大涨192%！鼎龙股份，抛光液获千万级订单，无氟PSPI正在送样

Core Insights - Dinglong Co., Ltd. reported significant growth in Q1 2025, with revenue of 824 million yuan, up 16.37% year-on-year, and a net profit of 141 million yuan, up 72.84% [1] - The company achieved a total revenue of 3.338 billion yuan in 2024, a 25.14% increase, and a net profit of 521 million yuan, up 134.54% [1] - Dinglong's profitability has notably improved, driven by breakthroughs in CMP polishing materials and display materials, alongside stable performance in printing consumables [1] Semiconductor Materials Business - In 2024, the semiconductor materials segment generated 1.52 billion yuan in revenue, a 77.40% increase, contributing significantly to overall revenue [1] - CMP polishing pad revenue reached 716 million yuan, up 71.51%, with monthly sales surpassing 30,000 pieces by September [1] - The company has expanded its production capacity for polishing pads, achieving a monthly output of approximately 40,000 pieces by Q1 2025 [1] Polishing Liquids and Cleaning Liquids - Revenue from polishing and cleaning liquids was 215 million yuan, marking a substantial increase of 178.89%, with significant orders for polysilicon and silicon nitride polishing liquids [2] Display Materials Business - The display materials segment, including YPI, PSPI, and TFE-INK, generated 402 million yuan, a 131% increase, establishing the company as a primary supplier for major domestic panel manufacturers [2] - The company has initiated production of a 1,000-ton PSPI production line and plans to complete the second phase of the YPI project by 2025 [2] Advanced Packaging and Photoresist Business - Dinglong received its first orders for semiconductor packaging PI and temporary bonding adhesive products, generating 544,000 yuan in sales [3] - The company has successfully secured orders for high-end wafer photoresist products from major domestic wafer manufacturers [2][3] Printing Consumables Business - The printing consumables segment maintained stable operations, achieving sales of 1.79 billion yuan in 2024, consistent with the previous year [4] - Sales of color toner exceeded 2,000 tons for the first time, and revenue from drum units increased year-on-year [4] Financing and Future Projects - The company has received approval for a convertible bond issuance to raise up to 910 million yuan, aimed at funding various projects including the industrialization of photoresist products [3]