Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][10]. Core Insights - The company is expected to achieve a revenue of approximately 3.36 billion RMB in 2024, representing a year-on-year growth of 26%. The net profit attributable to shareholders is projected to be between 490 million to 530 million RMB, reflecting a significant year-on-year increase of 121% to 139% [6]. - The semiconductor materials segment is rapidly growing, with expected revenue of about 1.56 billion RMB in 2024, a year-on-year increase of approximately 79%, which will account for around 46% of total revenue [6]. - The company has successfully launched new products in the advanced packaging and photolithography materials sectors, receiving orders from major domestic wafer manufacturers [6]. Summary by Sections Company Overview - The company operates in the chemical industry, with a current A-share price of 25.50 RMB as of January 16, 2025. The market capitalization is approximately 18.568 billion RMB, with a total of 938.28 million shares issued [2]. Financial Performance - The company forecasts a net profit of 5.1 billion RMB for 2024, with a year-on-year growth of 128%. The earnings per share (EPS) is expected to be 0.54 RMB [9]. - The revenue for 2024 is projected to be 3.4 billion RMB, with a gross profit margin improvement expected due to the higher contribution from semiconductor materials [6][9]. Product Segmentation - The product mix includes printing and copying consumables (57.7% of revenue) and optoelectronic semiconductor materials (42.3% of revenue) [2]. - The semiconductor materials segment is expected to see significant growth, particularly in CMP polishing pads and liquids, which are projected to achieve revenues of 731 million RMB and 216 million RMB, respectively, in 2024 [6]. Market Position - The company has a strong shareholder base, with institutional investors holding 19.1% of the circulating A-shares [3]. - The stock has shown a year-on-year increase of 23.2%, despite a decline of 2.4% over the past month [2]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2025 and 2026 at 4.06 billion RMB and 4.54 billion RMB, respectively [9]. - The anticipated expansion of production capacity in the semiconductor materials segment is expected to further enhance revenue growth [6].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][6]. Core Views - The company has achieved significant growth in its annual performance, with a focus on electronic materials, indicating a successful strategic transformation and multiple growth points in its new material business [1][6]. - The company is expected to continue its high growth trajectory, with projected revenues and net profits showing substantial increases over the next few years [7][10]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,667 million, with a year-on-year growth rate of -2.0%. For 2024, the revenue is expected to rise to 3,393 million, reflecting a growth rate of 27.2%, and further increase to 4,089 million in 2025, with a growth rate of 20.5% [7][12]. - The net profit attributable to the parent company is forecasted to be 222 million in 2023, with a significant increase to 516 million in 2024 (growth rate of 132.2%) and 666 million in 2025 (growth rate of 29.3%) [7][12]. - Earnings per share are expected to grow from 0.24 in 2023 to 0.55 in 2024 and 0.71 in 2025 [7][12]. - The gross profit margin is projected to improve from 36.9% in 2023 to 43.0% in 2025, indicating enhanced profitability [7][12]. Business Performance Highlights - The company reported record sales in its polishing pad segment, achieving revenues of approximately 7.31 billion, a year-on-year increase of about 75% [10]. - New products such as CMP polishing liquids and cleaning liquids have seen rapid sales growth, with revenues reaching approximately 2.16 billion, reflecting a year-on-year increase of about 180% [10]. - The semiconductor materials and integrated circuit design business generated approximately 15.6 billion in revenue, marking a year-on-year growth of about 79% [10]. - The company has successfully entered a new development phase, with its traditional printing consumables business maintaining steady growth [10].

财联社1月15日电，鼎龙股份发布2024年度业绩预告，预计实现归属于上市公司股东的净利润4.9亿 元-5.3亿元，同比增长约120.71%-138.73%。 其中，半导体材料业务及集成电路芯片设计和应用业务实现营业收入约15.6亿元，同比增长约79%；打 印复印通用耗材业务预计实现营业收入约18亿元，同比略有增长。 ...

Financial Projections - The company expects net profit attributable to shareholders for 2024 to be between RMB 490 million and RMB 530 million, representing a year-on-year growth of approximately 120.71% to 138.73%[3] - The projected revenue for 2024 is approximately RMB 3.36 billion, reflecting a year-on-year increase of about 26%[5] Revenue Performance - The semiconductor materials business generated approximately RMB 1.56 billion in revenue, a year-on-year increase of about 79%[6] - Sales revenue from CMP polishing pads reached approximately RMB 731 million, growing by about 75% year-on-year[6] - The combined sales revenue from CMP polishing liquids and cleaning liquids was approximately RMB 216 million, marking a year-on-year growth of about 180%[6] - The sales revenue from semiconductor display materials totaled approximately RMB 402 million, with a year-on-year increase of about 131%[6] - The printing and copying consumables business is expected to achieve revenue of approximately RMB 1.8 billion, showing slight growth year-on-year[6] Non-Recurring Gains and Expenses - The company anticipates non-recurring gains and losses for the reporting period to be around RMB 50 million, compared to RMB 57.67 million in the same period last year[7] - The company implemented a new equity incentive plan, resulting in share-based payment expenses of approximately RMB 44 million for the reporting period[6] R&D and Customer Service - The company emphasizes the continuous improvement of its R&D and customer service capabilities in the field of innovative materials for import substitution[6]

