Anji Technology(688019) 群益证券·2025-04-18 08:40Investment 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's performance in 2024 met expectations, with revenue reaching RMB 1.835 billion, a year-over-year increase of 48.24%, and a net profit of RMB 534 million, up 32.51% year-over-year [4]. - The semiconductor industry is recovering, contributing to the company's stable growth and market share increase in its main products, particularly CMP polishing liquids [5]. - The company has introduced a stock incentive plan for 245 individuals, which is expected to enhance employee motivation and align their interests with the company's growth [5]. Financial Performance - The company achieved a revenue of RMB 1.835 billion in 2024, with a quarterly revenue of RMB 523 million in Q4, reflecting a year-over-year growth of 53.90% [4]. - The CMP polishing liquid segment generated RMB 1.545 billion in revenue, a 43.7% increase year-over-year, with a gross margin of 61.16% [5]. - The functional wet electronic chemicals segment saw revenue of RMB 277 million, up 78.91% year-over-year, with a gross margin of 43.21% [5]. Profitability and Cost Management - The overall gross margin improved by 2.64 percentage points to 59.45% in 2024, while the R&D expense ratio decreased by 0.98 percentage points to 18.13% [5]. - The report forecasts net profits of RMB 710 million, RMB 917 million, and RMB 1.201 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 32.97%, 29.29%, and 30.94% [7]. Market Position and Growth Potential - The company's global market share for CMP polishing liquids has steadily increased to approximately 11%, with significant growth potential in the functional wet electronic chemicals segment, which has reached a 4% market share [5]. - The report highlights the company's strong competitive position in the domestic market, particularly in the context of increasing demand for domestic alternatives amid international tensions [5].