Anji Technology(SH:688019) Shenwan Hongyuan Securities·2025-12-31 08:58Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][8] Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversified product offerings [7][16] - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion among wafer fabs, benefiting material suppliers [7][52] - The company maintains a strong focus on R&D and innovation, with a robust "3+1" technology platform that supports its core business in polishing liquids and expands into functional wet chemicals and electroplating solutions [7][8] Financial Data and Profit Forecast - Projected total revenue for 2024 is 1,835 million yuan, with a year-on-year growth rate of 48.2%. For 2025, the expected revenue is 2,506 million yuan, reflecting a growth rate of 36.6% [5] - The company's net profit attributable to shareholders is forecasted to be 534 million yuan in 2024, increasing to 811 million yuan in 2025, with a year-on-year growth rate of 52.1% [5] - The gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) projected at 24.2% [5][8] Market Position and Growth Drivers - The company has achieved a global market share of over 10% in CMP polishing liquids, with significant growth in functional wet chemicals and electroplating solutions [7][8] - The demand for CMP polishing liquids is driven by advancements in integrated circuit technology, leading to increased usage and value of polishing materials [7][52] - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, enhancing its competitive advantage [7][44] Product and Technology Development - The company has developed a comprehensive product matrix in CMP polishing liquids, functional wet chemicals, and electroplating solutions, catering to various semiconductor manufacturing processes [16][19] - Continuous R&D investment has led to a stable increase in the number of patents, with a focus on high-end differentiated products in the functional wet chemical segment [38][44] Future Outlook - The company is expected to see net profits of 8.11 billion yuan, 10.21 billion yuan, and 12.74 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 45, 36, and 29 [8][9] - The ongoing expansion of domestic semiconductor manufacturing capacity, particularly among leading firms, is anticipated to further benefit the company [52][56]