2024年06月26日 电子 公 司 报 告 鼎龙股份(300054.SZ) 上半年利润同比高增,光电半导体业务占比持续提升 推荐 ( 维持) 股价:21.95元 事项: 公 司 事 项 点 评 主要数据 | 行业 | 电子 | |------------------------|-----------------| | 公司网址 | www.dl-kg.com | | 大股东 / 持股 | 朱双全 /14.72% | | 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 ) | 206 | | 流通 A 股市值 ( 亿元 ) | 160 | | 每股净资产 ( 元 ) | 4.66 | | 资产负债率 (%) | 29.6 | 行情走势图 | 投资咨询资格编号 | |--------------------------| | S1060523070002 | | XUBIYUN372@pingan.com.cn | | 投资咨询资格编号 | | S10605 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to achieve significant growth in its 2024H1 performance, with a projected net profit of 201 million to 221 million yuan, representing a year-on-year increase of 110% to 130% [6] - The growth is attributed to the increased utilization rates in the domestic semiconductor and OLED display panel industries, as well as a notable rise in the company's market share [6] - The report maintains profit forecasts for 2024-2026, estimating net profits of 442 million, 622 million, and 888 million yuan respectively, with corresponding P/E ratios of 46.6, 33.1, and 23.2 times [6] Financial Performance Summary - For 2024H1, the company's CMP polishing pad products generated revenue of 300 million yuan, a year-on-year increase of 100.3% [7] - The CMP polishing liquid and cleaning liquid products achieved combined revenue of 77 million yuan in 2024H1, up 190.87% year-on-year [7] - The semiconductor display materials segment saw revenue of 168 million yuan in 2024H1, reflecting a year-on-year increase of 234.56% [7] - The company's general consumables for printing and copying maintained steady growth, with revenue of 880 million yuan in 2024H1, showing slight growth [8] Financial Forecasts - The company’s projected revenue for 2024 is 3.193 billion yuan, with a year-on-year growth of 19.7% [9] - The estimated gross profit margin for 2024 is 39.8%, with a net profit margin of 13.8% [9] - The report outlines a steady increase in retained earnings, with projections reaching 4.037 billion yuan by 2026 [11]

Financial Performance - The company expects net profit attributable to shareholders to be between RMB 201.33 million and RMB 220.51 million, representing an increase of 110% to 130% compared to the same period last year, where it was RMB 95.87 million [3]. - Non-recurring gains and losses for the reporting period are estimated at approximately RMB 20 million, primarily due to government subsidies, compared to RMB 27.73 million in the same period last year [5]. - The company emphasizes that the financial data is preliminary and has not been audited, urging investors to make cautious decisions [6]. Revenue Growth - The company's semiconductor and OLED display panel business achieved revenue of approximately RMB 640 million, with the revenue share increasing from 32% in 2023 to about 42% [5]. - CMP polishing pad sales reached approximately RMB 300 million, a year-on-year increase of 100.3%, with Q2 sales of about RMB 164 million, reflecting a quarter-on-quarter growth of 21.93% and a year-on-year growth of 92.77% [5]. - The sales of CMP polishing liquid and cleaning liquid products totaled approximately RMB 77 million, a year-on-year increase of 190.87%, with Q2 sales of about RMB 40.79 million, showing a quarter-on-quarter growth of 13.56% and a year-on-year growth of 179.13% [5]. - Sales of semiconductor display materials, including YPI and PSPI, amounted to approximately RMB 168 million, a year-on-year increase of 234.56%, with Q2 sales of about RMB 98.25 million, reflecting a quarter-on-quarter growth of 39.93% and a year-on-year growth of 163.69% [5]. - The printing and copying consumables business is expected to achieve revenue of approximately RMB 880 million, showing slight growth compared to the previous year [5].

