DING LONG(SZ:300054) Huajin Securities·2024-10-09 10:30Investment Rating - The investment rating for Dinglong Co., Ltd. is "Buy-A" [1][2]. Core Views - Dinglong Co., Ltd. is expected to achieve a revenue of approximately 2.41 billion yuan in 2024, with a projected revenue of about 892 million yuan in Q3 2024, reflecting a quarter-on-quarter growth of approximately 10% [1]. - The net profit attributable to shareholders for the first three quarters of 2024 is estimated to be between 367 million yuan and 379 million yuan, with Q3 net profit expected to be between 149 million yuan and 161 million yuan, showing a quarter-on-quarter growth of 9.56% to 18.38% [1]. - The semiconductor materials and integrated circuit chip design and application business is projected to generate approximately 1.089 billion yuan in revenue for the first three quarters of 2024, representing a year-on-year growth of 88% [1]. - The company has become the primary supplier for most mainstream display panel customers in China, with its semiconductor display materials covering major domestic smartphone brands [1]. Financial Performance Summary - For 2024, the expected revenue is 3.218 billion yuan, with a year-on-year growth of 20.7% [3]. - The net profit attributable to shareholders is projected to be 481 million yuan in 2024, with a significant year-on-year growth of 116.8% [3]. - The gross profit margin is expected to improve to 43.4% in 2024, up from 36.9% in 2023 [3]. - The earnings per share (EPS) is projected to be 0.51 yuan in 2024, with a corresponding P/E ratio of 56.4 times [3]. Product Development and Market Position - The company has made significant progress in its semiconductor-related businesses, with multiple products entering various validation and market expansion stages [1][2]. - Dinglong Co., Ltd. has established a comprehensive quality management system and is actively developing core raw materials independently, ensuring supply chain security [1][2]. - The construction of a 300-ton high-end wafer photoresist production line is progressing as planned, indicating strong production capacity growth [2].