\u3000\u3 Guocheng Mining Co.Ltd(000688) 019 Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) )
Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) 2021 achieved an operating revenue of 687 million yuan, with a year-on-year increase of 62.57%; Affected by the changes in the fair value of foreign investment, the net profit attributable to the parent company was 125 million yuan, a year-on-year decrease of 18.77%; The deduction of non net profit attributable to shareholders of listed companies was 91 million yuan, with a year-on-year increase of 54.81%.
CMP polishing fluid is the leader in China, which provides one-stop service for all categories. In 2021, the operating revenue of chemical mechanical polishing fluid products was 594 million yuan, with a year-on-year increase of 58.45%. According to the estimation of Tech Report, the company’s CMP polishing fluid has a global market share of 5%, and is in a leading position in the industry in China. The company has actively arranged a full range of product lines, including dielectric material polishing liquid, tungsten polishing liquid, silicon / polysilicon polishing liquid and silicon substrate polishing liquid, basically realizing the independent research and development and large-scale mass production of various products, and providing customers with customized services of different processes. At the same time, with the promotion of the expansion plan of Chinese wafer factories, the scale of China’s polishing liquid market will continue to grow.
The business of wet electronic chemicals has made a breakthrough and is expected to increase rapidly. In 2021, wet electronic chemicals achieved an operating revenue of 91 million yuan, a year-on-year increase of 92.17%, and achieved a breakthrough by leaps and bounds. With the rapid development of advanced manufacturing process, the company’s aluminum process and copper Damascus process have achieved mass production of post etching cleaning solution, and the 28nm technology node cleaning solution technology has made a breakthrough and achieved import substitution. The first phase of Anji integrated circuit material base project (Ningbo) has reached the usable state and put into use. It is in the production capacity climbing stage, and there is a large volume space for functional wet electronic chemicals in the future.
R & D investment continues to increase and continuously improve core competitiveness. Over the past three years, the company’s R & D investment has continued to grow, forming seven product platforms: copper and copper barrier polishing fluid, dielectric material polishing fluid, tungsten polishing fluid, ceria abrasive based polishing fluid, substrate polishing fluid, functional wet electronic chemicals and new materials and new processes, breaking through the aluminum polishing fluid of HKMG process in 28nm technology node, breaking the foreign monopoly, and steadily promoting the R & D and verification of copper polishing fluid in 14nm technology node, At the same time, an electronic additive purification technology platform was established and mass production was realized, and the independent and controllable ability of raw materials was continuously enhanced.
Investment advice
It is estimated that the company’s revenue from 2022 to 2024 will be 974 / 1307 / 1813 million yuan respectively, with a year-on-year increase of 41.9% / 34.1% / 38.7%, and the net profit will be 209 / 273 / 328 million yuan respectively, with a year-on-year increase of 67.1% / 30.8% / 20.1%. The current price corresponds to 63 times of PE in 2022. Considering that the company will continue to benefit from domestic substitution, it will be given a “buy” rating for the first time.
Risk tips
The risk of intensified industry competition and the risk that downstream applications are less than expected.
