丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务加速成长，业绩同环比高 增 报告要点 [Table_Summary] 2025Q3 公司实现营业收入 9.67 亿元，同比增长 6.57%；归母净利润为 2.08 亿元，同比增长 31.48%；扣非净利润为 2.01 亿元，同比增长 36.87%；毛利率为 53.67%，同比增长 5.10pct。 2025Q1-Q3 公司实现营业收入 26.98 亿元，同比增长 11.23%；归母净利润为 5.19 亿元，同比 增长 38.02%；扣非净利润为 4.95 亿元，同比增长 44.02%；毛利率为 50.82%，同比增长 4.37pct 。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份 ...

Group 1 - The core viewpoint of the news is that Dinglong Co., Ltd. has seen a significant stock price increase of 5.22%, reaching 36.30 CNY per share, with a total market capitalization of 34.369 billion CNY [1] - Dinglong Co., Ltd. is primarily engaged in the business of printing and copying consumables and optoelectronic semiconductor process materials, with 99.47% of its revenue coming from semiconductor materials, chips, and printing consumables [1] - The company was established on July 11, 2000, and went public on February 11, 2010, located in Wuhan, Hubei Province [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Dinglong Co., with its Quantitative Selected Stock A fund holding 93,200 shares, representing 0.53% of the fund's net value [2] - The fund has achieved a year-to-date return of 29.92% and a one-year return of 22.77%, ranking 1808 out of 4216 and 1780 out of 3922 respectively in its category [2] - The fund manager, Li Haiwei, has a tenure of 12 years and 17 days, with the fund's total asset size at 8.207 billion CNY [3]

Core Viewpoint - Dinglong Co., Ltd. achieved a net profit attributable to shareholders of approximately 520 million yuan in the first three quarters of 2025, representing a year-on-year increase of about 38.0% [1] Financial Performance - In Q3 2025, the company realized a net profit of 210 million yuan, showing a year-on-year growth of approximately 31.5% and a quarter-on-quarter increase of about 22.5% [1] - The Q3 performance met expectations, driven by rapid growth in the semiconductor business [1] Business Drivers - The company's profitability and quality have further improved, primarily due to: 1. Sustained growth in the semiconductor business, driving both year-on-year and quarter-on-quarter performance [1] 2. Ongoing cost reduction and efficiency improvement initiatives [1] Market Position - The company's products have deeply penetrated domestic core wafer fab customers, solidifying its leading position in the domestic supply chain [1] Capacity Expansion - To match downstream demand, the company plans to increase its production capacity to approximately 50,000 wafers per month by the end of Q1 2026, equating to an annual production of about 600,000 wafers [1] Product Development - In the area of advanced semiconductor packaging materials, the company is continuously validating and introducing its products with major domestic packaging and testing customers [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Insights - Dinglong Co., Ltd. has seen a stock price increase of 36.73% year-to-date, with a recent decline of 3.83% over the past five trading days [1] - The company reported a revenue of 2.698 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 11.23%, and a net profit of 519 million yuan, up 38.02% year-on-year [2] Financial Performance - As of October 20, 2025, Dinglong Co., Ltd. had a total of 43,000 shareholders, a decrease of 7.17% from the previous period [2] - The company has distributed a total of 476 million yuan in dividends since its A-share listing, with 141 million yuan distributed over the last three years [2] Stock Market Activity - On November 6, 2025, Dinglong's stock price was reported at 35.44 yuan per share, with a market capitalization of 33.555 billion yuan [1] - The stock experienced a net inflow of 7.0338 million yuan from major funds, with significant buying activity from large orders [1] Business Overview - Dinglong Co., Ltd. specializes in general printing and copying consumables and optoelectronic semiconductor process materials, with 99.47% of its revenue coming from semiconductor materials, chips, and printing consumables [1] - The company is classified under the electronic industry, specifically in electronic chemicals, and is involved in sectors such as photoresists and advanced packaging [1]