Investment Rating - The investment rating for the company is "Buy-A" [1][3]. Core Insights - The company has achieved significant growth in its CMP polishing pad sales, with a record monthly sales of over 20,000 pieces in May 2024. This growth is attributed to its comprehensive product line and strong customer relationships [1]. - The company has successfully achieved self-sufficiency in the three core raw materials for CMP polishing pads, enhancing its supply chain control and competitive edge [1]. - Revenue projections for 2024 to 2026 have been adjusted upwards, with expected revenues of 32.18 billion, 38.19 billion, and 44.61 billion yuan, reflecting growth rates of 20.7%, 18.7%, and 16.8% respectively [3][4]. Summary by Sections Company Overview - The company is the only domestic supplier with full control over the R&D and manufacturing of CMP polishing pads, covering both hard and soft pads [1]. - The successful mass production of CMP polishing hard pads at its Wuhan facility has allowed the company to penetrate mainstream customer markets [1]. Financial Performance - The company reported a revenue of 2,721 million yuan in 2022, with a projected increase to 3,218 million yuan in 2024, representing a year-on-year growth of 20.7% [4]. - The net profit attributable to the parent company is expected to rise from 390 million yuan in 2022 to 441 million yuan in 2024, with a growth rate of 98.6% [4]. Market Position - The company is positioned as a primary supplier of CMP polishing pads to several core wafer manufacturers in China, with expectations for deeper market penetration and expansion into overseas markets [3][4]. - The demand for semiconductor wafers is expected to continue growing, driven by advancements in AI, 5G communication, and other high-performance applications, which will benefit the CMP polishing materials industry [1]. Production Capacity - The company has established a robust production capacity, with the Wuhan facility capable of producing 400,000 hard pads annually and the Qianjiang facility producing 200,000 soft pads [1]. - The company is also expanding its production capabilities for microspheres, which are critical for polishing pad performance, with plans for a new production line expected to yield 50 tons annually [1]. Valuation Metrics - The projected P/E ratios for the company are 49.8, 35.9, and 28.0 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook as earnings grow [4]. - The gross margin is expected to improve from 38.1% in 2022 to 43.9% by 2026, reflecting operational efficiencies and product mix enhancements [4].

