Anji Technology(SH:688019) Huajin Securities·2024-08-27 13:53Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][7]. Core Insights - The company achieved a record high revenue of approximately 797 million yuan in the first half of 2024, representing a year-on-year growth of 38.68%. The net profit attributable to shareholders was 234 million yuan, with a slight decrease of 0.43% due to a high base from the previous year [1]. - The company is focusing on advancing its core technology platforms and has successfully developed a full range of chemical mechanical polishing (CMP) products, which are being adopted by multiple new clients [3][4]. - Revenue projections for 2024 to 2026 are estimated at 1.643 billion yuan, 2.037 billion yuan, and 2.461 billion yuan, with growth rates of 32.7%, 24.0%, and 20.8% respectively. The net profit attributable to shareholders is projected to be 488 million yuan, 620 million yuan, and 765 million yuan for the same periods, with growth rates of 21.3%, 27.0%, and 23.4% respectively [3][4]. Financial Summary - In the first half of 2024, the company reported a gross margin of 57.72%, an increase of 2.63 percentage points year-on-year. The net profit margin was 28.0% in 2022, increasing to 32.5% in 2023, and projected to be 29.7% in 2024 [4][6]. - The company's earnings per share (EPS) for 2024 is projected at 3.78 yuan, with a price-to-earnings (P/E) ratio of 28.1. The P/B ratio is expected to be 5.3 [4][6]. - The total assets are projected to grow from 2,603 million yuan in 2023 to 3,175 million yuan in 2024, with total liabilities expected to be 532 million yuan in 2024 [6].