研报掘金丨中邮证券：维持鼎龙股份“买入”评级，半导体业务高增驱动盈利能力提升

Core Viewpoint - The semiconductor business of Dinglong Co., Ltd. is driving significant profit growth, with projected net profit for the first three quarters of 2025 estimated at approximately 5.01-5.31 billion yuan, indicating a strong upward trend in profitability [1] Financial Performance - The net profit for the third quarter is expected to be around 1.9-2.2 billion yuan, reflecting a quarter-on-quarter growth of 11.73%-29.37% and a year-on-year growth of 19.89%-38.82% [1] Business Development - The company is the only domestic supplier fully mastering the core R&D technology and production process of CMP polishing pads, establishing itself as a leading domestic supplier in this field [1] - The deepening market penetration of CMP polishing liquids and cleaning liquids, along with the growth in new product orders, is expected to inject new momentum into annual sales revenue [1] - The semiconductor display materials are maintaining a high growth trend, and the high-end wafer photoresist business is progressing rapidly [1] - The semiconductor packaging PI and temporary bonding adhesives are poised for growth [1] Investment Rating - The company maintains a "buy" rating based on its strong market position and growth prospects in the semiconductor sector [1]