DING LONG(SZ:300054) Guotou Securities·2025-10-29 15:36Investment Rating - The investment rating for the company is "Buy-A" with a target price of 44.03 CNY, maintaining the rating [5][10]. Core Insights - The company reported a revenue of 2.698 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 11.23%. The net profit attributable to shareholders was 519 million CNY, up 38.02% year-on-year [1]. - The semiconductor business has shown strong growth, with revenue increasing by 41% to 1.534 billion CNY, accounting for 57% of total revenue [2]. - CMP polishing pads achieved record revenue of 795 million CNY for the first three quarters, a 52% increase year-on-year [3]. - The company is progressing well in the industrialization of photoresists, with a production line expected to begin trial operations in Q4 2025 [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 967 million CNY, a year-on-year increase of 6.57%, and a net profit of 208 million CNY, up 31.48% year-on-year [1]. - The overall gross margin for the reporting period was 50.82%, an increase of 4.37 percentage points year-on-year [2]. Business Segments - CMP polishing pads generated revenue of 3.2 billion CNY in Q3, a 25% increase quarter-on-quarter and a 42% increase year-on-year [3]. - The semiconductor display materials segment reported revenue of 413 million CNY for the first three quarters, a 47% increase year-on-year [4]. Future Projections - Revenue projections for 2025-2027 are 3.965 billion CNY, 4.734 billion CNY, and 5.624 billion CNY, respectively, with net profits expected to be 731 million CNY, 1 billion CNY, and 1.227 billion CNY [10][11].