DING LONG(SZ:300054) Xin Lang Cai Jing·2025-10-31 00:41Core Insights - The company achieved a revenue of 2.698 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year, driven by strong growth in the semiconductor business and cost control measures [1] - In Q3 2025, the company reported a revenue of 967 million yuan, with a quarter-on-quarter increase of 6.49% and a year-on-year increase of 6.57%, while the net profit attributable to shareholders was 208 million yuan, reflecting a quarter-on-quarter growth of 22.54% and a year-on-year growth of 31.48% [1] Semiconductor Business Performance - The semiconductor business saw a revenue increase of over 41% year-on-year in the first three quarters of 2025, with its revenue share rising to 57% [2] - The semiconductor segment generated 1.534 billion yuan in revenue, marking a year-on-year growth of 41.27%, with all semiconductor material categories experiencing significant growth [2] - CMP polishing pads revenue grew by 52%, CMP polishing liquids and cleaning liquids by 45%, and semiconductor display materials by 47% year-on-year [2] High-End Wafer Photoresist Development - The high-end wafer photoresist business is progressing rapidly, with several key product models targeting orders in Q4, and the second phase of the production line in Qianjiang set to enter trial operation in Q4 [2] - The company has achieved mass production and supply capabilities for the first phase of the Qianjiang project, with a capacity of 30 tons of KrF/ArF photoresist [2] CMP Materials and Display Materials - In Q3 2025, CMP polishing pads generated a revenue of 320 million yuan, a year-on-year increase of 42% and a quarter-on-quarter increase of 25%, setting a new record for single-quarter revenue [3] - The company is expanding production capacity, aiming to reach a monthly capacity of approximately 50,000 pieces by the end of Q1 2026 [3] - Semiconductor display materials revenue reached 143 million yuan in Q3 2025, reflecting a year-on-year growth of 25%, driven by the construction of G8.6 generation OLED capacity by major domestic panel manufacturers [3] Investment Outlook - The company is positioned as a leading "bottleneck" innovative materials platform, continuously expanding its business layout, including CMP polishing pads, CMP polishing liquids, cleaning liquids, display materials, advanced semiconductor packaging, and high-end wafer photoresists [4] - Revenue projections for 2025-2027 are 3.871 billion yuan, 4.463 billion yuan, and 4.948 billion yuan, with year-on-year growth rates of 15.98%, 15.29%, and 10.88% respectively [4] - Net profit attributable to shareholders is expected to be 828 million yuan, 1.065 billion yuan, and 1.287 billion yuan for the same period, with growth rates of 59.08%, 28.61%, and 20.82% respectively [4]