Anji Technology(SH:688019) Great Wall Securities·2024-06-07 07:01Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [15]. Core Insights - The company is expanding its product offerings in the chemical mechanical polishing (CMP) sector, with significant progress in various product lines and a steady increase in market share [2]. - The company achieved a revenue of 1.238 billion yuan in 2023, representing a year-on-year growth of 14.96%, and a net profit of 403 million yuan, up 33.60% year-on-year [18]. - The company is focusing on enhancing its core raw material supply capabilities and optimizing product performance, which is expected to drive long-term growth [10]. Financial Performance - Revenue is projected to grow from 1.238 billion yuan in 2023 to 2.479 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 21.9% [6]. - The net profit is expected to increase from 403 million yuan in 2023 to 750 million yuan in 2026, with an EPS growth from 4.07 yuan to 7.57 yuan over the same period [10]. - The company's gross margin for 2023 was 55.81%, with a net margin of 32.53%, showing improvements in profitability [7]. Product Development and Market Expansion - The company is actively enhancing its product categories and has made significant advancements in its substrate polishing liquid platform, collaborating with numerous domestic and international clients [2]. - The company plans to issue convertible bonds to raise up to 862 million yuan for expanding its product categories and enhancing production capabilities [22]. - The company holds approximately 8% of the global market share in CMP, positioning itself as a leading supplier in the domestic market [22].