DING LONG(300054) KAIYUAN SECURITIES·2024-06-25 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to achieve significant growth in its 2024H1 performance, with a projected net profit of 201 million to 221 million yuan, representing a year-on-year increase of 110% to 130% [6] - The growth is attributed to the increased utilization rates in the domestic semiconductor and OLED display panel industries, as well as a notable rise in the company's market share [6] - The report maintains profit forecasts for 2024-2026, estimating net profits of 442 million, 622 million, and 888 million yuan respectively, with corresponding P/E ratios of 46.6, 33.1, and 23.2 times [6] Financial Performance Summary - For 2024H1, the company's CMP polishing pad products generated revenue of 300 million yuan, a year-on-year increase of 100.3% [7] - The CMP polishing liquid and cleaning liquid products achieved combined revenue of 77 million yuan in 2024H1, up 190.87% year-on-year [7] - The semiconductor display materials segment saw revenue of 168 million yuan in 2024H1, reflecting a year-on-year increase of 234.56% [7] - The company's general consumables for printing and copying maintained steady growth, with revenue of 880 million yuan in 2024H1, showing slight growth [8] Financial Forecasts - The company’s projected revenue for 2024 is 3.193 billion yuan, with a year-on-year growth of 19.7% [9] - The estimated gross profit margin for 2024 is 39.8%, with a net profit margin of 13.8% [9] - The report outlines a steady increase in retained earnings, with projections reaching 4.037 billion yuan by 2026 [11]