DING LONG(300054) 长江证券·2024-08-23 07:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company achieved a revenue of 1.519 billion yuan in the first half of 2024, representing a year-on-year increase of 31.01%. The net profit attributable to shareholders was 218 million yuan, up 127.22% year-on-year, and the net profit after deducting non-recurring gains and losses was 197 million yuan, an increase of 188.64% year-on-year. The gross profit margin was 45.19%, an increase of 11.36 percentage points year-on-year [5][6] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 811 million yuan, a year-on-year increase of 32.35%. The net profit attributable to shareholders was 136 million yuan, up 122.88% year-on-year, and the net profit after deducting non-recurring gains and losses was 131 million yuan, an increase of 177.48% year-on-year. The gross profit margin was 45.99%, an increase of 12.88 percentage points year-on-year [5][6] Semiconductor Business Development - The semiconductor materials and chip business achieved a revenue of 634 million yuan in H1 2024, a year-on-year increase of 106.56%, with a gross profit margin of 67.21%, up 8.27 percentage points year-on-year. Key products such as CMP polishing pads, CMP polishing liquids, and semiconductor display materials saw significant revenue growth [5][6] Traditional Business Improvement - The company's printing and copying consumables business generated a revenue of 867 million yuan in H1 2024, a year-on-year increase of 4.05%, with a gross profit margin of 29.29%, up 4.24 percentage points year-on-year. The profitability of upstream products also improved [5][6] Future Growth Potential - The company plans to issue convertible bonds to raise up to 920 million yuan, which will be used for semiconductor projects and to enhance liquidity. The company is positioned as a leader in semiconductor materials, with significant growth expected in the coming quarters [6][7]