Anji Technology(SH:688019) Bank of China Securities·2025-05-09 14:37Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1][5]. Core Views - The company has demonstrated high growth in performance, with strong progress in product research, validation, and ramp-up, leading to an optimistic outlook [1][5]. - The company reported a revenue of RMB 1.835 billion for 2024, representing a year-on-year increase of 48.24%, and a net profit of RMB 534 million, up 32.51% year-on-year [8][9]. - The report highlights the steady increase in market share for the company's polishing liquids, with a global market share rising from approximately 7% to 11% over the past three years [8]. Financial Performance Summary - For 2024, the company achieved a total revenue of RMB 1,835 million, with a growth rate of 48.24% compared to 2023 [9]. - The gross profit margin for 2024 was 58.45%, an increase of 2.64 percentage points year-on-year, while the net profit margin was 29.08%, a decrease of 3.45 percentage points [8]. - In Q1 2025, the company reported revenue of RMB 545.28 million, a year-on-year increase of 44.08%, and a net profit of RMB 168.83 million, up 60.66% year-on-year [11]. Market Position and Growth Prospects - The company’s polishing liquid revenue reached RMB 1.545 billion in 2024, with a year-on-year growth of 43.73% and a gross margin of 61.16% [8]. - The global semiconductor CMP polishing materials market is projected to grow from USD 3.42 billion in 2024 to USD 3.62 billion in 2025, with a compound annual growth rate (CAGR) of 5.6% from 2024 to 2028 [8]. - The company’s functional wet electronic chemicals segment saw revenue growth of 78.91% in 2024, indicating strong demand and market expansion [8].