Anji Technology(SH:688019) Shenwan Hongyuan Securities·2025-12-31 12:26Investment Rating - The report initiates coverage with a rating of "Buy" for the company [9]. Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversification [2][9]. - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion from wafer fabs, benefiting material suppliers [52][56]. - The company maintains a strong focus on R&D and innovation, with a "3+1" technology platform that covers a full range of products including polishing liquids, functional wet chemicals, and electroplating liquids [8][19]. Financial Data and Profit Forecast - For 2024, the company expects total revenue of 1,835 million yuan, with a year-on-year growth rate of 48.2% [6]. - The projected net profit attributable to shareholders for 2025 is 811 million yuan, reflecting a year-on-year growth of 52.1% [6]. - The company’s gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) of 24.2% [6][30]. Market Position and Growth Strategy - The company has achieved a global market share of approximately 11% in CMP polishing liquids by 2024, with significant growth in functional wet chemicals and electroplating liquids [8][19]. - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, and aims to enhance its international presence [44][56]. - The company’s product offerings are expanding, with a focus on high-end functional wet chemicals that are expected to see substantial growth in the coming years [10][19]. Industry Trends - The semiconductor industry is experiencing a "super cycle," driven by increased demand for storage and logic chips, particularly due to AI applications [52][56]. - The report highlights that the domestic semiconductor manufacturing sector is expected to see significant capital investment, with major players like SMIC and Changjiang Storage planning large-scale capacity expansions [56][57]. - The report notes that the demand for CMP polishing liquids is expected to rise as the complexity of semiconductor manufacturing processes increases [10][52].