鼎龙股份向不特定对象发行可转债申请文件 上市保荐书 招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） 深圳市福田区福华一路 111 号 3-3-1 鼎龙股份向不特定对象发行可转债申请文件 上市保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受湖北 鼎龙控股股份有限公司（以下简称"发行人"、"公司"或"鼎龙股份"）的委托， 担任发行人向不特定对象发行可转换公司债券（以下简称"本次发行"）的保荐 机构。 本保荐机构及相关保荐代表人根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办 法》《可转换公司债券管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司证券发行上市审核规则》等法律法规和中国证券监督管理委 员会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的 业务规则和行业自律规范出具上市保荐书，并保证所出具文件的真实性、准确性 和完整性。 （本上市保荐书中所有简称和释义，如无特别说明，均与《湖北鼎龙控股股 份有限公 ...

鼎龙股份向不特定对象发行可转债申请文件 募集说明书 股票简称：鼎龙股份 股票代码：300054 湖北鼎龙控股股份有限公司 Hubei Dinglong Co., Ltd. （武汉市经济技术开发区东荆河路1号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） 二零二四年十二月 鼎龙股份向不特定对象发行可转债申请文件 募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 鼎龙股份向不特定对象发行可转债申请文件 募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集 说明书正文内容，并特别关注以下重要事项： 一、本公司提请投资者注 ...

鼎龙股份向不特定对象发行可转债申请文件 发行保荐书 招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 向不特定对象发行可转换公司债券 之 发 行 保 荐 书 保荐机构（主承销商） CMS @ 招商证券 住所: 深圳市福田区福田街道福华一路 111 号 3-1-1 鼎龙股份向不特定对象发行可转债申请文件 发行保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受湖北 鼎龙控股股份有限公司（以下简称"发行人"、"公司"或"鼎龙股份"）的委托， 担任发行人本次向不特定对象发行可转换公司债券（以下简称"本次发行"）的 保荐机构，李莎和刘海燕作为本保荐机构具体负责推荐的保荐代表人，特此出具 本项目发行保荐书。 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》 等有关法律、行政法规和中国证券监督管理委员会的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 （本发行保荐书中所有简称和释义，如无特别说明，均与《湖北鼎龙 ...

鼎龙股份向不特定对象发行可转债申请文件 发行保荐书 招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 向不特定对象发行可转换公司债券 之 鼎龙股份向不特定对象发行可转债申请文件 发行保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受湖北 鼎龙控股股份有限公司（以下简称"发行人"、"公司"或"鼎龙股份"）的委托， 担任发行人本次向不特定对象发行可转换公司债券（以下简称"本次发行"）的 保荐机构，李莎和刘海燕作为本保荐机构具体负责推荐的保荐代表人，特此出具 本项目发行保荐书。 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》 等有关法律、行政法规和中国证券监督管理委员会的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 （本发行保荐书中所有简称和释义，如无特别说明，均与《湖北鼎龙控股股 份有限公司向不特定对象发行可转换公司债券募集说明书》一致） 3-1-2 鼎龙股份向不特定对象发行可转债申请文件 发 行 ...

鼎龙股份向不特定对象发行可转债申请文件 募集说明书 股票简称：鼎龙股份 股票代码：300054 湖北鼎龙控股股份有限公司 Hubei Dinglong Co., Ltd. （武汉市经济技术开发区东荆河路1号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） 二零二四年十二月 鼎龙股份向不特定对象发行可转债申请文件 募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 鼎龙股份向不特定对象发行可转债申请文件 募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集 说明书正文内容，并特别关注以下重要事项： 一、本公司提请投资者注 ...

招商证券股份有限公司 关于湖北鼎龙控股股份有限公司 向不特定对象发行可转换公司债券 之 鼎龙股份向不特定对象发行可转债申请文件 上市保荐书 上市保荐书 保荐机构（主承销商） 深圳市福田区福华一路 111 号 3-3-1 鼎龙股份向不特定对象发行可转债申请文件 上市保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受湖北 鼎龙控股股份有限公司（以下简称"发行人"、"公司"或"鼎龙股份"）的委托， 担任发行人向不特定对象发行可转换公司债券（以下简称"本次发行"）的保荐 机构。 本保荐机构及相关保荐代表人根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办 法》《可转换公司债券管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司证券发行上市审核规则》等法律法规和中国证券监督管理委 员会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的 业务规则和行业自律规范出具上市保荐书，并保证所出具文件的真实性、准确性 和完整性。 （本上市保荐书中所有简称和释义，如无特别说明，均与《湖北鼎龙控股股 份有限公 ...