证券研究报告 | 首次覆盖报告 2024年04月15日 鼎龙股份（300054.SZ） 材料国产化平台，芯屏并举放量在即 半导体、新型显示“卡脖子”材料国产化平台。公司成立于2000年，早期 买入（首次） 突破了三菱等日系企业垄断，成为了打印耗材龙头，并在传统主业中沉淀出 股票信息 了一套设计产品矩阵、配套关键原料的成功范式。2013 年开始，公司先后 瞄准半导体、新型显示两大赛道，致力于国产化被陶氏、东丽等外企垄断的 行业 电子化学品Ⅱ “卡脖子”材料，已成为国内 CMP 抛光垫领跑者。公司多年来在与下游客 4月12日收盘价(元) 20.43 户的交互式研发中持续地测试、改良材料，同时围绕下游所亟需打造更为完 总市值(百万元) 19,321.29 善的产品矩阵，朝高端电子材料“一站式平台”方向阔步向前。 总股本(百万股) 945.73 其中自由流通股(%) 77.78 打造七大技术平台，贯通产业链。东丽等海外巨头的长期发展多离不开底层 30日日均成交量(百万股) 7.21 技术平台的搭建。公司从传统主业开始在有机合成、无机成型等领域不断沉 股价走势 淀，打造出七大技术平台，横向实现了产品线之间的技术赋能，纵 ...

[鼎Tab龙le_股Stoc份kN（am 3eR 0p 0tT 0yp 5e 4] ） 公司研究/公司点评 半导体材料 Q4 恢复良好，新品验证进展顺利 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-14 ⚫[ T事ab件le _Summary] 公司发布2023年报，根据公告，公司23年实现收入26.67亿元，同 [收Ta盘bl价e_（Ba元se）D ata] 20.43 近12个月最高/最低（元） 30.17/15.36 比减少2%；实现归母净利润2.22亿元，同比减少43.08%；实现扣非 总股本（百万股） 946 净利润1.64亿元，同比减少52.79%；毛利率36.95%，净利率 流通股本（百万股） 736 10.79%。 流通股比例（%） 77.78 23Q4，公司实现单季度收入7.95亿元，同比增长3.72%，环比增长 总市值（亿元） 193 11.50%；实现单季度归母净利润0.46亿元，同比下滑51.99%，环比 流通市值（亿元） 150 减少42.50%；实现单季度扣非归母净利润0.35亿元，同比下滑 55.63%，环比减少42.62%；毛利率3 ...

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 鼎龙股份（300054）公司年报点评 2024年04月13日 [Table_InvestInfo] 23Q4 单季度收入 7.95 亿元创 3 年来新 投资评级 优于大市 调高 高，新产品导入客户、验证进展顺利 股票数据 0[4Ta月b1le2_日S收to盘ck价（In元fo）] 20.43 [投Ta资ble要_S点um：m不ar断y] 突破卡脖子材料的技术研发壁垒，2024E 更多新 52周股价波动（元） 15.36-30.17 产品导入客户、开始放量。 总股本/流通A股（百万股） 946/736 总市值/流通市值（百万元） 19321/15029 相关研究  2023年为新业务、新产品蓄势年。鼎龙股份是国内领先的关键大赛道领域中 各类核心“卡脖子”进口替代类创新材料的平台型公司，此外也在传统打印 [《Ta 23b Qle 2_单R季ep度o有rtI望nf为o经] 营拐点，下半年重回 通用耗材业务领域进行全产业链布局。2023年实现营业收入26.67亿元，同 增长可期》2023.08.23 比降2.00%；归母净利 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电子化学品 ＃investSuggestion＃ ＃ ＃d 鼎yCo 龙mp 股any＃份 （ 300054 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 新材料业务保持良好态势，材料平台型龙头成长可期 ange＃ ＃ createTime1＃ 2024年 04月 10日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年年报，全年实现收入26.67亿元，同比下降2%，若 司 市场数据日期 2024-04-09 剔除合并报表范围因素影响，则同比基本持平；归母净利润2.22亿元，同比 点 收盘价（元） 21.57 下降43.08%，扣非后1.64亿元，同比下降52.79%。符合业绩预告。 评 总股本（百万股） 945.73 报 流通股本（百万股） 735.62 ⚫ 下游需求改善+产品放量，新材料业务收入态势良好。公司 Q4 单季度收入 净资产（百万元） 4468.46 7.95 亿元，同比增长 3.72%，环比增长 11.4%，系抛 ...

电子 公 2024年04月10日 司 报 鼎龙股份(300054.SZ) 告 利润端因多重因素承压，多项半导体业务取得突破 推荐 ( 维持 ) 事项： 公司公布2023年年报，2023年公司实现营收26.67亿元，同比减少2%；归属 股价:20.88元 上市公司股东净利润2.22亿元，同比减少43.08%。公司计划不派发现金红 公 主要数据 利，不送红股，不以公积金转增股本。 行业 电子 司 平安观点： ...

