市公司 时时彩 公司书 我研究报 | 市场数据: | 2026年01月20日 | | --- | --- | | 收盘价（元） | 46.99 | | 一年内最高/最低（元） | 49.20/24.48 | | 市净率 | 9.0 | | 股息率%（分红/股价） | 0.21 | | 流通 A 股市值 (百万元) | 34,636 | | 基础数据: 2025 年 09 月 30 日 | | --- | | 注："股息率"以最近一年已公布分红计算 每股净资产 (元) 5.23 | | 母股净贷户（元） | 5.23 | | --- | --- | | 资产负债率% | 41.11 | | 总股本/流通 A 股 (百万) | 947/737 | | 流通 B 股/H 股 (百万) | - / - | -年内股价与大盛对比走势： 沪深300指数 相关研究 《鼎龙股份 (300054) 点评： Q3 业绩符 合预期，抛光材料、显示材料等高速齐增》 2025/10/30 《鼎龙股份（300054）点评： Q3 业绩符 合预期,泛半导体业务快速成长》 2025/10/10 证券分析师 周超 A0230525090001 ...

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook on its 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-over-year increase of 34% to 40%. The fourth quarter alone is projected to yield a net profit of 180-210 million yuan, with a year-over-year growth of 26% to 47% [4][6]. - The semiconductor industry has been experiencing a sustained upturn, with the company benefiting from rapid growth in polishing materials and display materials. The demand in the AI sector is driving prices for DRAM and NAND chips significantly higher [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 projected at 3,970 million yuan, with a year-over-year growth rate of 18.9%. The net profit attributable to shareholders is forecasted at 714 million yuan, reflecting a growth rate of 37.1% [5][8]. - The company’s gross margin is expected to improve from 50.1% in 2025 to 52.5% by 2027, indicating a positive trend in profitability [5]. - The return on equity (ROE) is projected to rise from 14.4% in 2025 to 19.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [5].