鼎龙股份：业绩快速增长，半导体业务占比持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its semiconductor business advantages and new product development progress [2][7]. Core Insights - The company has experienced rapid growth in performance, with a significant increase in revenue and net profit driven by its semiconductor business, which has become a key revenue and profit growth driver [1][2]. - The semiconductor segment's revenue reached 1.086 billion RMB in the first three quarters of 2024, representing a 93% year-on-year increase, and its contribution to total revenue rose from 32% in 2023 to 45% in 2024 [1][6]. - The company achieved a record high monthly sales of over 30,000 polishing pads in September 2024, reflecting strong market penetration and product stability [1][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.426 billion RMB, a year-on-year increase of 29.54%, and a net profit attributable to shareholders of 376 million RMB, up 113.51% [1][6]. - The gross margin for the first three quarters was 46.51%, an increase of 10.68 percentage points year-on-year, while the net margin was 19.46%, up 7.76 percentage points [1][6]. Semiconductor Business - The semiconductor business, including materials and integrated circuit design, generated 1.086 billion RMB in revenue in the first three quarters, with a 93% year-on-year growth [1][6]. - The company has made significant advancements in its polishing pad products, achieving a sales revenue of 523 million RMB in the first three quarters, a 95% increase year-on-year [1][6]. Product Development - The company is actively expanding its product lines, including CMP polishing liquids and advanced packaging materials, with sales of CMP polishing liquids reaching 140 million RMB in the first three quarters, a 190% increase year-on-year [1][6]. - The company is also progressing in the development of semiconductor display materials, with sales of 282 million RMB in the first three quarters, reflecting a 168% year-on-year increase [1][6]. Valuation - The report projects net profits for 2024, 2025, and 2026 to be 491 million RMB, 675 million RMB, and 877 million RMB respectively, with corresponding earnings per share of 0.52 RMB, 0.72 RMB, and 0.93 RMB [1][6].