DING LONG(SZ:300054) KAIYUAN SECURITIES·2025-08-26 07:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and enhanced profitability, with a reported revenue of 1.732 billion yuan for H1 2025, representing a year-on-year increase of 14%. The net profit attributable to the parent company reached 311 million yuan, up 43% year-on-year [3][4] - The company's CMP materials are accelerating in volume, and the diversification of its business is progressing steadily. The semiconductor business now accounts for 54.75% of total revenue, with significant growth in CMP polishing pads and liquids [4] Financial Performance Summary - For H1 2025, the company achieved a gross margin of 49.23%, an increase of 4.05 percentage points year-on-year, and a net profit margin of 21.05%, up 2.20 percentage points year-on-year [3][4] - The company has adjusted its net profit forecasts for 2025-2027 to 718 million, 955 million, and 1.186 billion yuan respectively, reflecting an increase from previous estimates [3] Business Segment Performance - The CMP polishing pads generated revenue of 475 million yuan in H1 2025, a year-on-year increase of 59.58%, with Q2 revenue reaching 256 million yuan, up 56.64% year-on-year [4] - The semiconductor display materials segment reported revenue of 271 million yuan, a year-on-year increase of 61.90%, indicating a growing market share for its products [4] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 41.5 for 2025, 31.2 for 2026, and 25.2 for 2027 [3][5]