Anji Technology(688019) 群益证券·2025-04-18 08:23Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [4][7]. Core Insights - The company reported a revenue of RMB 1.835 billion for 2024, representing a year-over-year increase of 48.24%. The net profit attributable to shareholders was RMB 534 million, up 32.51% year-over-year [4]. - The semiconductor industry is recovering, contributing to the company's stable growth. The main product, CMP polishing liquid, has seen an increase in market share and improved product structure [5]. - The company has launched a stock incentive plan for 245 individuals, which is expected to enhance employee motivation and align their interests with the company's growth [5]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 1.835 billion, with a net profit of RMB 534 million, and a non-recurring net profit of RMB 526 million, all meeting expectations [4]. - The Q4 revenue was RMB 523 million, showing a year-over-year increase of 53.90% and a quarter-over-quarter increase of 1.52% [4]. Product Segments - The CMP polishing liquid segment generated RMB 1.545 billion in revenue, a year-over-year increase of 43.7%, with a gross margin of 61.16% [5]. - The functional wet electronic chemicals segment achieved revenue of RMB 277 million, up 78.91% year-over-year, with a gross margin of 43.21% [5]. Cost and Margin Analysis - The overall gross margin for 2024 improved by 2.64 percentage points to 59.45%, driven by revenue growth and cost structure optimization [5]. - Research and development expenses as a percentage of revenue decreased by 0.98 percentage points to 18.13% [5]. Future Earnings Forecast - The company is projected to achieve net profits of RMB 710 million, RMB 917 million, and RMB 1.201 billion for 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 32.97%, 29.29%, and 30.94% [7].