Anji Technology(688019) 平安证券·2025-04-21 13:44Investment Rating - The report maintains a "Recommended" investment rating for Anji Microelectronics (688019.SH) with a current stock price of 172.91 CNY [1]. Core Views - The company achieved a revenue of 1.835 billion CNY in 2024, representing a year-on-year growth of 48.24%, and a net profit of 534 million CNY, up 32.51% year-on-year [3][6]. - The company plans to distribute a cash dividend of 4.5 CNY per 10 shares and to increase its capital stock by 3 shares for every 10 shares held [3]. - The growth in revenue and profit is attributed to enhanced collaboration with clients, diversification of product offerings, improved production efficiency, and increased financial income from exchange gains and interest [6][7]. Financial Summary - Revenue and Profit Forecasts: - 2024: Revenue of 1.835 billion CNY, net profit of 534 million CNY - 2025: Revenue projected at 2.366 billion CNY, net profit at 702 million CNY - 2026: Revenue projected at 2.929 billion CNY, net profit at 858 million CNY - 2027: Revenue projected at 3.489 billion CNY, net profit at 1.011 billion CNY [5][9]. - Profitability Ratios: - Gross margin for 2024 is 58.5%, with a net margin of 29.1% [9]. - Return on equity (ROE) is expected to be 19.8% in 2024, increasing to 20.9% in 2025 [9]. - Earnings Per Share (EPS): - EPS for 2024 is projected at 4.13 CNY, increasing to 5.43 CNY in 2025 and 6.64 CNY in 2026 [9]. Revenue Breakdown - The revenue from polishing liquids accounted for over 80% of total revenue in 2024, with a growth of 43.73% year-on-year [6][7]. - Functional wet electronic chemicals generated 277 million CNY in revenue, marking a significant growth of 78.91% year-on-year [6][7]. Market Position and Strategy - The company is focusing on expanding its product lines in the semiconductor manufacturing sector, covering key processes such as polishing, cleaning, and deposition [7]. - The report highlights the successful development and market expansion of various polishing liquids and functional wet electronic chemicals, with a strong emphasis on customer acquisition and application exploration [7].