DING LONG(300054) 华金证券·2024-11-25 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received its first customer order for temporary bonding adhesive, marking a significant step in its strategic transformation [8][9] - The annual production capacity for temporary bonding adhesive exceeds 100 tons, which is expected to meet ongoing customer demand [9] - The company has successfully developed key technologies for high-temperature resistance and low volatility in its products, reducing reliance on imports [9] - The company aims to establish itself as a platform for innovative materials that can replace imports, particularly in the semiconductor advanced packaging materials sector [10][16] Financial Performance - Revenue projections for 2024 to 2026 are estimated at 32.18 billion, 38.19 billion, and 44.61 billion yuan, with growth rates of 20.7%, 18.7%, and 16.8% respectively [11] - Net profit for the same period is projected to be 481 million, 662 million, and 821 million yuan, with growth rates of 116.8%, 37.5%, and 24.1% respectively [11] - The company has shown a significant year-on-year increase in net profit, with a 82.7% increase in 2022 and a forecasted 116.8% increase in 2024 [17] Market Position - The company has established itself as a primary supplier of CMP polishing pads to several core domestic wafer manufacturers, indicating a deepening market penetration [16] - The company is actively developing a range of semiconductor materials, including CMP polishing liquids and advanced packaging materials, which are expected to drive future growth [9][10]