Anji Technology(688019) 国金证券·2024-10-30 10:02Investment Rating - The report maintains a "Buy" rating for Anji Technology (688019 SH) [2] Core Views - Anji Technology's Q3 2024 performance exceeded expectations, driven by increased market share and successful new product launches [2] - The company achieved significant revenue growth of 46 10% YoY in the first three quarters of 2024, reaching 1 312 billion RMB [2] - Net profit attributable to shareholders grew by 24 46% YoY to 393 million RMB in the first three quarters [2] - Q3 2024 revenue reached 515 million RMB, a 59 29% YoY increase, with net profit surging 97 20% YoY to 159 million RMB [2] Financial Performance - Gross margin improved to 59 86% in Q3 2024, up 2 12 percentage points YoY and 2 81 percentage points QoQ [2] - Net profit margin stood at 30 79% in Q3 2024, maintaining stability with a slight 0 01 percentage point increase QoQ [2] - R&D expenses reached 89 59 million RMB in Q3 2024, accounting for 17 40% of revenue [2] Product Development - The company has developed a comprehensive CMP polishing fluid product line, enhancing customer loyalty [2] - New functional wet electronic chemicals, including alkaline copper post-polishing cleaning fluid, have entered mass production [2] - Advanced packaging electroplating solutions and additives have achieved mass production [2] Capacity Expansion - Current CMP polishing fluid capacity stands at 29 000 tons/year, with plans to add 31 000 tons/year [2] - Post-etch cleaning fluid capacity is 2 464 tons/year, with plans to expand to 10 000 tons/year [2] - Post-polishing cleaning fluid capacity is 1 890 tons/year, with plans to reach 5 000 tons/year [2] - Etching fluid capacity is planned to reach 8 000 tons/year [2] Market Position - The company continues to strengthen its position in the semiconductor materials sector through domestic substitution [2] - Anji Technology is focusing on specialized and strong development in semiconductor material segments [2] Financial Projections - Projected net profit attributable to shareholders for 2024-2026 is 538 million, 643 million, and 831 million RMB respectively [2] - Estimated EPS for 2024-2026 is 4 16, 4 98, and 6 29 RMB [2]