DING LONG(SZ:300054)2024-10-09 03:40Investment Rating - The report maintains an "Outperform" rating for Dinglong Co., Ltd. (300054) [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 367-379 million yuan in Q3 2024, representing a year-on-year growth of 108%-115% [7] - The semiconductor materials business and integrated circuit chip design and application business generated approximately 1.089 billion yuan in revenue, an increase of 88% year-on-year, with revenue contribution rising from 32% in 2023 to 45% [7] - The company has launched a stock incentive plan, reflecting confidence in its future business development [7] Financial Performance Summary - For Q3 2024, the company anticipates a net profit of 149-161 million yuan, a year-on-year increase of 85%-100% and a quarter-on-quarter increase of 9%-18% [7] - The CMP polishing pad sales reached approximately 524 million yuan, with a year-on-year growth of 95% [7] - The company’s total revenue for 2024 is projected to be 3.393 billion yuan, with a year-on-year growth rate of 27.2% [8] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is adjusted to 516 million yuan for 2024, with projections of 666 million yuan and 965 million yuan for 2025 and 2026 respectively [8] - The expected earnings per share for 2024 is 0.55 yuan, increasing to 1.03 yuan by 2026 [8] - The gross margin is projected to be 41.8% in 2024, improving to 44.8% by 2026 [8]