DING LONG(SZ:300054) EBSCN·2025-08-22 11:19Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.732 billion yuan in the first half of 2025, representing a year-on-year growth of 14.00%, and a net profit attributable to shareholders of 311 million yuan, up 42.78% year-on-year [1] - The semiconductor business, particularly CMP and display materials, is experiencing rapid growth, with CMP polishing pad revenue reaching 475 million yuan, a 59.6% increase year-on-year [2] - The company is expected to begin trial operations of its second-phase 300-ton capacity for high-end wafer photoresist in Q4 2025, with over 15 products already validated [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 908 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 10.17%, with a net profit of 170 million yuan, up 24.79% year-on-year and 20.61% quarter-on-quarter [1] - The gross margin improved by 4.0 percentage points to 49.2% in H1 2025, driven by high-value semiconductor material products [2] Business Segments - The CMP polishing pad segment has stabilized monthly sales above 30,000 pieces, further solidifying the company's leading position in the domestic market [2] - Display materials revenue reached 271 million yuan in H1 2025, a 61.9% increase year-on-year, with market share for YPI and PSPI continuing to rise [2] Future Outlook - The company has plans for high-end wafer photoresist products, with expectations to secure orders in the second half of 2025 [3] - The revenue forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 709 million yuan, 961 million yuan, and 1.227 billion yuan respectively [3]