Core Viewpoint - Dinglong Co., Ltd. (300054) has confirmed that its semiconductor packaging materials production capacity currently meets client demand and plans to enhance its production capabilities and technology alignment in the future [1] Group 1 - The company is committed to maintaining its existing production capacity advantage for packaging materials to ensure stable supply for current demand [1] - The company aims to accelerate its technology research and development progress and customer validation results to shorten the conversion cycle from laboratory to production line [1] - The company will continue to closely follow industry trends and strive to improve the compatibility of its production capacity and technology [1]

2026 年 1 月 23 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 半导体行业双周报（2026/01/09-2026/01/22） 行 业 半导体行业开启全面涨价潮 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/9-2026/1/22）累计上涨8.28%，跑赢沪深300指数8.58个 百分点；2026年以来申万半导体行业指数累计上涨18.91%，跑赢沪深300指 数16.89个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）台积电2025年第四季度净利润同比增长35%， 好于预期；（2）部分内存条价格暴涨超300%，报告称存储市场进入超级牛 市；（3）Omdia：AI推动半导体行业收入在2026年首次突破1万亿美元大关； （4）机构：预估2026年全球AI服务 ...

海特生物、仙乐健康总市值则不足百亿元，截至1月22日收盘，两家公司总市值分别约40.5亿元、76.72 亿元。 超八成实现盈利 1月21日，天华新能披露公告称，公司筹划在境外发行股份（H股）并在中国香港联交所上市。对于筹 划赴港上市的目的，天华新能方面表示，为加快国际化战略布局，利用国际资本市场优势，打造多元化 资本平台，增强公司境外融资能力。 经北京商报记者统计，截至目前，A股年内已有正泰电器、璞泰来、德赛西威、天华新能、彤程新材等 11家企业相继宣布筹划赴港上市的消息，其中1月22日收盘市值超百亿元的企业共9家，占比为 81.82%。具体来看，截至1月22日收盘，汇川技术在11家企业中市值规模居首，为2141.96亿元。据悉， 汇川技术2010年登陆A股市场，聚焦工业领域的自动化、数字化、智能化，专注"信息层、控制层、驱 动层、执行层、传感层"核心技术。经过20多年发展，公司形成通用自动化、新能源汽车、智慧电梯、 轨道交通四大业务。 兴业银锡以935.05亿元的市值规模位列第二，该公司主营有色金属及贵金属采选与冶炼；德赛西威则以 766.53亿元市值位列第三；另外，正泰电器、璞泰来两股市值规模均在600亿 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in advanced packaging materials, highlighting the potential for domestic companies to replace foreign suppliers in critical sectors [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific segments such as conductive adhesives are forecasted to reach $3 billion by 2026, while chip bonding materials are estimated to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. Key Players - Domestic companies like Dinglong Co., Guofeng New Materials, and SanYue Technology are positioned to compete with international firms such as Fujifilm and Toray in the advanced packaging materials sector [8]. - The article lists various domestic and foreign companies involved in different segments of the advanced packaging materials market, indicating a competitive landscape [8]. Investment Strategies - The article outlines investment strategies across different stages of the new materials industry, emphasizing the importance of team assessment, industry analysis, and market entry barriers [10]. - It suggests that investments in mature products with established sales channels present lower risks and higher returns, while seed and early-stage investments carry higher risks [10]. Future Trends - The article anticipates significant growth in various new materials sectors, including epoxy resin and thermal interface materials, with projections indicating substantial increases in market size by 2027 and beyond [8]. - The focus on domestic substitution for critical materials is highlighted as a key trend, with potential for significant market disruption and opportunities for local companies [7][8].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are identified as key growth areas, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article outlines various advanced packaging materials and their projected market sizes, indicating significant growth potential in sectors like conductive adhesives, chip bonding materials, and epoxy encapsulants [8]. - For instance, the conductive adhesive market is expected to reach 3 billion yuan by 2026, while the epoxy encapsulant market is projected to grow to 99 million USD by 2027 [8]. Competitive Landscape - The article lists both domestic and international players in the advanced packaging materials market, emphasizing the competitive dynamics and the potential for domestic companies to capture market share from established foreign firms [8]. - Companies such as 鼎龙股份, 国风新材, and 三月科 are highlighted as key domestic players in the PSPI segment, while international competitors include Fujifilm and Toray [8]. Investment Strategies - Different investment stages in the new materials industry are discussed, with a focus on the varying risk levels and investment strategies appropriate for each stage, from seed funding to pre-IPO [10]. - The article emphasizes the importance of thorough industry and team assessments at each investment stage to mitigate risks and maximize returns [10].

Core Viewpoint - Dinglong Co., Ltd. holds a leading position in the domestic OLED new display materials sector, with strong customer repurchase attributes and successful scale sales of TFE-INK products [1] Group 1: Market Position and Product Development - The company has a solid market position for YPI and PSPI products, with a strong customer repurchase rate [1] - The Xiantao industrial park has commenced production with an annual output of 1,000 tons of PSPI, which is now in bulk supply [1] - The second phase project for YPI, with an annual output of 800 tons, is set to supplement new capacity to meet existing and potential order demands [1] Group 2: New Product Validation and Development - New products such as PFAS Free PSPI, Black Pixel Definition Layer Material (BPDL), and Low Dielectric Constant Ink (Low Dk INK) are progressing in validation as expected [1] - Development of PI-oriented liquid and client-side introduction is fully underway [1]

