DING LONG(SZ:300054) Changjiang Securities·2025-11-17 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The semiconductor business of the company is experiencing accelerated growth, with significant year-on-year increases in revenue and profit margins [6][13] - For Q3 2025, the company achieved a revenue of 967 million yuan, a year-on-year increase of 6.57%, and a net profit attributable to shareholders of 208 million yuan, up 31.48% year-on-year [2][6] - For the first three quarters of 2025, the company reported a total revenue of 2.698 billion yuan, reflecting an 11.23% year-on-year growth, and a net profit of 519 million yuan, which is a 38.02% increase year-on-year [2][6] Financial Performance - The gross profit margin for Q3 2025 was 53.67%, an increase of 5.10 percentage points year-on-year [2][6] - The company's semiconductor segment generated a revenue of 1.534 billion yuan in the first three quarters of 2025, marking a 41.27% year-on-year growth and accounting for 57% of total revenue [13] - The company expects the revenue share from the semiconductor business to further increase by the end of 2025 [13] Product Development - The company has over 10 products in the galloon sample testing phase, with several key models aiming for order fulfillment in Q4 2025 [13] - The company has established a production capacity for high-end wafer photoresists, with a planned annual output of 300 tons set to enter trial operation [13] Future Outlook - The company is positioned as a leader in the domestic semiconductor materials market, with expectations for continued high growth rates in the coming years [13] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 714 million yuan, 942 million yuan, and 1.186 billion yuan respectively, with corresponding price-to-earnings ratios of 46x, 35x, and 27x [13]