DING LONG(SZ:300054) Xin Lang Cai Jing·2025-08-22 00:33Core Viewpoint - The company reported its 2025 semi-annual performance, achieving operating revenue of 1.732 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to shareholders of 311 million yuan, a year-on-year increase of 42.78%, meeting market expectations [1] Group 1: Revenue Growth - The polishing materials continue to see volume growth, with polishing pad product revenue reaching 475 million yuan in the first half of 2025, a year-on-year increase of 59.58% [2] - In the second quarter of 2025, polishing pad revenue was 256 million yuan, a quarter-on-quarter increase of 16.40% and a year-on-year increase of 56.64%, setting a new historical quarterly revenue high [2] - The company’s CMP polishing liquid and cleaning liquid revenue reached 119 million yuan in the first half of 2025, a year-on-year increase of 55.22% [2] Group 2: Market Position and Product Development - The company’s semiconductor display materials generated revenue of 271 million yuan in the first half of 2025, a year-on-year increase of 61.90% [3] - The market share of YPI products further increased, with the Xiantao industrial park's phase II project starting trial operations [3] - The company is advancing its immersion ArF and KrF wafer photoresist business, with nearly 30 high-end photoresist products in development [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 651 million yuan and 856 million yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 45/35 times for 2025/2026 [4] - The target price has been raised by 6% to 38.0 yuan, corresponding to 55/42 times the 2025/2026 price-to-earnings ratio, indicating a 22% upside potential from the current stock price [4]