25Q1 销售毛利率创近年新高。鼎龙股份2024 年实现收入33.38 亿元，同比增25.14%；扣非后归母净利 润4.69 亿元，同比增185.26%；销售毛利率46.88%，同比增加9.93pct。25Q1 收入8.24 亿元，同比增 16.37%；扣非后归母净利润1.35 亿元，同比增104.84%；销售毛利率48.82%，环比增0.8pct，创近年新 高。 半导体板块业务占比持续提升。2024 年收入15.2 亿元，同比增77.40%，在总收入的占比达45.54%。分 项来看，①、CMP 抛光垫，收入7.16 亿元，同比增71.51%，2024 年9 月已首次实现单月销量3 万片的 历史新高。②、CMP 抛光液、清洗液，收入2.15 亿元，同比增178.89%。目前介电层、多晶硅、氮化 硅、金属栅极等抛光液在客户端稳定放量供应，铜及铜阻挡层抛光液在客户端验证持续推进。③、半导 体显示材料，收入4.02 亿元，同比增131.12%，YPI、PSPI 产品持续增加供应，TFE-INK 产品的市场份 额进一步提升。 新业务进展快速推进。公司2024 年的研发投入4.62 亿元，同比增21.01%，主要是增加 ...

证券代码：300054 证券简称：鼎龙股份 湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20250507 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ■业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他： | | 参与单位名称 | 社会公众投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 7 日下午 15:00-17:00 | | 地点 | 微信小程序"投关易" | | 上市公司接待 | 公司董事长朱双全先生，董事、总经理朱顺全先生，董事、董事会秘书兼副 | | 人员姓名 | 总经理杨平彩女士，独立董事王雄元先生，董事、财务负责人姚红女士 | | | 业绩说明会就公司所处行业状况、发展战略、生产经营、财务状况及其 | | | 他投资者关心的问题进行深入交流，主要交流内容如下： | | | 问 1：2024 年公司营业收入同比增长 25.14%，归母净利润更是大幅增 | | | 长 134.54%，请问净利润增长幅度远超营收增长，主要是哪些因素驱动的 | | | 呢？ | ...

Core Viewpoint - The company has shown significant growth in revenue and net profit, driven primarily by its semiconductor business, which is expected to maintain high growth in the coming years [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [1]. - In Q1 2025, the company reported revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 72.84% [1]. Semiconductor Business Growth - The semiconductor segment has driven the company's revenue and profitability, with sales from CMP polishing pads, CMP polishing liquids, and semiconductor display materials reaching 716 million yuan, 215 million yuan, and 402 million yuan in 2024, reflecting year-on-year growth rates of 71.51%, 178.89%, and 131.12% respectively [2]. - In Q1 2025, the same segments reported sales of 220 million yuan, 55 million yuan, and 130 million yuan, with year-on-year growth rates of 63.14%, 53.64%, and 85.61% respectively [2]. - The semiconductor business is expected to continue high growth in 2025 due to increased orders and new product validations [2]. Profitability and Margins - The company's overall gross margin improved to 46.88% in 2024 and 48.82% in Q1 2025, representing increases of 9.93 percentage points and 4.56 percentage points year-on-year, respectively [2]. Future Growth Prospects - The company is advancing new businesses such as high-end wafer photoresists and advanced semiconductor packaging materials, which are expected to contribute to growth in 2025 [2]. - The company plans to raise 910 million yuan through convertible bonds to fund projects related to KrF/ArF photoresist production and the localization of key raw materials for optoelectronic semiconductor materials [3]. - The company is positioned as a leader in the domestic semiconductor materials market, with significant growth potential driven by its technological and production capabilities [3]. Earnings Forecast - The company is projected to achieve net profits of 714 million yuan, 917 million yuan, and 1.186 billion yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 39x, 30x, and 24x, respectively [3].

丨证券研究报告丨 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务持续向好，国产替代加速 进行 报告要点 [Table_Summary] 近期公司发布 2024 年报及 2025 年一季度报告。 2024 年公司实现营收 33.38 亿元，同比增加 25.14%；实现归母净利润 5.21 亿元，同比增加 134.54%；2025Q1 公司实现营收 8.24 亿元，同比增加 16.37%；实现归母净利润 1.41 亿元， 同比增加 72.84%。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份：半导体业务持续向好，国产替代加速 2] 进行 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseDa ...

