Anji Technology(SH:688019) Huajin Securities·2024-05-16 12:00Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [23][26]. Core Insights - The company achieved a revenue of 3.78 billion yuan in Q1 2024, marking a year-on-year growth of 40.51% and a quarter-on-quarter increase of 11.41%, setting a new historical high [18]. - The net profit attributable to shareholders for Q1 2024 was 1.05 billion yuan, reflecting a year-on-year increase of 37.93% and a quarter-on-quarter rise of 20.35% [18]. - The company is focusing on optimizing its product structure and enhancing production efficiency, which has led to profit growth outpacing revenue growth [18]. - The report highlights the successful development of four core technology platforms, including chemical mechanical polishing liquids and functional wet electronic chemicals, which are crucial for the semiconductor industry [29]. Financial Summary - Revenue projections for 2024 to 2026 are set at 16.43 billion yuan, 20.37 billion yuan, and 24.61 billion yuan, with growth rates of 32.7%, 24.0%, and 20.8% respectively [23]. - The net profit attributable to shareholders is forecasted to be 4.88 billion yuan, 6.20 billion yuan, and 7.65 billion yuan for the same period, with growth rates of 21.2%, 27.0%, and 23.4% respectively [23]. - The report indicates a projected P/E ratio of 32.8, 25.8, and 20.9 for the years 2024, 2025, and 2026 [23]. Market Position - The company has achieved a global market share of 8% in chemical mechanical polishing liquids, with a revenue of 10.75 billion yuan in 2023, representing a year-on-year growth of 12.98% [19]. - The company is expanding its product lines to include various polishing liquids and has made significant progress in developing products for advanced semiconductor applications [19][30].