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Chinese maker of chemical mechanical polishing (CMP) slurry and cleaning chemicals used in semiconductor manufacturing.
Chinese maker of chemical mechanical polishing (CMP) slurry and cleaning chemicals used in semiconductor manufacturing.
Sells CMP slurry, the abrasive liquid that flattens chip layers between steps, and cleaning chemicals as consumables, so revenue recurs with wafers processed once its products qualify at a fab, and qualification takes a long time. It is among a small group of domestic suppliers in a market long dominated by US and Japanese producers.
In one line: China's Cabot Microelectronics (CMC Materials).
Moat: narrow (IP / patents, customer qualification). Fab qualification cycles are long, and it is among few domestic CMP-slurry suppliers amid import substitution.
Headquarters: Shanghai, China · Founded: 2004 · Employees: 785
Size Anji Microelectronics Technology (Shanghai) (688019.SS) is a China Industrials company (Electrical Products) with a market value of $7.05B, the 354th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥205.70 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against -25.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 34.8% over the last twelve months (peer median +22.5%); the operating margin is 31.9% (peer median 13.8%).
Valuation It trades at 31.6× forward earnings against a peer median of 17.2× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +43%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.8 points above its cost of capital (9.1% WACC).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.15B | CN¥2.50B | CN¥1.84B | CN¥1.24B | CN¥1.08B |
| Revenue growth | — | +36% | +48% | +15% | — |
| Gross profit | CN¥1.86B | CN¥1.33B | CN¥988M | CN¥624M | CN¥539M |
| EBITDA | n/a | CN¥954M | CN¥684M | CN¥424M | CN¥383M |
| Net income | CN¥1.55B | CN¥784M | CN¥534M | CN¥403M | CN¥301M |
| Free cash flow | CN¥316M | CN¥138M | CN¥249M | CN¥16.0M | CN¥47.7M |
| Capital expenditure | CN¥567M | CN¥355M | CN¥267M | CN¥338M | CN¥196M |
| Total debt | CN¥607M | CN¥1.14B | CN¥396M | CN¥219M | CN¥183M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anji Microelectronics Technology (Shanghai) 688019.SS | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% |
| Entegris ENTG | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% |
| Fujimi 5384.T | $1.28B | -18% | +13% | 21% | 15.6× | n/a |
| Hubei Dinglong 300054.SZ | $8.79B | -2% | +7% | 30% | 51.4× | 32.2% |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
| Kctech 281820.KS | $770M | -14% | +19% | 20% | 8.7× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688019.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -4.9% | 6th highest of 21 |
| 6-month return | +6.9% | -25.4% | 3rd highest of 21 |
| Distance from 52-week high | -43.8% | -45.9% | 10th highest of 21 |
| Revenue growth (TTM) | +34.8% | +22.5% | 8th highest of 21 |
| Operating margin | 31.9% | 13.8% | 2nd highest of 21 |
| Forward P/E | 31.6× | 17.2× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 28.1% | 9.0% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +42.8% | +12.1% | highest of 10 |
| Hurdle (Req g minus delivered) | -14.7 pp | -3.7 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +9.8 pp | +0.8 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| Zhuzhou CRRC Times Electric 688187.SS | China | $7.80B | -3% | +12% | 14% | 14.6× | n/a | n/a |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 32.1× | 26.4% | +30.6% |
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% | +5.5% |
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% | +4.3% |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |