2024 年 07 月 09 日 公司研究●证券研究报告 鼎龙股份(300054.SZ) 公司快报 多晶硅/氮化硅抛光液产品获得国内主流晶圆厂 订单,产品销售有望持续放量 投资要点 2024 年 7 月 8 日,鼎龙股份发布关于鼎龙(仙桃)半导体材料产业园多晶硅及氮化硅抛 光液产品获得国内主流晶圆厂客户订单的公告。 客户严格的产品质量审核,仙桃园区生产的多晶硅(Poly-Si)抛光液及氮化硅(SiN) 进一步突破。 多晶硅及氮化硅抛光液产品获得国内主流晶圆厂客户订单,多款型号抛光液订单需 求持续上升。公司控股子公司鼎泽新材料位于仙桃园区年产1万吨CMP 抛光液(一 期)及年产 1 万吨 CMP 抛光液用配套纳米研磨粒子产线自 2023 年 11 月竣工试 生产后,经过公司高效的投料试产、工艺拉通,以及与客户紧密的验厂稽核、产线 验证等工作,目前已具备大批量稳定规模量产能力。近期,经过国内某主流晶圆厂 抛光液产品(搭载仙桃自产研磨粒子)首次取得千万元级批量订单。此外,公司上 述抛光液产品在国内其他主流晶圆厂客户同步验证中,目前进展顺利。这是继公司 武汉本部 CMP 抛光液产品在客户端持续放量销售后,在完善扩充公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is experiencing rapid growth in its polishing liquid business, with a new growth driver taking shape as it secures significant orders from mainstream wafer manufacturers [5][6] - The company has achieved stable mass production capabilities for its CMP polishing liquids and related nano-grinding particles, which are critical for semiconductor manufacturing [5] - The financial forecasts for the company indicate a projected net profit of 4.42 billion, 6.22 billion, and 8.88 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 47.0, 33.4, and 23.4 times [5] Financial Summary - The company's revenue is expected to grow from 2.67 billion yuan in 2023 to 3.19 billion yuan in 2024, representing a year-on-year increase of 19.7% [7] - The net profit is projected to increase significantly from 222 million yuan in 2023 to 442 million yuan in 2024, reflecting a year-on-year growth of 99.0% [7] - The gross margin is expected to improve from 36.9% in 2023 to 39.8% in 2024, while the net margin is projected to rise from 8.3% to 13.8% in the same period [7] Business Development - The company has diversified its product offerings, developing nearly 40 types of polishing liquids for various semiconductor processes, enhancing its market competitiveness [6] - The self-supply of core raw materials for polishing liquids has broken the monopoly of foreign suppliers, ensuring a stable and cost-effective supply chain [6] - The company is actively developing post-polishing cleaning liquids, which are essential for maintaining device cleanliness, and has already secured orders for some of these products [6]

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-061 湖北鼎龙控股股份有限公司 关于鼎龙（仙桃）半导体材料产业园多晶硅及氮化硅抛光液产品 获得国内主流晶圆厂客户订单的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 目前，公司全制程 CMP 抛光液产品的市场推广持续进行，多款型号抛光液 产品在客户端的订单需求持续上升，铜及阻挡层抛光液、介电层氧化铈抛光液等 产品的开发验证预计也将在今年下半年取得进一步突破。 上述订单的执行对公司的业务独立性不构成影响，公司主要业务不会因订单 的执行而对客户形成依赖。后续公司将及时跟进上述订单的执行情况并履行相应 的信息披露义务，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 2024 年 7 月 9 日 湖北鼎龙控股股份有限公司（以下简称"公司"）控股子公司—武汉鼎泽新 材料技术有限公司（以下简称"鼎泽新材料"）位于仙桃园区年产 1 万吨 CMP 抛光液（一期）及年产 1 万吨 CMP 抛光液用配套纳米研磨粒子产线自 2023 年 11 月竣工试生产后，经过公司高效的投料试产、工艺拉 ...

湖北鼎龙控股股份有限公司 关于控股股东部分股份解除质押的公告 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"）于近日收到本公司控股股 东、共同实际控制人之一--朱顺全先生的函告，获悉朱顺全先生所持有本公司的 部分股份办理了解除质押的业务，具体事项如下： 二、控股股东股份累计质押的情况 截至本公告披露日，公司控股股东朱顺全先生及其一致行动人所持质押股份 情况如下： | | | | | | | | 已质押股份 | | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | | 情况 | | | | | | 本次解 | 本次解 | 占其 | 占公 | 已质押 | | | | | | | 持股 | | 除质押 | 除质押 | | | | | | 未质押 | | | 股东 | 数量 | 持股 | 前质押 | 后质押 | 所持 | 司总 | 股份限 | 占 | 已 | ...

Investment Rating - The report maintains a "Buy-A" rating for Dinglong Co., Ltd. (300054.SZ) with a target price of 22.68 CNY [1][3]. Core Views - Dinglong Co., Ltd. is expected to see significant year-on-year performance improvement in H1 2024, with a projected net profit attributable to shareholders ranging from 201 million to 221 million CNY, representing a growth of 110%-130% [1]. - The company's optoelectronic semiconductor business is anticipated to account for over 40% of total revenue, driven by increased market share and demand in the domestic semiconductor and OLED display panel industries [1][3]. - The report highlights the successful development and sales growth of CMP polishing pads and other semiconductor materials, with sales expected to reach approximately 6.4 billion CNY in H1 2024, up from 32% to about 42% of total revenue [1][4]. Financial Data and Valuation - Projected revenues for Dinglong Co., Ltd. are estimated at 3.218 billion CNY for 2024, with a year-on-year growth rate of 20.7% [4][5]. - The net profit for 2024 is expected to be around 441 million CNY, reflecting a significant increase of 98.6% compared to the previous year [4][5]. - The report provides a detailed financial forecast, indicating a steady increase in gross margin from 36.9% in 2023 to 39.9% in 2024, and further improvements in subsequent years [4][5]. Business Development - The company is making progress in the advanced packaging materials sector, with plans to develop and validate new products to capture market share in high-end packaging materials [1][3]. - Dinglong Co., Ltd. has established a comprehensive application evaluation system to ensure that the performance of its materials meets customer requirements, and is actively working on supply chain autonomy [1][3]. - The report notes that the company has successfully completed the industrialization of temporary bonding adhesives and is ready for mass production, enhancing its competitive position in the market [1][3].

鼎龙股份(300054.SZ) 优于大市 光电半导体业务占比提升,1H24 归母净利润同比高速增长 | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | |------------------------|-----------|-------------|-------------|-------------|-------------|-----| | 营业收入(百万元) | 2,721 | 2,667 | 3,276 | 3,782 | 4,292 | | | (+/-%) | 15.5% | -2.0% | 22.8% | 15.4% | 13.5% | | | 净利润(百万元) | 390 | 222 | 443 | 601 | 734 | | | (+/-%) | 82.7% | -43.1% | 99.7% | 35.6% | 22.2% | | | 每股收益(元) | 0.41 | 0.23 | 0.47 | 0.64 | 0.78 | | | EBIT Margin | 15.0% | 9.9% | 16.7% | 20.8% | 22. ...

鼎龙股份(300054) 公司研究/公司点评 市占率持续提升,公司规模效应促进盈利能力高增 | 投资评级:买入(维持) | | 主要观点: | |-------------------------------|-------------|-------------| | 报告日期: 2024-06-26 | | ⚫ 事件 | | 收盘价(元) | 23.81 | | | 近 12 个月最高 / 最低(元) | 26.52/15.36 | | | 总股本(百万股) | 938 | | | 流通股本(百万股) | 728 | | | 流通股比例( % ) | 77.61 | | | 总市值(亿元) | 223 | | | 流通市值(亿元) | 173 | | | 公司价格与沪深 300 | 走势比较 | | -44% -29% -14% 1% 16% 6/23 9/23 12/23 3/24 鼎龙股份 沪深300 分析师:陈耀波 执业证书号:S0010523060001 邮箱:chenyaobo@hazq.com 相关报告 1.鼎龙股份:半导体材料 Q4 恢复良好,新 品验证进展顺利 2024-04-14 2.鼎 ...

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].