2024年4月11日 公司研究 光电半导体材料营收快速增长，加速产品客户端导入及放量 ——鼎龙股份（300054.SZ）2023 年年报点评 要点 买入（维持） 当 前价：20.88元 事件：公司发布2023年年报。2023年，公司实现营收26.67亿元，同比减少 2.00%；实现归母净利润2.22亿元，同比减少43.08%；实现扣非后归母净利润 1.64亿元，同比减少52.79%。2023Q4，公司单季度实现营收7.95亿元，同比 作者 增长3.72%，环比增长11.42%；实现归母净利润4575万元，同比减少51.99%， 分析师：赵乃迪 环比减少43.09%。 执业证书编号：S0930517050005 010-57378026 光电半导体材料营收快速增长，期间费用率增高业绩暂时承压。2023年，公司 zhaond@ebscn.com 打印复印通用耗材和光电半导体材料及芯片业务营收分别为17.86亿元和8.57 亿元，同比分别变动-8.1%和+18.8%。光电半导体材料方面，2023年公司CMP 分析师：周家诺 抛光垫业务实现营收4.18亿元，同比减少8.65%。23Q4公司CMP抛光垫实现 执业证书编 ...

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 10 Apr 2024 鼎龙股份 Hubei Dinglong (300054 CH) 2023 年归母净利润同比减少 43.08%，半导体业务取得突破 2023 Net profit -43.08% YoY & Breakthroughs in Semiconductors business 庄怀超Huaichao Zhuang hc.zhuang@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary)  2023 年归母净利润同比减少 43.08%。2023 年公司实现营收 26.67 亿元，同比减少 2%；实现归母净利润 2.22 亿 元，同比减少 43.08%；实现扣非净利润 1.64 亿元，同比减少 52.79%。2023 年经营业绩同比变动的原因主要系： （1）公司持续加大在半导体创新材料新项目等方面的研发投入力度；（2）因公司仙桃产业园建设影响银行贷款 利息支出增加 ...

证券研究报告 公 2024年04月10日 司 报 告 鼎龙股份(300054) │ 行 业： 电子/电子化学品Ⅱ 公 投资评级： 司 当前价格： 20.88元 半导体材料业务有望快速发展 年 目标价格： 报 点 事件： 评 基本数据 公司发布 2023 年报，业绩符合预期。2023 年公司实现营业收入 26.67 亿 总股本/流通股本(百万股) 945.73/735.62 元，yoy-2%；归母净利润2.22亿元，yoy-43.08%；扣非净利润1.64亿元， 流通A股市值(百万元) 15,359.81 yoy-52.79%；EPS为0.24元/股。 每股净资产(元) 4.73 ➢ 利润短期承压，半导体业务稳步增长 资产负债率(%) 27.31 受宏观经济波动影响，2023年公司营收同比略有下滑，yoy-2%；公司归母 一年内最高/最低(元) 30.17/15.36 净利润同比有较大幅度下滑，主要受新品研发投入过大、利息支出及汇兑 损失增加等影响。分业务来看，2023年公司打印复印通用耗材业务实现收 股价相对走势 入 17.86 亿元，yoy-8.08%；半导体板块业务实现收入 8.57 亿元， 鼎龙股份 沪 ...

电子/电子化学品Ⅱ 公 司 研 鼎龙股份（300054.SZ） 2023 年业绩符合预期，新产品加速放量 究 2024年04月10日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘天文（分析师） luotong@kysec.cn liutianwen@kysec.cn 证 书编号：S0790522070002 证书编号：S0790523110001 日期 2024/4/9 当前股价(元) 21.57  2023年业绩符合预期，看好公司新品放量，维持“买入”评级 公 一年最高最低(元) 30.17/15.36 公司发布2023年年报，2023年公司实现营收26.67亿元，同比-2.00%；归母净 司 总市值(亿元) 203.99 利润 2.22 亿元，同比-43.08%；扣非归母净利润 1.64 亿元，同比-52.79%；销售 信 息 流通市值(亿元) 158.67 毛利率36.95%，同比-1.15pcts。2023Q4单季度实现营收7.95亿元，同比+3.72%， 更 总股本(亿股) 9.46 环比+11.42%；归母净利润0.46亿元，同比-51.97%，环比-43.09%；扣非归母净 ...

