安集科技：业绩超预期增长，新基地正待放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3][4]. Core Insights - The company reported a significant year-on-year revenue growth of 46.10% for the first three quarters of 2024, reaching 1.312 billion RMB, with a net profit of 393 million RMB, reflecting a 24.46% increase [2][4]. - The third quarter alone saw a revenue increase of 59.29% year-on-year, amounting to 515 million RMB, and a net profit surge of 97.20% year-on-year, totaling 159 million RMB [2][4]. - The company is expanding its production capacity, with ongoing projects expected to enhance its output in the next 2-3 years, particularly in polishing liquids and functional wet electronic chemicals [6][4]. Summary by Sections Company Overview - The company operates in the electronics sector, with a current stock price of 140.97 RMB and a market capitalization of 18.215 billion RMB [1]. - Major shareholder is Anji Microelectronics Co., Ltd., holding 30.81% of shares [1]. Financial Performance - The company achieved a gross margin of 58.56% in the first three quarters, an increase of 0.68 percentage points year-on-year [4][5]. - The report forecasts net profits of 560 million RMB, 748 million RMB, and 976 million RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 39%, 34%, and 30% [6][8]. Product and Market Position - The product mix includes 84.4% from chemical mechanical polishing liquids and 6.4% from wet electronic chemicals, with a steady increase in market share for polishing liquids from 3% in 2020 to 8% by the end of 2023 [1][4]. - The company is successfully introducing new products, with some entering a growth phase, and is expected to further enhance its product structure and profitability [3][4]. Capacity Expansion - Current polishing liquid capacity stands at 29,100 tons, with additional capacities under construction expected to come online in the next few years [6]. - The company is also developing new production facilities for etching and plating liquids, which will contribute to its platform strategy in electronic materials [6].