Group 1 - Public and private funds are increasingly focusing on the technology sector, with 45 new public fund products launched in the week following the May Day holiday, over 70% of which are equity funds targeting technology [1][2] - In April, there was a significant increase in institutional research activity in the technology sector, with over 2000 instances of research conducted in electronic devices, medical devices, computer software, and specialized equipment [2][3] - The electronic and pharmaceutical industries were the most researched sectors in April, with over 1200 research instances each, indicating strong interest from private equity [3] Group 2 - Notable private equity firms have already begun to increase their investments in technology assets, particularly in the semiconductor sector, with specific increases in holdings of companies like Lexin Technology and Chipone Technology [4] - As of the end of the first quarter, 26 large private equity firms had their products listed among the top ten circulating shareholders of various listed companies, with a strong focus on the electronic industry [4] - The report highlights that over 30 electronic sector stocks have attracted significant investment from large private equity firms, showcasing a strategic shift towards technology assets [4]

转自：新华财经 4月28日，中国银行武汉经济技术开发区支行成功承接湖北鼎龙控股股份有限公司4.8亿元的可转债募集 资金，为其潜江项目在关键发展期注入一剂"强心剂"。 "此笔资金落地中行，不仅是双方携手六载奋进征程里的又一抹绚丽华彩，更是银企妙笔共绘产业锦卷 的鲜活映照。"中国银行武汉经济技术开发区支行负责人表示，六年来，开发区支行凭借全生命周期管 理模式和定制化产品服务，陪伴鼎龙集团攀高争先，持续赋能企业高质量发展。 据了解，鼎龙集团作为国内半导体材料领域的领军先锋，旗下4家子公司荣膺国家级专精特新"小巨 人"称号。2019年，中国银行湖北省分行前瞻性地将鼎龙集团纳入"科技金融"重点服务名录，开发区支 行迅速响应，组建了专项服务精英团队。2020年，开发区支行深入鼎龙集团调研，精准把握企业研发周 期长、资金需求大、子公司分布广的痛点，为企业量身定制了覆盖全国的综合授信方案。2022年，开发 区支行仅用一周时间便为集团下属4家子公司投放4000万元流贷，并给予集团9亿元综合授信，稳稳筑牢 企业"生命线"。 在金融赋能的旅程中，开发区支行不仅为鼎龙集团提供了2.8亿元专项贷款用于半导体材料研发与先进 设备采购，更 ...

Investment Rating - The report initiates coverage with a "Buy" rating, indicating a positive outlook for the company's performance in the semiconductor materials sector [4]. Core Insights - The company achieved record highs in both revenue and profit, with FY24 revenue reaching 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit of 521 million yuan, up 134.54% [2][3]. - In Q1 2025, the company continued its growth trajectory, reporting revenue of 824 million yuan, a 16.37% increase year-on-year, and a net profit of 141 million yuan, up 72.84% [2][3]. - The semiconductor business has become the core growth engine, with FY24 revenue from this segment reaching 1.52 billion yuan, a significant increase of 77.40% [2][3]. Financial Performance Summary - FY24 revenue: 3.338 billion yuan, +25.14% YoY; net profit: 521 million yuan, +134.54% YoY [6]. - Q1 2025 revenue: 824 million yuan, +16.37% YoY; net profit: 141 million yuan, +72.84% YoY [2][3]. - Projected revenues for 2025-2027 are 4.007 billion yuan, 4.728 billion yuan, and 5.486 billion yuan, respectively [4]. Segment Analysis - The semiconductor materials segment showed remarkable growth, with CMP polishing pads, CMP polishing liquids, and semiconductor display materials experiencing revenue growth rates of 71.51%, 178.89%, and 131.12%, respectively [2][3]. - The printing and copying consumables business remained resilient, with FY24 sales stable at 1.79 billion yuan [2][3]. Research and Development - The company invested 462 million yuan in R&D in FY24, representing a 21.01% increase and accounting for 13.86% of revenue [3]. - Key advancements include the self-supply of core raw materials for polishing pads and leading domestic performance in semiconductor display materials [3]. Production Capacity and Upgrades - The company optimized production lines across its three bases, significantly increasing capacity for display materials and polishing pads [3]. - The annual production capacity for polishing pads exceeded 500,000 pieces, more than tripling previous levels [3]. Valuation Metrics - Projected EPS for 2025-2027 are 0.75 yuan, 0.95 yuan, and 1.14 yuan, respectively [4]. - The company’s P/E ratio is expected to decrease from 46.46 in 2024 to 26.11 by 2027 [6].

