Anji Technology(688019) 平安证券·2024-10-31 00:35Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company achieved a record high quarterly revenue of 5.15 billion yuan in Q3 2024, representing a year-on-year increase of 59.29% and a quarter-on-quarter increase of 22.95% [3] - The company’s revenue for the first three quarters of 2024 reached 13.12 billion yuan, up 46.10% year-on-year, while net profit attributable to shareholders was 3.93 billion yuan, an increase of 24.46% year-on-year [3] - The gross margin for Q3 2024 was 59.86%, up 2.12 percentage points year-on-year, and the net margin was 30.79%, up 5.92 percentage points year-on-year [3] - The company is expanding its product lines and client base, which is expected to drive steady revenue growth [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 13.12 billion yuan, a 46.10% increase year-on-year, and a net profit of 3.93 billion yuan, a 24.46% increase year-on-year [3] - The Q3 2024 revenue was 5.15 billion yuan, with a net profit of 1.59 billion yuan, marking a 97.20% year-on-year increase [3] - The gross margin for the first three quarters was 58.56%, and the net margin was 29.92% [3] Product and Market Strategy - The company is focusing on the full range of chemical mechanical polishing liquids and expanding its functional wet chemical products [5] - It aims to enhance its market share both domestically and internationally, with a strategy to provide comprehensive services and products in the semiconductor manufacturing sector [5][6] Future Projections - The company’s net profit forecasts for 2024-2026 are adjusted to 5.63 billion yuan, 7.06 billion yuan, and 9.01 billion yuan respectively, with corresponding EPS of 4.36 yuan, 5.46 yuan, and 6.97 yuan [6] - The projected P/E ratios for 2024-2026 are 34.6X, 27.6X, and 21.6X respectively [6]