Anji Technology(SH:688019) Haitong Securities·2024-05-29 07:31Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company is experiencing continuous improvement in product categories, with advanced process products driving structural improvements and enhancing profitability [4][17]. - The first quarter of 2024 shows a significant increase in profitability, with multiple new products being launched [4][5]. Financial Performance Summary - The company achieved a revenue of 1.238 billion yuan in 2023, a year-on-year increase of 14.96%. The net profit attributable to the parent company was 322 million yuan, up 7.17% year-on-year [5][7]. - For 2024, the company expects revenues of 1.649 billion yuan, with a year-on-year growth of 33.21%, and a net profit of 450 million yuan, reflecting an 11.84% increase [21][31]. Revenue Breakdown by Product Segment - Chemical Mechanical Polishing Liquids: Revenue is projected to grow steadily, with expected revenues of 1.395 billion yuan in 2024, 1.597 billion yuan in 2025, and 1.858 billion yuan in 2026, with year-on-year growth rates of 29.80%, 14.46%, and 16.40% respectively [2][8]. - Functional Wet Electronic Chemicals: Expected revenues of 221 million yuan in 2024, 343 million yuan in 2025, and 510 million yuan in 2026, with growth rates of 43.00%, 55.25%, and 48.50% respectively [33]. - Electroplating Liquids and Additives: Anticipated revenues of 20 million yuan in 2024, 60 million yuan in 2025, and 108 million yuan in 2026, with significant growth rates of 200.00% and 80.00% for 2025 and 2026 respectively [20][31]. - Other Businesses: Expected revenue growth rates of 50.00% for 2024 and 2025, and 30.00% for 2026 [9]. Profitability Metrics - The gross profit margin for the company is projected to be 55.8% in 2023, decreasing slightly to 54.4% in 2024, and further to 52.4% in 2025 [7][12]. - The net profit margin is expected to be 32.5% in 2023, with a slight decrease to 27.3% in 2024 [12]. Valuation and Market Comparison - The company is valued at a PE ratio of 40x-50x for 2024E, corresponding to a market capitalization range of 180.17 billion yuan to 225.21 billion yuan, with a reasonable share price range of 181.86 yuan to 227.32 yuan [22][31].