DING LONG(300054) 群益证券·2025-01-16 08:20Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][10]. Core Insights - The company is expected to achieve a revenue of approximately 3.36 billion RMB in 2024, representing a year-on-year growth of 26%. The net profit attributable to shareholders is projected to be between 490 million to 530 million RMB, reflecting a significant year-on-year increase of 121% to 139% [6]. - The semiconductor materials segment is rapidly growing, with expected revenue of about 1.56 billion RMB in 2024, a year-on-year increase of approximately 79%, which will account for around 46% of total revenue [6]. - The company has successfully launched new products in the advanced packaging and photolithography materials sectors, receiving orders from major domestic wafer manufacturers [6]. Summary by Sections Company Overview - The company operates in the chemical industry, with a current A-share price of 25.50 RMB as of January 16, 2025. The market capitalization is approximately 18.568 billion RMB, with a total of 938.28 million shares issued [2]. Financial Performance - The company forecasts a net profit of 5.1 billion RMB for 2024, with a year-on-year growth of 128%. The earnings per share (EPS) is expected to be 0.54 RMB [9]. - The revenue for 2024 is projected to be 3.4 billion RMB, with a gross profit margin improvement expected due to the higher contribution from semiconductor materials [6][9]. Product Segmentation - The product mix includes printing and copying consumables (57.7% of revenue) and optoelectronic semiconductor materials (42.3% of revenue) [2]. - The semiconductor materials segment is expected to see significant growth, particularly in CMP polishing pads and liquids, which are projected to achieve revenues of 731 million RMB and 216 million RMB, respectively, in 2024 [6]. Market Position - The company has a strong shareholder base, with institutional investors holding 19.1% of the circulating A-shares [3]. - The stock has shown a year-on-year increase of 23.2%, despite a decline of 2.4% over the past month [2]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2025 and 2026 at 4.06 billion RMB and 4.54 billion RMB, respectively [9]. - The anticipated expansion of production capacity in the semiconductor materials segment is expected to further enhance revenue growth [6].