DING LONG(SZ:300054) Shenwan Hongyuan Securities·2025-05-05 08:20Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance met expectations, with a revenue of 824 million yuan, representing a year-on-year growth of 16.4% [6] - The company has successfully transformed its strategy, leading to significant growth in its semiconductor business, which achieved a revenue of 1.52 billion yuan in 2024, a year-on-year increase of 77% [6] - The report highlights the company's strong growth in electronic materials, with various products such as CMP polishing pads and liquids showing substantial revenue increases [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 3.338 billion yuan, with a year-on-year growth rate of 25.1% [5] - The net profit attributable to the parent company is expected to reach 521 million yuan in 2024, reflecting a year-on-year growth of 134.5% [5] - The report forecasts a net profit of 687 million yuan for 2025, with a growth rate of 32% [5] - The gross margin is expected to improve from 46.9% in 2024 to 51.0% by 2027 [5] Business Performance - In Q1 2025, the company reported a net profit of 141 million yuan, a year-on-year increase of 73% [6] - The semiconductor materials segment continues to grow rapidly, with CMP polishing pads generating 220 million yuan in revenue, up 63% year-on-year [6] - The traditional printing consumables segment remains stable, although revenue showed a slight decline due to weaker end-market demand [6]