鼎龙股份：抛光垫龙头，构建平台型电子材料企业

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [3][8]. Core Insights - The company has established itself as a leading player in the CMP polishing pad market and is expanding into semiconductor materials, which are driving its growth. The report anticipates the company will evolve into a diversified platform for semiconductor materials [3][8]. - The company has seen significant revenue growth in its CMP polishing liquid and cleaning liquid segments, with a year-over-year increase of 190% in revenue for these products [4]. - The company is also making strides in the photolithography materials sector, having received orders for its high-end photolithography resins, which are critical for semiconductor manufacturing [6][8]. - The semiconductor display materials segment has shown strong performance, with a year-over-year revenue increase of 168%, positioning the company as a leading supplier in this area [7]. - The company is expected to achieve substantial profit growth in the coming years, with projected net profits of RMB 4.6 billion, RMB 6.7 billion, and RMB 8.5 billion for 2024, 2025, and 2026, respectively [8]. Summary by Sections Company Overview - The company operates in the chemical industry and has a market capitalization of RMB 195.22 billion. Its stock price as of December 23, 2024, is RMB 26.81, with a 12-month high of RMB 31.44 and a low of RMB 15.36 [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of RMB 24.26 billion, a year-over-year increase of 29.54%, and a net profit of RMB 3.76 billion, up 113.51% from the previous year [8]. Product Segments - The company's product mix includes 57.7% from printing consumables and 42.3% from semiconductor materials, indicating a strong foundation in both traditional and emerging markets [21]. - The CMP polishing pad segment generated RMB 5.23 billion in revenue for the first three quarters of 2024, reflecting a 95% year-over-year increase [13]. Future Outlook - The company plans to expand its production capacity for CMP polishing liquids and photolithography materials, with significant investments aimed at increasing output and meeting growing demand [4][6]. - The report projects a reasonable valuation for the company's stock, with a price-to-earnings ratio of 57, 38, and 30 for the years 2024, 2025, and 2026, respectively [8].