招商证券关于鼎龙股份半年度持续督导跟踪报告 关于湖北鼎龙控股股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：鼎龙股份 | | --- | --- | | 保荐代表人姓名：李莎 | 联系电话：0755-8294 3666 | | 保荐代表人姓名：刘海燕 | 联系电话：0755-8294 3666 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI and domestic substitution [4]. Core Insights - The semiconductor industry is experiencing an upward cycle, with Q2 2025 revenue and net profit showing year-on-year and quarter-on-quarter growth, benefiting from AI-driven demand and ongoing domestic substitution efforts [4][12][26]. Summary by Sections Overall Industry Performance - The semiconductor sector achieved a revenue of 318.609 billion yuan in H1 2025, a year-on-year increase of 15.54%, and a net profit of 24.159 billion yuan, up 32.41% year-on-year. In Q2 2025, revenue reached 170.023 billion yuan, growing 15.17% year-on-year and 14.43% quarter-on-quarter, with net profit at 14.825 billion yuan, reflecting a year-on-year increase of 30.91% and a quarter-on-quarter increase of 58.82% [3][12][26]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector reported H1 2025 revenue of 38.923 billion yuan, up 30.86% year-on-year, and a net profit of 6.306 billion yuan, up 18.84% year-on-year. Q2 2025 revenue was 21.038 billion yuan, a year-on-year increase of 28.80% and a quarter-on-quarter increase of 17.62% [27][32]. 2. **Semiconductor Materials** - The semiconductor materials sector achieved H1 2025 revenue of 22.416 billion yuan, up 11.73% year-on-year, with a net profit of 1.437 billion yuan, up 8.81% year-on-year. Q2 2025 revenue was 11.762 billion yuan, reflecting a year-on-year increase of 12.20% and a quarter-on-quarter increase of 10.40% [39][43]. 3. **Digital Chips** - The digital chip sector saw H1 2025 revenue of 87.129 billion yuan, up 24.72% year-on-year, and a net profit of 9.050 billion yuan, up 35.52% year-on-year. Q2 2025 revenue was 49.163 billion yuan, a year-on-year increase of 28.68% and a quarter-on-quarter increase of 29.49% [52][60]. 4. **Analog Chips** - The analog chip sector reported H1 2025 revenue of 24.502 billion yuan, up 13.16% year-on-year, with a net profit of 5.03 billion yuan, up 280.46% year-on-year. Q2 2025 revenue was 13.582 billion yuan, reflecting a year-on-year increase of 17.66% and a quarter-on-quarter increase of 24.38% [4][39]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector achieved H1 2025 revenue of 45.864 billion yuan, up 18.73% year-on-year, with a net profit of 1.542 billion yuan, up 3.50% year-on-year. Q2 2025 revenue was 23.967 billion yuan, a year-on-year increase of 14.28% and a quarter-on-quarter increase of 9.46% [4][39]. 6. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector reported H1 2025 revenue of 55.129 billion yuan, up 19.37% year-on-year, with a net profit of 2.814 billion yuan, up 44.65% year-on-year. Q2 2025 revenue was 27.857 billion yuan, reflecting a year-on-year increase of 16.14% and a quarter-on-quarter increase of 2.14% [4][39].

Core Viewpoint - Dinglong Co., Ltd. is focusing on the semiconductor advanced packaging materials sector, particularly on products with low self-sufficiency, high technical difficulty, and significant future growth potential [1] Group 1: Product Focus - The company is currently developing two main types of products: semiconductor packaging PI and temporary bonding adhesives [1] - By the first half of 2025, the number of available models and customer coverage for semiconductor packaging PI is expected to increase, driving accelerated order growth [1] - The temporary bonding adhesives are maintaining stable shipment volumes with existing customers [1]

Group 1 - The core viewpoint of the article is that Dinglong Co., Ltd. is significantly increasing its R&D investment for 2024 and the first half of 2025, indicating a strong commitment to innovation and product development [1] - For the fiscal year 2024, the company plans to invest 462 million yuan in R&D [1] - In the first half of 2025, the R&D investment is projected to be 250 million yuan, which represents a year-on-year increase of 13.92% and accounts for 14.41% of the company's operating revenue [1] Group 2 - The company's strong R&D investment is seen as a key competitive advantage, supporting the rapid deployment of new products and resources [1] - The continuous enhancement of innovation capabilities is emphasized as a critical aspect of the company's strategy [1]

