鼎龙股份：光电半导体业务占比继续提升，公司盈利能力持续增强

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 366.62 million to 378.95 million yuan for the first three quarters of 2024, representing a year-on-year growth of 108% to 115% [2][4]. - The optical semiconductor business continues to increase its revenue contribution, with an estimated revenue of about 1.089 billion yuan for this segment, reflecting a year-on-year growth of 88% and an increase in revenue share from 32% in 2023 to approximately 45% [4][5]. - The company has successfully broken the monopoly of foreign manufacturers in the CMP polishing pad market and is building a platform for semiconductor materials focused on import substitution [7]. Financial Summary - For the first three quarters of 2024, the company anticipates total revenue of approximately 2.41 billion yuan, with a net profit of 366.62 million to 378.95 million yuan, and a non-recurring net profit of 338.47 million to 350.81 million yuan, indicating a significant increase of 161% to 171% year-on-year [4][5]. - The third quarter of 2024 is projected to yield approximately 892 million yuan in revenue, with a quarter-on-quarter growth of 10% and a net profit of 149 million to 161 million yuan, reflecting a quarter-on-quarter increase of 9.6% to 18.4% [4][5]. - The company's financial forecasts for 2024 to 2026 indicate net profits of 524 million yuan, 741 million yuan, and 1.037 billion yuan respectively, with corresponding EPS of 0.56 yuan, 0.79 yuan, and 1.11 yuan [7][9]. Business Performance - The CMP polishing pad sales reached approximately 524 million yuan in the first three quarters of 2024, with a year-on-year growth of 95% [5]. - The sales of CMP polishing liquids and cleaning liquids totaled about 138 million yuan, marking a year-on-year increase of 186% [5]. - The semiconductor display materials segment achieved sales of approximately 282 million yuan, reflecting a year-on-year growth of 162% [5].