Group 1: Company Overview - Hubei Dinglong Holdings is a leading platform company in core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2] - The company is a domestic leader in CMP polishing pads, covering various semiconductor manufacturing materials, including CMP process materials and photoresists [2][3] Group 2: Core Competencies - The company possesses comprehensive R&D capabilities in polishing pads, with advantages in product variety, raw material self-sufficiency, rapid technology iteration, and systematic service capabilities [3] - In the OLED display materials sector, the company maintains a leading position with strong customer relationships and stable cash flow from repeat purchases [4] Group 3: R&D Investment and Focus - R&D investment is increasing due to the high demands of CMP polishing liquids and advanced packaging materials, with a focus on three main areas for 2026: CMP materials, high-end photoresists, and new semiconductor display materials [5] Group 4: Market Opportunities - The rapid development of the AI industry is driving demand for semiconductor chips and high-end display panels, benefiting the company's core products [6] - The restructuring of the global semiconductor supply chain enhances the company's advantages in raw material self-sufficiency, allowing for better alignment with customer needs [6] - Emerging fields like large wafers and advanced packaging are opening new market opportunities for semiconductor materials [6][7] Group 5: Production Capacity and Planning - Current production capacity meets existing order demands, with no significant bottlenecks reported; plans are in place to optimize capacity based on market needs [8] - The company has established production lines with specific annual capacities: 1000 tons for PSPI and 800 tons for YPI, ensuring the ability to meet current and future customer orders [8] Group 6: Photoresist Business Advantages - The company has developed a comprehensive range of photoresists, with strong technical capabilities and a well-established product matrix to meet diverse customer applications [9] - Future market demand for photoresists is expected to grow steadily, with plans to accelerate customer validation and market expansion [9]

Core Viewpoint - The company forecasts a significant increase in net profit for 2025, driven by strong demand in the semiconductor industry and successful expansion into overseas markets [1][3]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-on-year increase of 34% to 40% [1]. - The non-net profit attributable to shareholders is projected to be 660-690 million yuan, reflecting a year-on-year growth of 41% to 47% [1]. - For Q4 2025, the company anticipates a net profit of 180-210 million yuan, with a year-on-year increase of 26% to 47% [1]. Industry Trends - The semiconductor industry has been experiencing a continuous uptrend since 2025, with polishing materials and display materials achieving rapid growth [2]. - The demand for DRAM and NAND storage chips is surging, leading to significant price increases, with DRAM and NAND indices showing year-on-year growth of 542% and 229%, respectively [2]. - The entire semiconductor supply chain is witnessing a price surge, and the industry is expected to continue its upward trajectory into 2026 [2]. Company Strategy - The company is focusing on high-value areas such as polishing pads, where it maintains a leading position in China and is expanding into markets for large silicon and silicon carbide polishing pads [2]. - The product portfolio for polishing liquids and cleaning liquids is being enhanced, aiming for accelerated business growth through combined orders [2]. - The company is also advancing in semiconductor KrF/ArF wafer photoresists and advanced packaging materials, indicating a diversified development strategy [2]. Global Expansion - The company plans to issue H shares to accelerate its overseas business expansion and enhance its global strategic layout [3]. - The establishment of a Southeast Asia polishing pad factory marks a significant step in the company's international business development [3]. - The company aims to enhance its brand's international influence and competitiveness while building an international capital operation platform [3].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-on-year increase of 34% to 40%. The adjusted net profit is projected to be 660-690 million yuan, reflecting a growth of 41% to 47% [4][6]. - The company is focusing on high-value areas in the semiconductor materials sector, including polishing pads and liquids, and is expanding its market share in advanced packaging materials [6]. - The company plans to issue H shares to accelerate its overseas business expansion, aiming to enhance its global strategic layout and brand influence [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 3.97 billion yuan, with a year-on-year growth rate of 18.9%. The net profit for the same year is projected at 714 million yuan, showing a growth rate of 37.1% [5][8]. - The company anticipates a gross margin of 50.1% for 2025, with a return on equity (ROE) of 14.4% [5][8]. - For the years 2026 and 2027, the company forecasts revenues of 4.86 billion yuan and 5.73 billion yuan, respectively, with net profits expected to reach 1.01 billion yuan and 1.27 billion yuan [5][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - AI computing demand is surging, with advanced processes solidifying growth foundations. TSMC's revenue is projected to exceed $33.7 billion in Q4 2025, driven by AI chip demand, with advanced process revenue share rising to 77% [6][7] - Strong profitability resilience is noted, with gross margin reaching 62.3% and net profit margin at 48.3% in Q4 2025, significantly exceeding guidance [10][11] - Global capacity layout and technology/resource allocation are strengthening long-term barriers, with TSMC's overseas capacity expansion and advanced packaging facilities progressing [6][12] - Investment recommendations focus on companies with competitive advantages in advanced manufacturing and those benefiting from domestic advanced packaging capacity [6] Summary by Sections TSMC Q4 2025 Performance - TSMC's Q4 2025 revenue reached NT$1.04609 trillion (approximately $33.7 billion), a year-on-year increase of 20.5% and a quarter-on-quarter increase of 5.7%, driven by AI-related high-performance computing chip demand [7][10] - The advanced process (7nm and below) revenue share increased to 77%, with 3nm process contributing 28% of revenue, highlighting the importance of AI chip demand [12][14] Capital Expenditure and Future Outlook - TSMC raised its 2026 capital expenditure guidance to $52-56 billion, reflecting a nearly 40% increase from previous plans, focusing on advanced process capacity expansion and semiconductor equipment procurement [17][21] - The company aims for a long-term revenue compound annual growth rate (CAGR) of 25%, with AI accelerator revenue CAGR adjusted upwards for 2024-2029 [21]