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Anji Technology (688019) Company In-Depth Report: Mainstream supplier of domestic polishing liquid leading chip


Anji Technology (688019) Company In-Depth Report: Mainstream supplier of domestic polishing liquid leading chip

The company is a leading domestic polishing liquid company. Its main products are chemical mechanical polishing liquid and photoresist remover, and reorganized integrated circuit manufacturing. It is a domestic leading polishing liquid company. Its main customers include SMIC, Yangtze River Storage, TSMC, UMC, etc.

The market for polishing fluids and photoresists is promising. Large companies that import and replace space have broken foreign manufacturers’ monopoly on chemical mechanical polishing fluids in the field of integrated circuits, realized import substitution, and enabled China to have independent supply capacity in this field.

According to relevant data, in 2016, 2017 and 2018 the global chemical mechanical polishing fluid market size was 1.1 billion US dollars, 1.2 billion US dollars and 12.

7 billion US dollars, the global composite CMP polishing liquid material market size is expected to be 6% per year from 2017 to 2020.

Raised investment projects to expand production capacity and continue to increase market shareConstruction project) has a capital of RMB 283.1 million.

As the fund-raising and expansion project reaches production, the company is expected to continue to expand the market share of polishing fluids and consolidate its leading position in the industry.

Profit forecast and investment rating Polishing liquid and photoresist markets have broad prospects, and there is great room for import substitution.

Considering that the company ‘s polishing fluid operating rate has gradually climbed, the introduction of investment projects has gradually reached capacity, and new customers have continued to develop, the company’s market share in the polishing fluid will continue to increase in the future. We expect the company to achieve a net profit of 19/20.

61/1.

1.7 billion, corresponding to PE34 / 18 times after listing, comparable to the main board company Dinglong’s corresponding PE wind direction in 19/20 is expected 南京夜生活网 to be 22/18 times. Considering that the company’s business is more complete, it is expected to provide a certain premium.Buy “rating.

Risks prompt high customer concentration, new customer development is not up to expectations, raw material prices fluctuate, and the science and technology board market fluctuates