DING LONG(300054) 国元证券·2024-11-01 12:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][10]. Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 29.54% and a net profit increase of 113.51% for the first three quarters of 2024 [1]. - The company's gross margin has improved, reaching 46.45% in the first three quarters of 2024, up by 10.67 percentage points year-on-year [1]. - The semiconductor materials segment is expected to benefit from the industry's recovery, with projected revenues of 33.41 billion, 40.96 billion, and 46.16 billion yuan for 2024, 2025, and 2026 respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.07 billion yuan, a quarter-on-quarter increase of 11.85% and a year-on-year increase of 27.17% [1]. - The net profit for Q3 2024 was 1.58 billion yuan, reflecting a quarter-on-quarter increase of 16.30% and a year-on-year increase of 97.15% [1]. - The company’s revenue for the first three quarters of 2024 reached 24.26 billion yuan, with a gross margin of 46.45% [1][2]. Product Segments - The CMP consumables segment saw a revenue of 2.25 billion yuan in Q3 2024, with a remarkable year-on-year growth of 90% [1]. - Semiconductor display materials generated 1.15 billion yuan in revenue for Q3 2024, marking a year-on-year increase of 110% [1]. - The company is actively developing advanced packaging materials and high-end wafer photoresists, with positive customer feedback and progress in new product testing [1]. Future Projections - The company is expected to see continued revenue growth, with projected net profits of 5.14 billion, 7.30 billion, and 9.00 billion yuan for 2024, 2025, and 2026 respectively [2]. - The projected PE ratios for the next three years are 50, 35, and 28 times, indicating a favorable valuation outlook [2].