DING LONG(300054) 民生证券·2024-10-26 14:11Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a total revenue of 2.426 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1]. - The semiconductor business has significantly increased its contribution to revenue and profit, with a revenue of 1.086 billion yuan in the semiconductor segment for the first three quarters, marking a 93% year-on-year increase and accounting for 45% of total revenue [1]. - The CMP polishing pad business reached a record monthly sales volume of over 30,000 pieces in September 2024, with a total revenue of 523 million yuan for the first three quarters, up 95% year-on-year [1]. - The company is expanding its production capacity for CMP polishing pads, with plans to achieve a monthly production of 40,000 pieces by the first quarter of 2025 [1]. - The advanced display materials segment also showed strong growth, with a revenue of 282 million yuan in the first three quarters, up 168% year-on-year [1]. Financial Forecasts - The company is projected to achieve revenues of 3.345 billion yuan in 2024, 4.012 billion yuan in 2025, and 4.845 billion yuan in 2026, with growth rates of 25.4%, 19.9%, and 20.8% respectively [2][4]. - The net profit attributable to shareholders is expected to be 519 million yuan in 2024, 698 million yuan in 2025, and 922 million yuan in 2026, with growth rates of 133.7%, 34.5%, and 32.2% respectively [2][4]. - The earnings per share are forecasted to be 0.55 yuan in 2024, 0.74 yuan in 2025, and 0.98 yuan in 2026 [2][4]. - The price-to-earnings (PE) ratio is projected to decrease from 50 in 2024 to 28 in 2026, indicating improving valuation [2][4].