summary - Revenue for 2022 was 1,077 million CNY, with projections of 1,238 million CNY for 2023, and expected growth to 1,643 million CNY in 2024, reflecting a year-on-year increase of 56.8%, 15.0%, and 32.8% respectively [7]. - The net profit attributable to the parent company was 301 million CNY in 2022, with forecasts of 403 million CNY for 2023 and 471 million CNY for 2024, showing growth rates of 141.0%, 33.6%, and 16.9% respectively [7]. - The earnings per share (EPS) are projected to be 2.34 CNY in 2022, increasing to 3.13 CNY in 2023 and 3.66 CNY in 2024 [7]. Business Development - The company is successfully introducing new products and expanding its market presence, particularly in advanced fields, which is expected to enhance its competitive edge [15]. - The company plans to issue convertible bonds to further expand its production capacity, including new projects in Shanghai and Ningbo, which will significantly increase its output of integrated circuit materials [15].