Core Insights - The company reported strong financial performance for 2024, with revenue of 3.338 billion yuan (YoY +25%) and a net profit of 521 million yuan (YoY +135%) [1] - The semiconductor business segment showed significant growth, achieving revenue of 1.52 billion yuan (YoY +77%), indicating a successful strategic transformation [3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares for 2024 [1] Group 1: 2024 Annual Report Highlights - Total revenue reached 3.338 billion yuan, with a year-over-year increase of 25% [1] - Net profit attributable to shareholders was 521 million yuan, reflecting a 135% increase year-over-year [1] - The gross profit margin was 46.88%, up by 9.93 percentage points year-over-year, while the net profit margin was 19.14%, an increase of 8.35 percentage points [1] - In Q4 2024, revenue was 912 million yuan (YoY +15%, QoQ +1%), with a net profit of 144 million yuan (YoY +216%, QoQ -9%) [1] Group 2: 2025 Q1 Report Highlights - For Q1 2025, the company achieved revenue of 824 million yuan (YoY +16%, QoQ -10%) and a net profit of 141 million yuan (YoY +73%, QoQ -2%) [2] - The gross profit margin for Q1 2025 was 48.82%, with year-over-year and quarter-over-quarter increases of 4.56 percentage points and 0.80 percentage points, respectively [2] - The net profit margin was 20.44%, reflecting a year-over-year increase of 4.31 percentage points [2] Group 3: Semiconductor Business Performance - The semiconductor business generated 1.52 billion yuan in revenue, with notable contributions from various product lines [3] - CMP polishing pads achieved revenue of 716 million yuan (YoY +72%), with record monthly sales [3] - CMP polishing liquids and cleaning liquids generated 215 million yuan (YoY +179%), with multiple new products in the pipeline [3] - Semiconductor display materials reached 402 million yuan (YoY +131%), with increasing market share [3] Group 4: 2025 Q1 Business Insights - CMP polishing pads generated 220 million yuan (YoY +63%, QoQ +14%) [4] - Semiconductor display materials achieved revenue of 130 million yuan (YoY +86%, QoQ +8%) [4] - The traditional printing consumables segment remained stable, although revenue slightly declined due to market demand [4] - The company has adjusted its profit forecasts for 2025-2027, reflecting confidence in its electronic materials platform strategy [4]

2025 年 05 月 05 日 鼎龙股份 (300054) —— 25Q1 业绩符合预期，电子材料布局多点开花 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 29.80 | | 一年内最高/最低（元） | 32.40/18.31 | | 市净率 | 6.0 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 21,700 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 4.96 | | 资产负债率% | | 34.47 | | 总股本/流通 A 股（百万） | | 938/728 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01- ...

事件点评：鼎龙股份发布2024年度及2025第一季度报告 公司2024年实现营业收入约33.4亿元，同比增长约25.1%：实现归母净利润约5.2亿元，同比增长约 134.5%：实现扣非归母净利润约4.7 亿元，同比增长约185.3%。公司2025年Q1实现营业收入约8.2亿 元，同比增长约16.4%，环比下降约9.7%：实现归母净利润1.4亿元，同比增长约72.8%，环比下降约 2.3%：实现扣非归母净利润约1.4亿元，同比增长约104.8%，环比增长约7.5%：实现毛利率约48.8%， 同比增长约4.6pct，环比增长约0.8pct。 公司盈利能力大幅提升，主要归因于：1）半导体行业及新型OLED显示行业规模增长：2）公司半导体 业务规模放量，市场渗透率提升：3）公司降本控费持续推进。 半导体业务高速放量，驱动公司业绩高增 3)半导体显示材料：24年该业务实现营收4.0亿元，同比增长131.1%。报告期内，公司YPI、PSPI、TFE- INK产品市场份额进一步提升，产能持续释放，无氣光敏聚酰亚胺等新一代OLED显示材料的创新研发 及送样验证迟步推进。 2024年公司半导体板块业务实现主营业务收入15.2亿 ...