湖北鼎龙控股股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日收到 深圳证券交易所（以下简称"深交所"）出具的《关于受理湖北鼎龙控股股份有 限公司向不特定对象发行可转换公司债券申请文件的通知》（深证上审〔2024〕 233号）。具体内容详见公司于2024年8月19日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于向不特定对象发行可转换公司债券申请获得深圳证券交易所受理的 公告》（公告编号：2024-062）。 公司于 2024 年 11 月 4 日召开第五届董事会第二十三次会议、第五届监事会 第二十三次会议审议通过了《关于修订公司向不特定对象发行可转换公司债券预 案的议案》等相关议案，对本次向不特定对象发行可转换公司债券预案等相关文 件进行了修订。现根据规定对修订后的文件进行公开披露，具体内容详见公司于 同日披露的相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后 方可实施。该事项最终能否通过深交所审核，并获得中国证监会同意注册的决定 及其时间尚存在不确定性，公司将根据具体进展情 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][10]. Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 29.54% and a net profit increase of 113.51% for the first three quarters of 2024 [1]. - The company's gross margin has improved, reaching 46.45% in the first three quarters of 2024, up by 10.67 percentage points year-on-year [1]. - The semiconductor materials segment is expected to benefit from the industry's recovery, with projected revenues of 33.41 billion, 40.96 billion, and 46.16 billion yuan for 2024, 2025, and 2026 respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.07 billion yuan, a quarter-on-quarter increase of 11.85% and a year-on-year increase of 27.17% [1]. - The net profit for Q3 2024 was 1.58 billion yuan, reflecting a quarter-on-quarter increase of 16.30% and a year-on-year increase of 97.15% [1]. - The company’s revenue for the first three quarters of 2024 reached 24.26 billion yuan, with a gross margin of 46.45% [1][2]. Product Segments - The CMP consumables segment saw a revenue of 2.25 billion yuan in Q3 2024, with a remarkable year-on-year growth of 90% [1]. - Semiconductor display materials generated 1.15 billion yuan in revenue for Q3 2024, marking a year-on-year increase of 110% [1]. - The company is actively developing advanced packaging materials and high-end wafer photoresists, with positive customer feedback and progress in new product testing [1]. Future Projections - The company is expected to see continued revenue growth, with projected net profits of 5.14 billion, 7.30 billion, and 9.00 billion yuan for 2024, 2025, and 2026 respectively [2]. - The projected PE ratios for the next three years are 50, 35, and 28 times, indicating a favorable valuation outlook [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The semiconductor sector is experiencing a recovery, which, combined with the company's cost control measures, has led to impressive performance in Q3 2024. The company reported a revenue of 2.426 billion yuan for the first three quarters of 2024, a year-on-year increase of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1][2]. - The semiconductor business has become a significant driver of revenue and profit growth, with a 93% year-on-year increase in revenue from this segment, which now accounts for 45% of total revenue [2][3]. - The company is actively expanding its production capacity and has initiated plans to issue convertible bonds to fund projects aimed at enhancing its semiconductor materials production capabilities [5][6]. Financial Performance Summary - For 2024, the company expects revenues to reach 3.241 billion yuan, with a projected net profit of 447 million yuan, reflecting a year-on-year growth of 101.2% [1][6]. - The gross margin for the first three quarters of 2024 was 46.45%, an increase of 10.67 percentage points year-on-year, while the net margin was 19.46%, up 7.76 percentage points year-on-year [2][3]. - The company achieved a record high in sales for its CMP polishing pad business, with Q3 sales reaching 225 million yuan, a 90% increase year-on-year [3][4]. Business Segment Insights - The CMP polishing pad segment generated 523 million yuan in revenue for the first three quarters of 2024, marking a 95% increase year-on-year [3]. - The semiconductor materials and chip business is expected to continue its growth trajectory, supported by positive market feedback and ongoing product development [4][5]. - The company is focusing on three key segments within the semiconductor innovation materials field, which are expected to drive further revenue growth [6].

Investment Rating - The investment rating for Dinglong Co., Ltd. is "Outperform the Market" and is maintained [2][8]. Core Views - Dinglong Co., Ltd. has achieved record high operating profits in Q3 2024, with significant growth in its semiconductor business [3][4]. - The company's revenue for Q3 2024 reached 907 million yuan, a year-on-year increase of 27.17% and a quarter-on-quarter increase of 11.85% [3]. - The semiconductor business has become a key driver of revenue and profit growth, with its revenue share increasing from 32% in 2023 to 45% in the first three quarters of 2024 [3][6]. Financial Performance Summary - In Q3 2024, the net profit attributable to the parent company was 158 million yuan, a year-on-year increase of 97.15% and a quarter-on-quarter increase of 16.30% [3]. - The cumulative revenue for the first three quarters of 2024 was 2.426 billion yuan, a year-on-year increase of 29.54% [3]. - The company expects revenues for 2024E-2026E to be 3.418 billion yuan, 4.274 billion yuan, and 5.133 billion yuan, respectively, with year-on-year growth rates of 28.2%, 25.1%, and 20.1% [5][7]. Business Segment Analysis - The semiconductor materials and chip business is projected to generate revenues of 1.562 billion yuan, 2.359 billion yuan, and 3.159 billion yuan for 2024E-2026E, with respective year-on-year growth rates of 82.36%, 50.98%, and 33.93% [6][7]. - The CMP polishing pad business achieved a record monthly sales volume of over 30,000 pieces in September 2024, with Q3 2024 sales revenue of 225 million yuan, a year-on-year increase of 90% [3][6]. - The semiconductor display materials business reported sales revenue of 115 million yuan in Q3 2024, a year-on-year increase of 110% [4]. Valuation and Market Outlook - The estimated price-to-earnings (PE) ratio for Dinglong Co., Ltd. is projected to be between 55x and 60x for 2024E, corresponding to a reasonable market capitalization range of 28.474 billion yuan to 31.062 billion yuan [4][8]. - The reasonable value per share is estimated to be between 30.35 yuan and 33.11 yuan [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][5]. Core Insights - The company has experienced significant revenue growth in its semiconductor materials segment, with a total revenue of 2.426 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.5%. The net profit attributable to shareholders reached 376 million yuan, up 113.5% year-on-year [1][2]. - The semiconductor materials business, including integrated circuit chip design and application, generated approximately 1.089 billion yuan in revenue, marking an 88% increase year-on-year. Notably, CMP polishing pads achieved revenue of about 524 million yuan, a 95% increase [2]. - The company plans to issue convertible bonds to raise up to 920 million yuan to enhance its semiconductor materials platform, with specific projects aimed at increasing production capacity and localizing key raw materials [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 907 million yuan, a 27.2% increase year-on-year and an 11.9% increase quarter-on-quarter. The net profit for the quarter was 158 million yuan, reflecting a 97.2% year-on-year increase [1][2]. - The overall gross margin for the first three quarters of 2024 was approximately 46.5%, an increase of 10.7 percentage points year-on-year [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised upwards, with expected net profits of 511 million yuan (up 16.9%), 662 million yuan (up 15.4%), and 922 million yuan (up 15.6%) respectively [2].

