24. A Collection of Chinese Tech Companies — Anji Technology

【Answer 1】 Rather than castigating, it is wiser to offer reassurance: the STAR Market has granted participants an opportunity to share in the ‘lucky draw’ of new listings; Technology stocks on the Main Board and ChiNext have also briefly enjoyed a valuation uplift; A win-win scenario for all. Follow our WeChat official account: Tech Ya Nan The consensus among all observers is that these 25 listed companies will now enter a prolonged period of valuation normalization. As this dazzling chapter draws to a close—frozen forever in this historic instant—this article attempts to unravel the layers, adopting an impartial perspective and striving for rational language, to provide a preliminary analysis of the brightest star among these 25 companies. ‘Chinese Tech Companies’ Series, Issue No. 24 I. Reality Reflected Under the Dream of Domestic Substitution ① Chemical Mechanical Polishing (CMP) Slurry / ② Photoresist Strippers: Revenue Contribution Over Three Years: These are Anji Technology’s two core businesses, primarily applied in integrated circuit (IC) manufacturing and advanced packaging. (Note: CMP comprises both polishing slurry and polishing pads; Anji Technology’s main business focuses on polishing slurry.) ① Chemical Mechanical Polishing (CMP) Slurry The company’s core product—CMP slurry—holds an unremarkable global market share: As shown in the table above, its global market share stood at 2.42% in 2016, 2.57% in 2017, and 2.44% in 2018. Not even stable growth can be achieved? Domestic demand for CMP slurry: As shown in the table above, the company nearly doubled its copper CMP slurry production capacity in 2018—yet actual output fell below the prior year’s level? ② Photoresist Strippers Capacity utilization rate and production-sales ratio as of end-2018: As shown in the table above, the company’s capacity utilization remains low, and its production-sales ratio has consistently failed to reach 100%—does this indicate overcapacity? Meanwhile, the company still plans further expansion—will this newly added capacity again fail to be deployed promptly into production? Will rising depreciation and amortization expenses further pressure return on net assets? From the three-year revenue and扣非 net profit growth rates, where is the evidence of high growth potential? Does the consecutive three-year decline in gross margin signal intensifying product competition? Where lies the company’s product moat? II. Dancing Alongside Global Leaders Cabot Microelectronics (U.S.-based): Global market share—35%; 2018 revenue—$590 million; net profit—$110 million; current market capitalization—$3.366 billion; static P/E—30.6x. Notably, CMP slurry accounts for 80% of Cabot’s business. In 2000, Cabot held 80% of the global CMP slurry market—its share has since declined steadily to today’s 35%. Cabot’s revenue from mainland China as a percentage of total revenue—14.70% ($515 million) Anji Technology’s revenue from mainland China as a percentage of total revenue—90% ($248 million) Differences between Cabot and Anji Technology’s CMP slurries—products, technologies, and downstream applications: As shown in the table above, Cabot’s and Anji’s CMP slurries appear, on the surface, to each possess distinct strengths; But in reality, does Anji focus almost exclusively on copper CMP slurry? How large is the gap between Anji’s product range and technical capabilities versus those of international giants like Cabot? Versum Materials (U.S.-based): 2018 revenue—$1.372 billion; net profit—$198 million; current market capitalization—$5.667 billion; static P/E—24.83x.

An Emerging Semiconductor Materials Industry Giant

【Answer 2】 Let us now refocus on the company itself. Today, Entegris is a company dedicated to semiconductor materials and equipment. Its business is divided into three segments: Semiconductor Chemicals and Equipment (SCEM), Microcontamination Control (MC), and Advanced Materials Handling (AMH). Strictly speaking, Entegris is not purely a semiconductor materials company—it also engages in equipment-related businesses, primarily focused on contamination control during storage and transport of raw materials along semiconductor fabrication lines. The company serves an extremely diversified customer base and offers an extensive product portfolio—over 20,000 SKUs—to meet the varied requirements of different industries and production lines. Over many years, Entegris has consistently delivered revenue growth exceeding industry averages, achieving a 10-year CAGR of approximately 12%. Its operating margin has likewise improved—from roughly 10% previously to 24% today. In terms of stock performance, Entegris ranks among the top-performing semiconductor stocks over the past decade. However, it is worth noting that during the 2008 financial crisis—when the semiconductor industry contracted—and given Entegris’s then-fragile market position, limited scale, and modest revenue base, the company suffered severe earnings deterioration. Consequently, its stock price hit an all-time low in 2009—making its subsequent recovery and sharp rebound all the more dramatic. Today, Entegris holds substantial scale within the industry. Looking ahead, the company projects sustained long-term annual growth of approximately 15%, continuing its healthy trajectory within the sector—driven by above-industry organic growth, strategic acquisitions with strong potential, and expansion into new markets. Organic growth relies primarily on product competitiveness and underlying demand growth in the semiconductor industry. In terms of new-market expansion, the company is actively developing material and equipment solutions for the healthcare sector. Regarding external growth, Entegris’s historical expansion has been significantly fueled by successful M&A activity—through numerous acquisitions, it has assembled its current competitive product portfolio. The most significant acquisition to date is Entegris’s recent acquisition of CCMP (Cabot Microelectronics). CCMP is a champion in its niche segment within the semiconductor industry—the world leader in semiconductor CMP slurries—and also supplies polishing pads and other electronic chemicals. Over many years, CCMP demonstrated robust growth. Post-merger, the new Entegris will achieve annual revenues of approximately $3.4 billion and EBITDA of around $1 billion, further strengthening its market share in the semiconductor materials space—and advancing its evolution toward becoming a mid-sized semiconductor materials and equipment manufacturer. The merged entity will cover the entire CMP process chain. Based on 2021 data, the new Entegris’s annual revenue had already reached $3.4 billion; thus, following 2022’s growth, revenue is expected to exceed $3.7 billion. This acquisition employed substantial debt leverage—nearly $4 billion in bonds were issued—while equity dilution remained minimal, with only ~10% additional shares issued. As a result, the new Entegris became a company with a $14.5 billion market capitalization and $3.4 billion in annual revenue.

Cabot Corp Stock Hits 52-Week High at $89.71

Jun 16, 2026

Cabot Corporation shares reached a 52-week high of $89.71 following strong Q2 FY2026 earnings that beat analyst expectations, prompting Truist Securities to initiate coverage with a buy rating.

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Cabot Corp Stock Hits 52-Week High at $89.71

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