DING LONG(SZ:300054) KAIYUAN SECURITIES·2025-05-02 12:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in both revenue and net profit, with a 2024 total revenue of 3.338 billion yuan, up 25% year-on-year, and a net profit of 521 million yuan, up 135% year-on-year. In Q1 2025, revenue reached 824 million yuan, up 16% year-on-year, and net profit was 141 million yuan, up 73% year-on-year. The company is expected to maintain double-digit growth in revenue and over 100% growth in net profit for 2025 [3][4] - The company is positioned as a key player in the import substitution of innovative materials, with an optimistic long-term outlook. Revenue and net profit forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 3.973 billion yuan in 2025, 4.859 billion yuan in 2026, and 5.729 billion yuan in 2027, alongside net profits of 715 million yuan, 834 million yuan, and 1.004 billion yuan respectively [3][4] Financial Summary - In 2024, the semiconductor segment generated revenue of 1.52 billion yuan, a year-on-year increase of 77.4%. The CMP polishing pad segment alone achieved revenue of 716 million yuan in 2024, up 71.51% year-on-year, and 220 million yuan in Q1 2025, up 63.14% year-on-year. The company continues to solidify its leading position in the domestic market for CMP polishing pads [4] - The company's gross margin for 2024 was 46.88%, an increase of 9.93 percentage points year-on-year, while the net margin was 19.14%, up 8.4 percentage points year-on-year. For Q1 2025, the gross margin was 48.82%, up 4.56 percentage points year-on-year, and the net margin was 20.44%, up 4.3 percentage points year-on-year [3][4]