Core Viewpoint - The control transfer of Zhongyuan Co., Ltd. to the Zhu family of Dinglong Co., Ltd. is a strategic capital operation that reflects a significant shift in ownership and governance, with both companies planning to continue their independent development in their respective fields [2][3][6]. Company Overview - Zhongyuan Co., Ltd. specializes in the research, manufacturing, and sales of products related to power system intelligent recording analysis, time synchronization, distribution network automation equipment, and comprehensive automation systems [3]. - Dinglong Co., Ltd. focuses on semiconductor materials and general printing consumables [3]. Control Transfer Details - The control transfer involves a combination of voting rights entrustment and a private placement of 500 million yuan, with the Zhu family set to control 26.68% of the voting rights in Zhongyuan after the transfer [4][6]. - As of November 3, 2025, Zhu Mengqian holds 4.92% of Zhongyuan's shares, and the original controlling shareholders will entrust a total of 20.71% of their voting rights to the Zhu family [4][5]. Financial Performance - Zhongyuan Co., Ltd. reported a revenue of 554 million yuan in 2024, a year-on-year increase of 23.57%, and a net profit of 77 million yuan, up 28.05% [6]. - In the first three quarters of 2025, Zhongyuan achieved a revenue of 415 million yuan, a growth of 18.65%, and a net profit of 113 million yuan, a significant increase of 69.27% [6]. - Dinglong Co., Ltd. reported a revenue of 1.732 billion yuan in the first half of 2025, a year-on-year increase of 14%, and a net profit of 311 million yuan, up 42.78% [6]. Future Development Plans - Both companies will maintain their independent development strategies, with Zhongyuan continuing to focus on the smart grid sector and Dinglong enhancing its position in the semiconductor materials field [7]. - The new controlling shareholders of Zhongyuan are expected to bring management and decision-making expertise from Dinglong to improve Zhongyuan's governance and operational efficiency [7].

Core Viewpoint - The control of Zhongyuan Co., Ltd. has changed hands again, with the new actual controllers being Zhu Shuangquan, Zhu Shunquan, and Zhu Mengqian, following a rapid process of only four days from announcement to completion of the transfer [1][2]. Group 1: Control Change Details - On October 30, 2023, a voting rights entrustment agreement was signed, allowing the new controllers to exercise the voting rights of 101 million shares, representing 25.63% of the total voting rights [2][3]. - The company plans to issue up to 61.35 million shares to the new controllers, raising a total of up to 500 million yuan, with the share price set at 8.15 yuan per share [3][4]. - After the issuance, the new controllers will collectively hold 26.68% of Zhongyuan's shares, solidifying their control over the company [3][4]. Group 2: Financial Performance - For the first three quarters of 2025, Zhongyuan reported revenue of 415 million yuan, an increase of 18.65% year-on-year, and a net profit attributable to shareholders of 113 million yuan, up 69.27% year-on-year [1][8]. - In the third quarter alone, the company achieved revenue of 178 million yuan, reflecting a year-on-year growth of 20.13%, and a net profit of 54 million yuan, which is a 60.21% increase compared to the same period last year [7][8]. Group 3: Strategic Intentions - The change in control is aimed at bringing in a new actual controller with strong financial capabilities to enhance the company's competitiveness and governance, promoting long-term sustainable development [8]. - The new controllers are expected to support the company's business development, ensuring a stable shareholding structure and reinforcing control over the company [3][4].

Core Viewpoint - Dinglong Co., Ltd. has announced the adjustment of unused fundraising for the "Optoelectronic Semiconductor Material R&D and Manufacturing Center Project," with a total investment of 288 million yuan and planned fundraising of 155 million yuan [1][2]. Fundraising Adjustment - The company plans to redirect 155 million yuan of the previously raised funds, which accounts for 17.03% of the total fundraising amount of 910 million yuan from a convertible bond issuance [1][2]. - The original project aimed to invest 170 million yuan in the domestic production base for key raw materials, but only 10.69 million yuan has been utilized as of September 30, 2025 [2]. New Project Details - The new project will be implemented by Dinglong Co., with a total investment of 288 million yuan and a construction period of three years [2]. - The project will establish a nine-story R&D and manufacturing center, with an expected annual production capacity of 4,000 tons of prepolymer, 200 tons of microspheres, 400,000 large silicon wafer polishing pads, 30 tons of alumina abrasives, and 50 tons of cerium oxide abrasives [2]. Semiconductor Business Growth - Dinglong Co. focuses on semiconductor innovation materials, particularly in CMP process materials, wafer photoresists, and advanced packaging materials [3]. - The semiconductor segment has become the primary growth driver, achieving a revenue of 1.534 billion yuan in the first three quarters of 2025, a year-on-year increase of 41.27%, with its revenue share rising from 46% in 2024 to 57% [4]. Financial Performance - For the first three quarters of 2025, Dinglong Co. reported a revenue of 2.698 billion yuan, an increase of 11.23% year-on-year, and a net profit attributable to shareholders of 519 million yuan, up 38.02% [4]. - The company has maintained stable performance, with a third-quarter revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% [4]. - R&D investment reached 389 million yuan in the first three quarters, a 16% increase year-on-year, accounting for 14.41% of total revenue, primarily directed towards the semiconductor sector [4].