Core Viewpoint - Dinglong Co., Ltd. reported a significant increase in revenue from semiconductor display materials, indicating strong growth potential in the OLED display panel market [1] Group 1: Financial Performance - In the first half of 2025, the revenue from semiconductor display materials reached 271 million yuan, representing a year-on-year growth of 61.90% [1] - The sales growth is attributed to the continued expansion of existing products such as YPI, PSPI, and TFE-INK, as well as the ongoing customer validation of new products like PFAS Free PSPI [1] Group 2: Market Opportunities - The company aims to enhance the penetration of display material products in panel manufacturers, capitalizing on the robust downstream demand in the OLED display panel industry [1] - There is an expectation for significant growth in medium and large-sized applications, supported by the rapid increase in domestic OLED production capacity [1]

Core Viewpoint - The company, Dinglong Co., Ltd. (300054.SZ), is making significant progress in the development and production of high-end wafer photoresist products, with multiple products expected to enter the market soon [1] Product Development - The company has laid out nearly 30 high-end wafer photoresist products, with over 15 products already sent for customer validation [1] - More than 10 products have entered the gallon sample testing phase, and the overall testing progress is smooth [1] - Several products are expected to aggressively pursue orders in the second half of this year [1] Production Capacity - The first phase of the company's production line in Qianjiang has an annual capacity of 30 tons for KrF/ArF high-end wafer photoresist and is capable of mass production and supply [1] - The second phase, with an annual capacity of 300 tons for KrF/ArF high-end wafer photoresist, is progressing as planned and is expected to enter full trial operation in the fourth quarter of this year [1]

Core Viewpoint - Dinglong Co., Ltd. is focusing on the semiconductor advanced packaging materials sector, particularly on products with low self-sufficiency, high technical difficulty, and significant future growth potential [1] Group 1: Product Focus - The company is currently developing two main product categories: semiconductor packaging PI and temporary bonding adhesives [1] - By the first half of 2025, the number of available models and customer coverage for semiconductor packaging PI is expected to increase, driving accelerated order growth [1] - Temporary bonding adhesives are maintaining stable shipment volumes with existing customers [1]

Core Viewpoint - Dinglong Co., Ltd. has successfully established stable sales and supply of its semiconductor CMP process materials and display materials in major domestic wafer manufacturing and display panel companies, indicating strong market presence and customer trust [1] Group 1: Product Offerings - The main products in the semiconductor CMP process materials field include CMP polishing pads, CMP polishing liquids, and cleaning liquids [1] - Key products in the semiconductor display materials field include YPI, PSPI, and TFE-INK [1] Group 2: Customer Relationships - The company has gained high trust from downstream customers due to excellent product stability and reliability, as well as efficient and timely technical service support [1] - This trust has facilitated the collaborative development and verification of new products, supporting the continuous volume growth and iterative optimization of existing products [1] Group 3: Strategic Development - Deep cooperation and positive interaction with customers have laid a solid foundation for the company to build an innovative materials platform and expand into other key segments of semiconductor materials [1] - These efforts contribute to the company's long-term, sustainable, and high-quality development [1]

格隆汇9月3日丨鼎龙股份(300054.SZ)在投资者关系中表示，2024年度公司研发投入金额4.62亿元；2025 年上半年公司依然维持较高研发投入力度，研发投入金额2.50亿元，较上年同期增长13.92%，占营业收 入的比例为14.41%。技术创新实力一直是鼎龙的核心竞争力之一，高研发投入为各类新产品及配套资 源的快速布局提供了坚实的支撑，创新能力持续提升。 ...

Core Viewpoint - The company, Dinglong Co., Ltd. (300054.SZ), reported a significant increase in sales revenue from semiconductor display materials, indicating strong growth potential in the OLED display panel market [1] Group 1: Financial Performance - In the first half of 2025, the sales revenue from semiconductor display materials reached 271 million yuan, representing a year-on-year growth of 61.90% [1] - The growth was driven by the continued expansion of existing products such as YPI, PSPI, and TFE-INK, along with the ongoing customer validation of new products like PFAS Free PSPI [1] Group 2: Market Opportunities - The company aims to enhance the penetration of its display material products in panel manufacturers, capitalizing on the strong downstream demand in the OLED display panel industry [1] - The domestic OLED production capacity is expected to grow rapidly, providing further opportunities for the company's display materials business to maintain a fast growth trajectory [1]