DING LONG(SZ:300054) Ping An Securities·2025-04-30 07:05Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 29.36 yuan [1]. Core Insights - The semiconductor business has become a significant driver of revenue and net profit growth for the company, with 2024 revenue reaching 3.338 billion yuan, a year-on-year increase of 25.14%, and net profit attributable to shareholders of 521 million yuan, up 134.54% year-on-year [3][4]. - The company's overall gross margin and net margin for 2024 were 46.88% (up 9.93 percentage points year-on-year) and 19.14% (up 8.35 percentage points year-on-year), respectively [4]. - The semiconductor segment, including semiconductor materials and integrated circuit chip design and application, generated 1.52 billion yuan in revenue in 2024, a year-on-year increase of 77.40% [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit of 141 million yuan, up 72.84% year-on-year [3][7]. - The revenue structure for 2024 showed stable operations in the general consumables business, with sales of 1.79 billion yuan, while the semiconductor business saw significant growth [4]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (tax included) [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.052 billion yuan in 2025, 4.984 billion yuan in 2026, and 6.473 billion yuan in 2027, with corresponding net profits of 715 million yuan, 938 million yuan, and 1.142 billion yuan [5][9]. - The expected EPS for 2025, 2026, and 2027 are 0.76 yuan, 1.00 yuan, and 1.22 yuan, respectively [5][9]. Business Segment Performance - The CMP polishing pad business generated 716 million yuan in revenue in 2024, a year-on-year increase of 71.51%, while the CMP polishing liquid and cleaning liquid business saw revenue of 215 million yuan, up 178.89% [4]. - The high-end wafer photoresist business received its first orders from domestic mainstream wafer manufacturers in 2024 [4]. - The company is focusing on semiconductor innovation materials, particularly in CMP process materials and wafer photoresists, aiming to establish itself as a platform company for semiconductor materials [7].