Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 19.20 [1] - The sector rating is **Outperform** [1] Core Views - The company's performance in the first half of 2024 showed significant year-on-year growth, with Q2 2024 polishing pad revenue reaching a historical high [1] - The company's semiconductor business layout and new product development progress are key drivers for maintaining the Overweight rating [1] - The company's 2024 H1 revenue reached RMB 1.519 billion, a 31.01% YoY increase, with net profit attributable to shareholders of RMB 218 million, a 127.22% YoY increase [4] - Q2 2024 revenue was RMB 811 million, a 32.25% YoY increase, with net profit attributable to shareholders of RMB 136 million, a 122.88% YoY increase [4] Financial Performance - The company's gross margin in H1 2024 was 45.19%, an increase of 11.35 percentage points YoY, while the net margin was 18.85%, up 8.75 percentage points YoY [4] - Operating cash flow in H1 2024 was RMB 341 million, indicating strong cash flow support for business development [4] - R&D investment in H1 2024 was RMB 219 million, accounting for 14.42% of revenue, supporting rapid layout of new products [4] Semiconductor Business - Semiconductor business revenue in H1 2024 was RMB 634 million, a 106.56% YoY increase, accounting for 42% of total revenue [4] - CMP polishing pad revenue in H1 2024 was RMB 298 million, a 99.79% YoY increase, with Q2 revenue reaching RMB 163 million, a 92.03% YoY increase [4] - Polishing liquid and cleaning liquid revenue in H1 2024 was RMB 76.41 million, a 189.71% YoY increase, entering a phase of order volume expansion [4] Display Materials and Advanced Packaging - Display materials revenue in H1 2024 was RMB 167 million, a 232.27% YoY increase, with Q2 revenue of RMB 97.07 million, a 160.53% YoY increase [4] - The company has developed 20 photoresist products, with 9 already sent for testing and 5 entering the gallon sample verification stage [4] - The company has laid out 7 semiconductor packaging PI products, with 5 already sent for testing and some products verified and imported in H1 2024 [4] Valuation and Forecast - The report slightly raises the profit forecast, expecting net profit attributable to shareholders of RMB 448 million, RMB 667 million, and RMB 871 million for 2024-2026, with EPS of RMB 0.48, RMB 0.71, and RMB 0.93 respectively [4] - The PE ratios for 2024-2026 are expected to be 40.2x, 27.0x, and 20.7x respectively [4]

证 券 2024 年 08 月 22 日 研 告 究 上半年业绩高增，打造半导体材料平台型企业 报 —鼎龙股份（300054.SZ）公司事件点评报告 增持(首次) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 基本数据 2024-08-21 | --- | --- | |----------------------|-------------| | 当前股价（元） | 19.51 | | 总市值（亿元） | 183 | | 总股本（百万股） | 938 | | 流通股本（百万股） | 728 | | 52 周价格范围（元） | 16.36-24.88 | | 日均成交额（百万元） | 184.32 | 资料来源：Wind，华鑫证券研究 鼎龙股份发布 2024 半年度业绩报告：2024 年上半年，公司 实现营收 15.2 亿元，同比增长 31.01%；实现归母净利润 2.2 亿元，同比增长 127.22%。 投资要点 ▌开拓卓有成效，Q2 收入利润同环比双增 公司 Q2 单季度现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for Dinglong Co., Ltd. (300054.SZ) [4] Core Views - Dinglong Co., Ltd. achieved a revenue of 1.519 billion yuan in H1 2024, representing a year-on-year increase of 31.01%, and a net profit attributable to shareholders of 218 million yuan, up 127.22% year-on-year [1] - The new materials business contributed over half of the revenue, with semiconductor materials revenue reaching 634 million yuan, a year-on-year increase of 106.56%, and its share of total revenue rising from 32% in 2023 to 42% in H1 2024 [1] - The company plans to issue convertible bonds to raise 920 million yuan, with 480 million yuan allocated for the construction of 300 tons of KrF/ArF photoresist capacity, aiming to tackle the challenges of domestic production in high-end materials [1][2] Summary by Sections Financial Performance - In Q2 2024, Dinglong Co., Ltd. reported revenue of 811 million yuan, a quarter-on-quarter increase of 14.52% and a year-on-year increase of 32.35%, with a net profit of 136 million yuan, up 67.04% quarter-on-quarter and 122.88% year-on-year [1] - The company’s revenue from display materials reached 167 million yuan in H1 2024, a year-on-year increase of 232.27% [1] Business Development - The company has established a leading position in the domestic supply of YPI and PSPI products, with production capacities of 1,000 tons and 1,200 tons respectively [2] - The stock incentive plan aims for net profit targets of 500 million, 700 million, and 1 billion yuan for 2024, 2025, and 2026 respectively, indicating a projected compound annual growth rate (CAGR) of 65% from 2023 to 2026 [2] Market Outlook - The global PSPI market is expected to reach 12 billion yuan by 2029, with a compound annual growth rate of 27.5% from 2022 to 2029, positioning Dinglong Co., Ltd. favorably in the new display materials sector [2] - The report forecasts net profits of 516 million, 721 million, and 972 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 36, 25, and 19 [2]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved significant growth in Q2 2024, with revenue reaching 8.11 billion yuan, a year-on-year increase of 32.35%, and a net profit of 1.36 billion yuan, up 122.88% year-on-year [2]. - The semiconductor innovation materials business is accelerating, with CMP polishing pad revenue hitting a record high of 298 million yuan, a 99.79% increase year-on-year [2]. - The company is expected to benefit from increasing downstream demand in the semiconductor sector, with projected net profits of 4.79 billion yuan, 6.60 billion yuan, and 9.31 billion yuan for 2024, 2025, and 2026 respectively [2]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of 15.19 billion yuan, a 31.01% increase year-on-year, and a net profit of 2.18 billion yuan, up 127.22% year-on-year [2]. - The gross profit margin improved to 45.19%, an increase of 11.36 percentage points year-on-year [2]. - The company’s revenue and net profit growth in Q2 were driven by expanding its semiconductor business market and improving product penetration in domestic wafer and display panel manufacturers [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.378 billion yuan, 3.868 billion yuan, and 4.481 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 479 million yuan, 660 million yuan, and 931 million yuan [3][6]. - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 38, 28, and 20 respectively [3][6].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][9]. Core Insights - The company has demonstrated significant growth in its semiconductor materials business, with a notable increase in profitability driven by scale effects and operational efficiencies [6][9]. - In the first half of 2024, the company achieved revenue of 1.519 billion yuan, representing a year-on-year growth of 31.01%, and a net profit attributable to shareholders of 218 million yuan, up 127.22% year-on-year [6][9]. - The gross margin and net margin for the first half of 2024 were 45.19% and 18.85%, respectively, reflecting substantial improvements compared to the previous year [6][9]. Financial Performance Summary - Revenue for 2022 was 2.721 billion yuan, with a projected decline to 2.667 billion yuan in 2023, followed by a recovery to 3.248 billion yuan in 2024, and further growth expected in subsequent years [5][10]. - Net profit for 2022 was 390 million yuan, with a forecasted drop to 222 million yuan in 2023, and a rebound to 464 million yuan in 2024, indicating a strong recovery trajectory [5][10]. - The company's gross margin is expected to improve from 36.9% in 2023 to 45.5% in 2024, while the net margin is projected to rise from 8.3% to 14.3% in the same period [5][13]. Business Segment Performance - The semiconductor materials segment, including CMP polishing pads, has shown remarkable growth, with sales reaching 298 million yuan in the first half of 2024, a year-on-year increase of 99.79% [8][9]. - The company has successfully entered the market for semiconductor display materials, achieving sales of 167 million yuan, which is a 232.27% increase year-on-year [8][9]. - The company is actively developing high-end photolithography materials, with 20 products in the pipeline, and has made significant progress in customer testing and validation [8][9]. Future Earnings Forecast - The company’s net profit is projected to reach 464 million yuan in 2024, 683 million yuan in 2025, and 964 million yuan in 2026, reflecting a strong growth outlook [9][10]. - Earnings per share (EPS) are expected to increase from 0.49 yuan in 2024 to 1.03 yuan in 2026, indicating a positive trend in profitability [9][10].

