鼎龙股份：冉冉升起的半导体材料平台公司-20250225

Investment Rating - The report gives a "Buy" rating for the company with a target price of 37.05 RMB based on a 48x PE valuation for 2025 [4]. Core Views - The company is accelerating its layout in the semiconductor materials business amid the trend of domestic substitution, aiming to become a platform supplier in this sector [2]. - The company expects significant revenue growth in 2024, with total revenue projected at 3.36 billion RMB, a year-on-year increase of 26%, and a net profit forecasted between 490 million to 530 million RMB, representing a growth of 120.71% to 138.73% [1][4]. Summary by Sections Company Overview - The company primarily operates in traditional printing and copying consumables and semiconductor materials, with a focus on becoming a leading domestic supplier in semiconductor materials [1][12]. Investment Logic - The demand for semiconductor materials is improving due to the recovery of downstream wafer fabs and capacity expansion. The company is a leader in the polishing pad market and is actively expanding its production capacity [2]. - The semiconductor display materials segment is expected to grow significantly, particularly in the AMOLED market, with the company positioned to capture market share through its existing products and new developments [2]. - The company is advancing in the high-end wafer photoresist and advanced packaging materials, with ongoing projects and successful sample verifications [2]. Traditional Printing and Copying Consumables - The traditional printing consumables business is expected to stabilize and recover, with the company maintaining a strong competitive position despite short-term macroeconomic pressures [3]. Profit Forecast, Valuation, and Rating - Revenue forecasts for 2024-2026 are 3.365 billion, 4.059 billion, and 4.850 billion RMB, respectively, with net profits projected at 519 million, 724 million, and 1.032 billion RMB, indicating substantial growth rates [4][7].