DING LONG(SZ:300054) GOLDEN SUN SECURITIES·2024-10-25 12:14Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported strong performance in Q3 2024, with revenue of 9.07 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 12% [1]. - The revenue for the first three quarters of 2024 reached 24.26 billion yuan, representing a 30% year-on-year growth, while the net profit attributable to shareholders was 3.76 billion yuan, up 114% year-on-year [1]. - The company is focusing on semiconductor and new display sectors, with significant growth potential in high-performance PI and photoresist products [2]. Financial Performance Summary - Revenue for 2024 is projected to be 34.67 billion yuan, with a year-on-year growth rate of 30% [3]. - The net profit attributable to shareholders is expected to reach 5.46 billion yuan in 2024, reflecting a growth rate of 146.2% year-on-year [3]. - The company’s earnings per share (EPS) is forecasted to be 0.58 yuan in 2024, increasing to 1.04 yuan by 2026 [3][11]. Revenue Breakdown - The revenue from CMP polishing pads for the first three quarters of 2024 was 5.23 billion yuan, a 95% increase year-on-year [1]. - Revenue from polishing liquids and cleaning liquids reached 1.40 billion yuan, up 190% year-on-year [1]. - Display materials generated 2.82 billion yuan in revenue, marking a 168% increase year-on-year [1]. Market Position - The company is the only domestic supplier with comprehensive core R&D and manufacturing capabilities for polishing pads, achieving record monthly shipments [1]. - The market share for the company's products continues to rise, with significant penetration into major domestic wafer manufacturers [1].