Core Viewpoint - The control of Zhongyuan Co., Ltd. (300018.SZ) is set to change hands to the Zhu family, the actual controllers of Dinglong Co., Ltd. (300054.SZ), through a combination of voting rights entrustment and a 500 million RMB private placement, marking a significant capital operation across different industries [2][4]. Group 1: Control Change Details - On November 3, Zhongyuan Co. announced the control change, with Zhu Mengqian already holding 4.92% of Zhongyuan's shares and the original controllers entrusting a total of 20.71% of voting rights to the Zhu family [4][5]. - The Zhu family will control 25.63% of the voting rights after the transfer, and following a private placement at 8.15 RMB per share, they will directly hold 15.59% of Zhongyuan's shares [4][5]. - The control transfer has been in preparation for six months, with Zhu Mengqian becoming the largest shareholder by the end of Q3 this year [5][6]. Group 2: Company Performance - Zhongyuan Co. reported a revenue of 554 million RMB in 2024, a year-on-year increase of 23.57%, and a net profit of 77 million RMB, up 28.05% [9]. - For the first three quarters of this year, Zhongyuan achieved a revenue of 415 million RMB, a growth of 18.65%, and a net profit of 113 million RMB, reflecting a significant increase of 69.27% [9]. - Dinglong Co. reported a revenue of 1.732 billion RMB in the first half of 2025, a 14% increase, and a net profit of 311 million RMB, up 42.78% [10]. Group 3: Future Development - Both companies will continue to operate independently, with Zhongyuan focusing on smart grid technology and Dinglong on semiconductor materials and printing consumables [11]. - The new control structure may lead to governance changes at Zhongyuan, but there are currently no plans to alter the company's business layout [10][11]. - The Zhu family aims to enhance Zhongyuan's competitiveness and governance by applying their management and investment experience from Dinglong [11].

Core Viewpoint - Dinglong Co., Ltd. reported strong financial performance for Q3 2025, with revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year, driven by the improving demand in the semiconductor materials sector [1] Financial Performance - Revenue for Q3 2025 reached 2.698 billion yuan, reflecting an 11.23% increase compared to the previous year [1] - Net profit attributable to shareholders was 519 million yuan, representing a 38.02% year-on-year growth [1] Business Focus - The company is concentrating on the semiconductor innovation materials sector, specifically in three sub-segments: CMP materials for semiconductor manufacturing, wafer photoresists, and advanced packaging materials [1] - In addition to its focus on semiconductor materials, the company has established a full industry chain layout in the traditional printing and copying consumables business [1] Future Outlook - The validation testing and market development for new businesses, including advanced packaging materials and high-end wafer photoresists, are progressing as planned [1] - Earnings per share (EPS) projections for 2025-2027 are 0.75, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 47x, 34x, and 27x based on the current stock price [1] - The company maintains a "buy" rating based on its growth prospects [1]

Core Viewpoint - Zhongyuan Co., Ltd. is undergoing a change in control, with a new framework agreement signed by the current and new controlling parties, leading to a significant shift in ownership and voting rights [1][2][3] Group 1: Control Change Announcement - Zhongyuan Co., Ltd. announced the resumption of trading on November 3, 2025, following the application to the Shenzhen Stock Exchange [1] - The company disclosed the signing of a framework agreement for the change of control, along with a voting rights entrustment agreement and a concerted action agreement [1][2] Group 2: New Control Structure - The new controlling parties, Zhu Shuangquan, Zhu Shunquan, and Zhu Mengqian, have signed agreements that terminate previous action agreements and establish new voting rights arrangements [2][3] - The voting rights entrusted to Zhu Shuangquan and Zhu Shunquan amount to 20.71% of the total share capital of Zhongyuan Co., Ltd. [2][3] Group 3: Capital Raising Plans - Zhongyuan Co., Ltd. plans to raise up to 500 million yuan through a private placement of A-shares, with the funds intended to supplement the company's working capital [3][4] - The share issuance price is set at 8.15 yuan per share, which is at least 80% of the average trading price over the previous 20 trading days [4] Group 4: Shareholding Post-Issuance - After the issuance, both Zhu Shuangquan and Zhu Shunquan are expected to hold approximately 5.61% of the company's shares each, maintaining their status as controlling parties along with Zhu Mengqian [5] - The company has a registered capital of approximately 4.8 billion yuan and is primarily engaged in the manufacturing of electrical machinery and equipment [5]