Anji Technology releases 24Q1 quarterly report, income 3.Kingcasinobonus.800 million yuan, year-on-year + 40.5% / month-on-month + 11.5%, deducted non-net profit of 106 million yuan, year-on-year + 51% / month-on-month + 32%, year-on-year growth of revenue and profit significantly accelerated, the share of some products increased, and new products continued to expand to maintain the "overweight" investment rating. 24Q1 revenue and profit grew rapidly compared with the same period last year, and the gross profit margin rose steadily. 24Q1 income 380 million yuan, year-on-year + 40.5% / month-on-month + 11.5%; gross profit 58.5%, year-on-year + 2.2pcts/ + 3.2pcts; return-to-home net profit of 100 million yuan, year-on-year + 38% / month-on-month + 20.4%; deduction of non-net profit 106 million yuan, year-on-year + 51% / month-on-month + 32%; deduction of non-net profit 28%, year-on-year + 1.9pcts/ + 4.3pcts. Although the growth rate of downstream wafer factories was under pressure in 2023, the market share of CMP polishing solution increased, wet chemical new products continued to be released, annual revenue grew against the same trend last year, and single-quarter revenue accelerated significantly since 23Q4. Q1-Q3 single-quarter revenue increased by 10-15% year-on-year in 2023. 23Q4hand 24Q1 increased by 20%, 41% respectively compared with the same period last year; due to the improvement of product structure and the production efficiency of some product lines, the company's gross profit margin increased steadily. Due to the rapid year-on-year growth of revenue and the continuous emergence of scale effects, the company's 24Q1 profits are growing at a high level compared with the same period last year. The revenue of CMP polishing solution is growing steadily, and the share of some products continues to increase. In 2023, CMP polishing solution income 1.075 billion yuan, year-on-year + 13%, gross profit margin 59.2%, year-on-year + 0.6pct, gross profit margin increased steadily under the influence of economies of scale. The market share of tungsten and cerium oxide abrasive-based polishing fluid has steadily increased, and the substrate polishing solution for three-dimensional integration cooperates with dozens of customers at home and abroad, and a variety of polishing fluids and cleaning fluids for TSV and mixed bonding continue to increase. The gross profit margin of functional wet chemicals has increased significantly, and a number of new products have entered the stage of mass production. In 2023, the income of functional wet electronic chemicals was 155 million yuan, year-on-year + 24.4%, gross profit margin 32.7%, year-on-year + 12.1pcts, a substantial increase over the same period last year, mainly due to the scale effect and the gradual reduction of depreciation impact of Ningbo production line. The company's two advanced processes Damascus process after etching cleaning solution into mass production, alkaline polishing after cleaning solution into mass production stage; for Bump, RDL and other advanced packaging copper, nickel, nickel iron, tin and silver electroplating solution to achieve mass production, copper Damascus and TSV electroplating bath and additives in the field of IC entered the test and demonstration stage. Investment advice. Although the growth rate of downstream wafer factories is under pressure in 2023, the market share of the company's products in the downstream major customers continues to increase, the volume of new products continues to release, and the annual revenue and profit growth is against the trend of the same period last year, accelerating growth in 24Q1. With the continuous expansion of the company's product categories and the active layout of the construction of production bases in Shanghai and Ningbo, the future income is expected to continue a steady growth trend.KingcasinobonusWe expect revenue of $1.63 billion, $2.06 billion, and estimated net profit of $4.9 billion, $63,780 million, corresponding to PE of 28.1, 22.1, and 17.8 times for 2026, maintaining the "overweight" rating. Risk tips: downstream demand decline, new product expansion is not as expected, product price adjustment, the risk of intensified competition in the industry. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
