Core Viewpoint - Dinglong Co., Ltd. (300054) reported strong revenue and profit growth for the first three quarters of 2025, driven by the performance of its new business segments in semiconductor materials [1] Financial Performance - The company achieved a cumulative operating revenue of approximately 2.677 billion yuan for the first three quarters of 2025, with third-quarter revenue around 945 million yuan [1] - The net profit attributable to shareholders is expected to be between 501 million yuan and 531 million yuan, representing a year-on-year growth of 33.13% to 41.10% [1] - For the third quarter, the net profit is estimated to be between 190 million yuan and 220 million yuan, with a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year growth of 19.89% to 38.82% [1] Business Segments Performance - The three new business segments, CMP polishing pads, CMP polishing liquids, and cleaning liquids, saw revenue growth of 51%, 42%, and 47% respectively compared to the same period last year [1] - In the third quarter alone, these segments generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter growth of 17% [1] Market Development - The company is making steady progress in the verification testing and market development of its advanced packaging materials and wafer photoresist business, aligning with its expectations [1]

投资者提问： 之前董秘提到，一季度射频电源订单量已经超过去年全年，又说射频电源结算方式改变导致中报营收降 低。请问，结算方式具体发生了什么变化，单纯付款周期延长还是说深化合作导致的。一季度的订单增 长能体现在三季报里吗？还是说需要更长远 董秘回答(英杰电气SZ300820)： 您好，公司并没有披露过您所谓"2025年一季度射频电源订单量已经超过2024年全年"这样的信息，2025 年4月28日披露的2024年年度和2025年一季度经营情况的交流内容，其中关于半导体射频电源的相关回 答内容如下： 问题9：半导体先进制程方面，公司的电源产品已经实现量产， 2024年半导体收入达到 3.5亿元，同比2023年实现增长，2025年一季度的半导体行业的收入和订单情况较为理想，增长幅度变 大，根据一季度营收确认、目前在手订单情况以及公司重点客户的需求看，预计2025年半导体业务是可 以实现增长的。 问题10：为什么半导体先进制程行业电源订单增速不及预期？ 答：这个行业不及预期 的原因是多方面的。首先，技术突破后的稳定性是需要时间去验证的，其次，也有设备中其他备件的国 产制造能力匹配问题，客户也有原来储备的存量备件的消化， ...

Core Viewpoint - The company has demonstrated significant growth in revenue and profit for 2024, driven primarily by its semiconductor business expansion and cost control measures [1][2]. Financial Performance Summary - In 2024, the company achieved revenue of approximately 3.34 billion yuan, a year-on-year increase of about 25.1%, and a net profit attributable to shareholders of approximately 520 million yuan, up 134.5% year-on-year [1]. - For Q1 2025, the company reported revenue of approximately 820 million yuan, a year-on-year increase of about 16.4%, but a quarter-on-quarter decrease of about 9.7% [1]. - The gross profit margin for Q1 2025 was approximately 48.8%, reflecting a year-on-year increase of about 4.6 percentage points [1]. Semiconductor Business Growth - The semiconductor segment generated main business revenue of 1.52 billion yuan in 2024, representing a year-on-year growth of 77.4% [2]. - CMP polishing pads contributed 720 million yuan in revenue, a year-on-year increase of 71.5% [2]. - CMP polishing liquids and cleaning liquids achieved revenue of 220 million yuan, up 178.9% year-on-year, with notable improvements in market acceptance [2]. - Semiconductor display materials generated revenue of 400 million yuan, a year-on-year increase of 131.1%, with market share and production capacity continuing to grow [2]. Emerging Business Areas - High-end wafer photoresists and advanced semiconductor packaging materials are in the early stages of market development and have not yet turned profitable [3]. - The company has secured orders for high-end wafer photoresists from major domestic manufacturers and is progressing with production capacity expansion [3]. - The company has also received its first orders for semiconductor packaging materials, generating sales revenue of 5.44 million yuan [3]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 768 million yuan, 1.021 billion yuan, and 1.392 billion yuan for 2025, 2026, and 2027 respectively, with adjustments made to previous profit forecasts [4]. - Corresponding price-to-earnings ratios are projected at 36, 27, and 20 times for the respective years [4].