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 Anji Micro's revenues to grow by 10% / 13% QoQ to Rmb885mn / Rmb1,002mn in 3Q26E / 4Q26E. As highlighted in our CHIPS IV report, we estimate China WFE spending to grow by 13% / 20% / 15% YoY in 2026E-28E to US$61bn by 2028E, supporting demand for semiconductor materials. We believe Anji Micro's comprehensive coverage of CMP slurry and wet chemicals, together with its expansion into new materials and applications, should support its product mix upgrade and longer-term growth. Maintain Buy.