鼎龙股份（300054）：半导体业务高增，新材料平台布局深化

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The semiconductor business is driving significant profit growth, with revenue for the first three quarters of 2025 expected to be approximately 2.677 billion yuan, and net profit attributable to shareholders estimated between 501 million and 531 million yuan, reflecting a year-on-year growth of 19.89% to 38.82% [4] - The company is the only domestic supplier fully mastering the core R&D technology and production process for CMP polishing pads, solidifying its leading position in the domestic market [5] - The company is expanding its product offerings in CMP polishing liquids and cleaning liquids, with significant growth in sales and customer acceptance [6][7] - The high-end wafer photoresist business is progressing rapidly, with nearly 30 products developed and several entering the testing phase [8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.779 billion, 4.648 billion, and 5.611 billion yuan respectively, with net profits expected to be 719.65 million, 948.36 million, and 1.263 billion yuan [9] - The company anticipates a revenue growth rate of 25.14% in 2024, followed by 13.24% in 2025, and further growth in subsequent years [12] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.76 yuan, 1.00 yuan, and 1.33 yuan respectively [12]