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·电子材料 ·内部研究

Anji Microelectronics: A High-Quality Compounder, but a Better Company Than Stock

Anji Microelectronics is China's leading CMP-slurry maker, supplying semiconductor polishing slurries and a widening platform of formulated wet electronic chemicals, with 2025 revenue of CNY 2.50bn (up 36%) and a disclosed global CMP-slurry share that climbed from about 7% in 2022 to 13% in 2025. The usage story is genuine: attributable net profit grew 47% to CNY 784m and functional wet chemicals surged 64%, yet after a roughly 161% one-year run the stock trades near CNY 305, about 88 times 2025 earnings, a price that already capitalizes years of flawless execution. Rating Watch: a real hard-tech compounder, but currently a better company than stock, with a serious re-underwriting zone only back at CNY 190-230.

688019.SHG Anji Microelectronics Technology (Shanghai) Co., Ltd. #CMP slurry#semiconductor materials#domestic substitution#wet chemicals#valuation#SUN-R
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·AI 半导体设备 ·Zen Horizon Research

NAURA Technology Group SUN-R Investment Analysis

NAURA is China's broadest listed domestic wafer-fab equipment platform, selling into etch, deposition, cleaning and more, with 2025 process-equipment revenue of CNY 36.73 billion. Real usage clearly carries the story, with two tool families each topping CNY 10 billion in 2025, yet at roughly 48x forward earnings the stock already discounts years of near-flawless execution. Rating Watch: a genuine national champion worth owning on pullbacks into the CNY 500-580 fair-buy band, not chasing because the localization story is true.

002371.SHE NAURA Technology Group #Semiconductor Equipment#Domestic Substitution#Wafer-Fab Equipment#AI Capex#Localization#SUN-R
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