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-057 湖北鼎龙控股股份有限公司 关于公司控股股东及部分董事、高级管理人员 间接增持公司股份实施完毕的公告 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。 湖北鼎龙控股股份有限公司（以下简称"公司"）于 2024 年 6 月 1 日披露 了《关于公司控股股东及部分董事、高级管理人员间接增持公司股份的预披露公 告》（公告编号：2024-055）。基于对公司未来持续稳定发展的信心和公司价值 的认可，公司 5 个员工持股平台已按照公司收购控股子公司湖北鼎汇微电子材料 有限公司少数股权时的交易协议约定（具体内容详见公告 2024-033）完成增持行 为，合计增持金额为 7,125.00 万元。其中，公司控股股东、共同实际控制人朱双 全先生和朱顺全先生，董事、财务负责人姚红女士，董事、副总经理兼董事会秘 书杨平彩女士，董事苏敏光先生，副总经理肖桂林先生，副总经理黄金辉先生分 别通过 4 个员工持股平台——宁波思之创企业管理合伙企业（有限合伙）（以下 简称"宁波思之创"）、宁波众悦享企业管理合伙企业（有限合 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-058 湖北鼎龙控股股份有限公司 关于员工持股平台增持公司股份实施完毕的进展公告 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。 湖北鼎龙控股股份有限公司（以下简称"公司"或"鼎龙股份"）于 2024 年 4 月 8 日召开第五届董事会第十八次会议审议了《关于收购控股子公司少数 股权暨关联交易的议案》，并已于 2024 年 5 月 14 日召开 2023 年度股东大 会审议通过上述议案。具体内容详见《关于收购控股子公司少数股权暨关联交易 的公告》等相关公告（公告编号：2024-033、047）。本次交易事项中，控股子 公司原少数股东即五家员工持股平台自愿承诺通过集合竞价交易方式合计使用 7,125 万元用于在二级市场择机增持购买公司股票。现将该承诺事项进展情况公 告如下： 截至本公告披露日，五家员工持股平台已将 7,125.63 万元用于二级市场集合 竞价交易方式买入鼎龙股份股票，购买股票实施时间符合本次交易协议约定的时 间要求，不存在违反上述承诺的情形，本次增持具体情况如下： | 增持主体名 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-056 目前，公司具备武汉年产 40 万片硬垫及潜江年产 20 万片软垫及抛光垫配套 缓冲垫的现有产能条件，产能储备充足，可为后续 CMP 抛光垫产品销售持续增 长提供坚实的产能基础。公司也将紧抓市场机遇，不断提升 CMP 抛光垫的产品 市占率，着力推动 CMP 抛光垫业务收入及公司业绩进一步增长。 以上销量数据源自公司内部统计，未经审计，据此难以准确推算公司全年营 业收入、净利润等财务数据，仅供投资者及时了解公司日常经营概况。具体准确 的财务数据以公司正式披露的定期报告为准。请广大投资者注意投资风险。 特此公告。 湖北鼎龙控股股份有限公司董事会 作为国内唯一一家全面掌握抛光垫全流程核心研发和制造技术的 CMP 抛光 垫国产供应商，公司已完成覆盖 CMP 抛光硬垫、软垫的全系列产品布局，能全 方位满足国内下游晶圆客户各制程节点工艺需求。抛光垫原材料自主化程度不断 加深，现已实现 CMP 抛光硬垫三大核心原材料——预聚体、微球、缓冲垫的全 面自产，同时基于自产核心原材料体系为客户提供定制化产品解决方案，巩固了 CMP 抛光垫产品的核心竞争力。 公司 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-054 湖北鼎龙控股股份有限公司 关于控股子公司完成工商变更登记的进展公告 | 股东名称 | 认缴出资额（万元） | 持股比例 | | --- | --- | --- | | 湖北鼎龙控股股份有限公司 | 10,000.00 | 91.35% | | 建信信托有限责任公司 | 875.79 | 8.00% | | 湖北省高新产业投资集团有限公司 | 71.5784 | 0.65% | | 合计 | 10,947.3684 | 100.00% | 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。 湖北鼎龙控股股份有限公司（以下简称"公司"或"鼎龙股份"）于 2024 年 4 月 8 日召开第五届董事会第十八次会议审议了《关于收购控股子公司少数股 权暨关联交易的议案》，并已于 2024 年 5 月 14 日召开 2023 年度股东大会审议 通过上述议案。具体内容详见《关于收购控股子公司少数股权暨关联交易的公告》 等相关公告（公告编号：2024-033、047）。 截至本公告日，交易各方已完成上述涉及控 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-055 湖北鼎龙控股股份有限公司 关于公司控股股东及部分董事、高级管理人员 间接增持公司股份的预披露公告 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。 湖北鼎龙控股股份有限公司（以下简称"公司"）于近日收到公司控股股东、 共同实际控制人朱双全先生和朱顺全先生，董事、财务负责人姚红女士，董事、 副总经理兼董事会秘书杨平彩女士，董事苏敏光先生，副总经理肖桂林先生，副 总经理黄金辉先生的《间接增持股份的告知函》，基于在公司收购控股子公司少 数股权中双方约定（具体内容详见公告 2024-033）以及对公司未来持续稳定发展 的信心和公司价值的认可，在符合法律法规的前提下，公司上述 7 位董高人员计 划合计用 3,613.89 万元自本公告披露之日起六个月内分别通过员工持股平台— —宁波思之创企业管理合伙企业（有限合伙）（以下简称"宁波思之创"）、宁 波众悦享企业管理合伙企业（有限合伙）（以下简称"宁波众悦享"）、宁波通 慧企业管理合伙企业（有限合伙）（以下简称"宁波通慧"）、宁波晨友企业管 理合伙企业（ ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-053 湖北鼎龙控股股份有限公司 关于公司第四期回购股份注销完成暨股份变动的公告 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。 特别提示： 1、湖北鼎龙控股股份有限公司（以下简称"公司"或"鼎龙股份"）本次回购注 销的股份数为7,448,800股，占回购注销前公司总股本945,731,391股的0.79%。（说 明：公司2019年股票期权激励计划第三个行权期可行权的9,628,960股已全部行权 完毕，公司总股本由原936,102,431股变更为945,731,391股。） 2、本次回购注销完成后，公司总股本由945,731,391股变更为938,282,591股。 3、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销事宜已于2024年5月29日办理完成。 公司因实施回购注销部分社会公众股份导致公司股本总额、无限售条件股份 数量发生变化，依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关规定，现 就第 ...