Financial Performance - The company reported a significant decline in performance, with no cash dividends or stock bonuses planned for distribution [2]. - The company has not achieved profitability since its listing and continues to operate at a loss [2]. - The company's operating revenue for 2023 was ¥2,667,127,862.20, a decrease of 2.00% compared to ¥2,721,483,697.38 in 2022 [15]. - Net profit attributable to shareholders for 2023 was ¥222,007,881.42, down 43.08% from ¥390,026,548.37 in 2022 [15]. - The net profit after deducting non-recurring gains and losses was ¥164,342,123.52, a decline of 52.79% from ¥348,051,385.99 in 2022 [15]. - The net cash flow from operating activities for 2023 was ¥534,348,648.61, a decrease of 5.05% compared to ¥562,786,027.33 in 2022 [15]. - The basic earnings per share for 2023 was ¥0.24, a decrease of 42.86% from ¥0.42 in 2022 [15]. - The diluted earnings per share for 2023 was ¥0.2347, reflecting a decline due to changes in total share capital [17]. - The fourth quarter net profit attributable to shareholders decreased by 43% compared to the previous quarter, primarily due to asset impairment losses [18]. Research and Development - The company is actively engaged in research and development of new products and technologies in the advanced materials sector [6]. - The company is actively pursuing R&D in new technologies, particularly in the area of advanced packaging materials and processes, to meet the increasing demands of the electronics industry [8]. - The company has developed a high-purity resin for KrF/ArF photoresists based on polymer synthesis technology, enhancing its product offerings in the semiconductor sector [58]. - The company is focusing on developing new products such as PFAS Free PSPI and BPDL, which are expected to enhance product competitiveness and fill technology gaps in the market [84]. - The company has established dual R&D centers in Wuhan and Qianjiang to enhance its capabilities in material development and production [46]. - The company has established five application evaluation systems for new product development, which helps improve product performance and reduce time-to-market [60]. - The number of R&D personnel increased by 40.78% to 1,191 in 2023 from 846 in 2022, with a notable rise in the proportion of personnel holding bachelor's degrees [86]. Market and Product Development - The company has established several wholly-owned subsidiaries focused on advanced materials and semiconductor technologies [6]. - The company reported a significant focus on the development of core materials for chemical mechanical polishing (CMP), including CMP pads, slurries, and cleaning solutions, which are essential for semiconductor manufacturing [7]. - The introduction of yellow polyimide slurry (YPI) as a key material for flexible OLED displays, highlighting its excellent thermal resistance and mechanical properties [7]. - The company is expanding its product line to include various types of photoresists for semiconductor packaging, including positive and negative PSPI photoresists, which are crucial for wafer-level packaging processes [7]. - The company is focused on achieving breakthroughs in domestic production of high-end photoresists for wafer manufacturing and advanced packaging [108]. - The company aims to explore new market opportunities in the high-end packaging materials sector, which is currently dominated by foreign suppliers [40]. - The company has launched several new semiconductor display materials, including yellow polyimide slurry (YPI) and light-sensitive polyimide slurry (PSPI), establishing itself as a leading domestic supplier for these products [37]. Strategic Planning and Governance - The management highlighted potential risks related to future plans and performance forecasts, urging investors to maintain awareness of these risks [2]. - The board of directors and management confirmed the accuracy and completeness of the annual report, with no dissenting opinions noted [2]. - The company has established a performance evaluation and incentive mechanism for senior management, ensuring that their compensation is closely linked to company performance [125]. - The company has a strategic focus on expanding its market presence through the development of new products and technologies, particularly in the semiconductor and display materials sectors [58]. - The company has established a comprehensive compensation policy to attract and retain talent, focusing on competitive salaries and performance bonuses [156]. - The company has a stock incentive plan in place to align the interests of core employees with the company's performance [125]. Environmental and Social Responsibility - The report emphasizes the importance of sustainable practices in the production of consumables, including the recycling of used materials to align with environmental standards [8]. - The company has received environmental approval for several projects, including a 10,000-ton semiconductor nano-grinding particle project [54]. - The company has implemented water-saving measures, achieving a reduction of over 20,000 tons in tap water usage annually through pure water recycling [184]. - The company actively engages in corporate social responsibility, focusing on employee welfare and environmental protection initiatives [186]. - The company has established emergency response plans for environmental incidents across its subsidiaries, ensuring preparedness for potential environmental emergencies [182]. Financial Management and Investments - The company has seen a significant increase in government subsidies, amounting to ¥69.46 million in 2023, compared to ¥44.36 million in 2022 [22]. - The company reported a total of non-recurring gains and losses of ¥57.67 million in 2023, an increase from ¥41.98 million in 2022 [22]. - The company has established a stable supply relationship with upstream key raw material suppliers to ensure supply chain security [187]. - The company has committed to not selling shares for six months after exercising stock options, ensuring alignment with shareholder interests [194]. - The company has a three-year shareholder return plan for 2023-2025 [147]. Risk Management - The company faces risks from macroeconomic fluctuations and international trade uncertainties that could impact its semiconductor and consumables businesses [111]. - The company is managing the risk of underutilization of new production lines by aligning production schedules with customer demand [113]. - The company is implementing strict monitoring of accounts receivable and inventory management to control operational costs and improve efficiency in the printing and copying consumables segment [115]. - The company is addressing competitive pressures in the semiconductor materials sector by focusing on high-tech, import-substituting products [112]. Investor Relations - A total of 24 investors and securities personnel participated in a research meeting on February 10, 2023, discussing the company's basic situation and future strategies [116]. - The company conducted multiple investor meetings throughout 2023, with a total of 340 participants on August 20-21, discussing future strategies [117]. - The company emphasizes transparency in investor relations, providing multiple channels for communication and ensuring fair access to information for all shareholders [124]. - The company has received an A-level rating for information disclosure from the Shenzhen Stock Exchange for the 2022-2023 period, indicating a commitment to transparency [121].