Anji Micro (688019.SS): Advanced packaging CMP ramp-up; Broader materials platform to support growth

We remain positive on Anji Micro's growth outlook, supported by (1) rising semiconductor capacity spending from memory and advanced logic customers in China, (2) its CMP slurry mix upgrade toward advanced nodes and advanced packaging, and (3) continued product expansion into functional wet chemicals, etchants and electroplating solutions. We expect revenues to grow by 10%/13% QoQ to Rmb885mn/Rmb1,002mn in 3Q26E/4Q26E, leading full-year 2026E revenues to grow 36% YoY. Advanced packaging CMP (TSV, TGV, hybrid bonding) is ramping at domestic customers with overseas qualification progressing. Functional wet chemicals have become a meaningful second growth driver, with 1H26 revenue up 51% YoY and accounting for 20% of total revenue;