鼎龙股份 20240820_原文 2024 年 08 月 20 日 23:27 发言人 00:00 人可直接发言，谢谢。本次会议为中国国际金融股份有限公司中金公司闭门会议，仅限受邀嘉宾参会。未 经中金公司和演讲嘉宾书面许可，任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发 转载、传播、复制、编辑、修改等。如有上述违法行为，中兴公司保留追究相关方法律责任的权利。This meeting is a close to door meeting of china international capital CoOperation limited C, I, C, C, and only invited, get allowed to attend without the written formation of C, I, C, C. And at the speaker, no organization or individual is allowed to punish forward, reprint, disseminate, copy, I did or modify the main com ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.21 公 司 更 新 报 告 证 券 研 究 报 告 ——鼎龙股份半年度业绩点评 [table_Authors] 舒迪(分析师) 钟浩(分析师) 文越(分析师) 021-38676666 021-38038445 021-38038032 shudi@gtjas.com zhonghao027638@gtjas.com wenyue029694@gtjas.com 登记编号 S0880521070002 S0880522120008 S0880524050001 半导体材料加速放量，公司利润显著提升 鼎龙股份(300054) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 30.00 | | | 上次预测: | 30.00 | | [当前价格： T ...

本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息独来公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利 这次会议是中国国际资产合作组织CICC的闭门会议,只有邀请客人可以参加。没有CICC的签名和评论人的允许,任何组织或人员不得删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、� 好的 各位投资者 大家上午好欢迎参加典能股份2024年的中报业务说明会我是中银公司的分析师吴迪那今天参会的公司领导主要有总理杨总 财务总监姚总 那昨天晚上的话公司也是正式发布了2024年的中报业绩那我也发现公司其实对业绩的这个披露的格式做了一些调整使得整个这个这个中报的这个靠读性大大增强应该说公司在这个地方还是体现了很多的心思在里面的那相信各位领导在看完这个中报这个业绩之后应该有更多的细节是希望跟公司做这样一个交流 那今天我们的电话会的话我们会先请公司的领导简单的介绍一下业绩的情 ...

本次会议为中国国际金融股份有限公司中金公司闭门会议,仅限受邀嘉宾参会。未经中金公司和演讲嘉宾书面许可,任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等。 如有上述违法行为重新公司保留追究相关方案法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC,and only invited guests are allowed to attend.Without the written permission of CICC and the speaker,no organization or individual is allowed to punish, forward, reprint, disseminate, copy, 好的 各位投资者 大家上午好欢迎参加点名股份2024年的中报业主说明会我是中银公司的分析师吴迪今天参会的公司领导主要有总经理杨总财务总监姚总 昨天晚上公司也是正式发布了2024年的中茂业绩我也发现公司 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|--------------------------------------------|----------------------------------------------| | 2024 年 08 月 20 日 \n鼎龙股份（ 300054.SZ ） \n半导体材料带动业绩增长，打造进口替代类创新 \n材料平台公司 | 投资评级 \n股价 | (2024-08-20) | 公司研究●证券研究报告 \n基础化工 \| \n买入 | 公司快报 \n电子化学品Ⅲ \n-A(维持) ...