鼎龙股份：光电半导体业务放量，预计24H1业绩同比显著提升

Investment Rating - The report maintains a "Buy-A" rating for Dinglong Co., Ltd. (300054.SZ) with a target price of 22.68 CNY [1][3]. Core Views - Dinglong Co., Ltd. is expected to see significant year-on-year performance improvement in H1 2024, with a projected net profit attributable to shareholders ranging from 201 million to 221 million CNY, representing a growth of 110%-130% [1]. - The company's optoelectronic semiconductor business is anticipated to account for over 40% of total revenue, driven by increased market share and demand in the domestic semiconductor and OLED display panel industries [1][3]. - The report highlights the successful development and sales growth of CMP polishing pads and other semiconductor materials, with sales expected to reach approximately 6.4 billion CNY in H1 2024, up from 32% to about 42% of total revenue [1][4]. Financial Data and Valuation - Projected revenues for Dinglong Co., Ltd. are estimated at 3.218 billion CNY for 2024, with a year-on-year growth rate of 20.7% [4][5]. - The net profit for 2024 is expected to be around 441 million CNY, reflecting a significant increase of 98.6% compared to the previous year [4][5]. - The report provides a detailed financial forecast, indicating a steady increase in gross margin from 36.9% in 2023 to 39.9% in 2024, and further improvements in subsequent years [4][5]. Business Development - The company is making progress in the advanced packaging materials sector, with plans to develop and validate new products to capture market share in high-end packaging materials [1][3]. - Dinglong Co., Ltd. has established a comprehensive application evaluation system to ensure that the performance of its materials meets customer requirements, and is actively working on supply chain autonomy [1][3]. - The report notes that the company has successfully completed the industrialization of temporary bonding adhesives and is ready for mass production, enhancing its competitive position in the market [1][3].