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月26日 电子 鼎龙股份(300054.SZ) 半导体业务占比持续提升，带动公司盈利能力显著增强 推荐 ( 维持) 事项： 公司公布2024年三季报，2024年前三季度公司实现营收24.26亿元，同比增长 29.54%；归属上市公司股东净利润3.76亿元，同比增长113.51%。 平安观点： ■ 股价:27.83元 主要数据 | --- | --- | |------------------------------------|-----------------| | 行业 | 电子 | | 公司网址 | www.dl-kg.com | | 大股东 / 持股 | 朱双全 /14.84% | | 实际控制人 | 朱双全 , 朱顺全 | | 总股本 ( 百万股 ) | 938 | | 流通 A 股 ( 百万股 ) | 728 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 261 | | 流通 A 股市值 ( 亿元 ) | 203 | | 每股净资产 ( 元 ) 资产负债率 (%) | 4.6 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a total revenue of 2.426 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1]. - The semiconductor business has significantly increased its contribution to revenue and profit, with a revenue of 1.086 billion yuan in the semiconductor segment for the first three quarters, marking a 93% year-on-year increase and accounting for 45% of total revenue [1]. - The CMP polishing pad business reached a record monthly sales volume of over 30,000 pieces in September 2024, with a total revenue of 523 million yuan for the first three quarters, up 95% year-on-year [1]. - The company is expanding its production capacity for CMP polishing pads, with plans to achieve a monthly production of 40,000 pieces by the first quarter of 2025 [1]. - The advanced display materials segment also showed strong growth, with a revenue of 282 million yuan in the first three quarters, up 168% year-on-year [1]. Financial Forecasts - The company is projected to achieve revenues of 3.345 billion yuan in 2024, 4.012 billion yuan in 2025, and 4.845 billion yuan in 2026, with growth rates of 25.4%, 19.9%, and 20.8% respectively [2][4]. - The net profit attributable to shareholders is expected to be 519 million yuan in 2024, 698 million yuan in 2025, and 922 million yuan in 2026, with growth rates of 133.7%, 34.5%, and 32.2% respectively [2][4]. - The earnings per share are forecasted to be 0.55 yuan in 2024, 0.74 yuan in 2025, and 0.98 yuan in 2026 [2][4]. - The price-to-earnings (PE) ratio is projected to decrease from 50 in 2024 to 28 in 2026, indicating improving valuation [2][4].

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 鼎龙股份（300054.SZ） 半导体显示材料多点开花，平台公司日臻完善 事件：公司发布 2024 年三季报，业绩表现偏预告上限，延续高增。 前三季度：实现营业收入 24.26 亿元，同比+30%；归母净利润 3.76 亿元，同比+114%；扣非净利润 3.43 亿元，同比+165%； Q3 单季度：实现营业收入 9.07 亿元，同比+27%，环比+12%；归 母净利润 1.58 亿元，同比+97%，环比+16%；扣非净利润 1.47 亿 元，同比+139%，环比+12%。 半导体材料、显示材料加速放量，收入结构转型持续推进，光电材料收入 占比已从 2023 年 32%提升至 2024 年前三季度的 45%。 CMP 抛光垫：前三季度实现营收 5.23 亿元，同比+95%，其中 Q3 实现收入 2.25 亿元，同比+90%，环比+38%； 抛光液、清洗液：前三季度实现营收 1.40 亿元，同比+190%，其中 Q3 实现收入 0.64 亿元，同比+191%，环比+57%； 显示材料：前三季度实现营收 2.82 亿元，同比+ ...

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 27.59 | | 一年内最高/最低（元） | 31.44/15.36 | | 市净率 | 6.2 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 20,090 | | 上证指数/深证成指 | 3,280.26/10,441.75 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 4.63 | | | | | 资产负债率 % | 34.79 | | 总股本/流通 A 股（百万） | 938/728 | | 流通 B 股/H 股（百万） | -/- | 一年内 ...

湖北鼎龙控股股份有限公司 2024 年第三季度报告 □是 √否 证券代码：300054 证券简称：鼎龙股份 公告编号：2024-074 湖北鼎龙控股股份有限公司 2024 年第三季度报告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 重要内容提示: 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □是 √否 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □ 是 √ 否 4.审计师发表非标意见的事项 □ 适用 √ 不适用 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------- ...