DING LONG(SZ:300054) Xin Lang Cai Jing·2025-05-08 10:44Core Insights - The semiconductor sector is projected to contribute 45.54% to total revenue in 2024, with a continuous improvement in gross margin, which reached a recent high with a quarter-on-quarter increase of 0.8 percentage points in Q1 2025 [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.338 billion yuan, representing a year-on-year increase of 25.14%, with a net profit attributable to shareholders of 469 million yuan, up 185.26% year-on-year [2]. - The gross margin for 2024 was 46.88%, an increase of 9.93 percentage points year-on-year. In Q1 2025, revenue was 824 million yuan, a year-on-year increase of 16.37%, with a net profit of 135 million yuan, up 104.84% year-on-year, and a gross margin of 48.82%, marking a recent high [2][3]. Business Segment Growth - The semiconductor business segment saw a revenue of 1.52 billion yuan in 2024, a year-on-year increase of 77.40%, accounting for 45.54% of total revenue. Key contributors included: - CMP polishing pads with revenue of 716 million yuan, up 71.51% year-on-year, achieving a historical monthly sales high of 30,000 pieces in September 2024 [3]. - CMP polishing liquids and cleaning liquids with revenue of 215 million yuan, up 178.89% year-on-year [3]. - Semiconductor display materials with revenue of 402 million yuan, up 131.12% year-on-year, with increased market share for TFE-INK products [3]. R&D and New Product Development - The company invested 462 million yuan in R&D in 2024, a year-on-year increase of 21.01%, focusing on CMP polishing liquids, high-end wafer photoresists, advanced packaging materials, and new chip areas [3]. - The company has developed over 20 high-end wafer photoresists, with 12 samples sent for client verification, and 7 products entering the gallon sample stage [3]. - In semiconductor packaging, 7 products have been developed, with 6 sent for verification, and 1 product has received its first bulk order [3].