DING LONG(300054) 华鑫证券·2024-12-11 10:02Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Viewpoints - The company has achieved significant breakthroughs in temporary bonding adhesives and high-end wafer photoresists, securing orders from major domestic wafer manufacturers [4][5][6] - The company has developed over 20 types of high-end wafer photoresists, with two products already validated and ordered, while eight others are in testing [5] - The company’s production capacity for high-end photoresists is currently 30 tons per year, with plans for a second phase to reach 300 tons annually [5] - The successful order for temporary bonding adhesives marks a shift from reliance on imports to domestic production, enhancing the company's position in advanced packaging materials [6] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 32.73 billion, 39.27 billion, and 46.73 billion yuan respectively, with EPS of 0.54, 0.68, and 0.86 yuan [9] - The current price-to-earnings (P/E) ratios are 51.2, 40.7, and 32.1 for the years 2024, 2025, and 2026 respectively [9] - The company is expected to see a revenue growth rate of 22.7% in 2024, followed by 20.0% in 2025 and 19.0% in 2026 [11] - The net profit is projected to increase significantly from 222 million yuan in 2023 to 505 million yuan in 2024, with further growth to 635 million yuan in 2025 and 804 million yuan in 2026 [11]