DING LONG(300054) 开源证券·2024-07-09 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is experiencing rapid growth in its polishing liquid business, with a new growth driver taking shape as it secures significant orders from mainstream wafer manufacturers [5][6] - The company has achieved stable mass production capabilities for its CMP polishing liquids and related nano-grinding particles, which are critical for semiconductor manufacturing [5] - The financial forecasts for the company indicate a projected net profit of 4.42 billion, 6.22 billion, and 8.88 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 47.0, 33.4, and 23.4 times [5] Financial Summary - The company's revenue is expected to grow from 2.67 billion yuan in 2023 to 3.19 billion yuan in 2024, representing a year-on-year increase of 19.7% [7] - The net profit is projected to increase significantly from 222 million yuan in 2023 to 442 million yuan in 2024, reflecting a year-on-year growth of 99.0% [7] - The gross margin is expected to improve from 36.9% in 2023 to 39.8% in 2024, while the net margin is projected to rise from 8.3% to 13.8% in the same period [7] Business Development - The company has diversified its product offerings, developing nearly 40 types of polishing liquids for various semiconductor processes, enhancing its market competitiveness [6] - The self-supply of core raw materials for polishing liquids has broken the monopoly of foreign suppliers, ensuring a stable and cost-effective supply chain [6] - The company is actively developing post-polishing cleaning liquids, which are essential for maintaining device cleanliness, and has already secured orders for some of these products [6]