证券代码：300054 证券简称：鼎龙股份 湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20251212 | | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 | | 参与单位名称 | 建信基金：陶灿、华安基金：栾超、华商基金：童立、鹏扬基金：张勋、工 | | | 银瑞信基金：单文、博时基金：金耀、嘉实基金：杨欢，共 7 名投资者及证 | | 及人员姓名 | 券人员 | | 2025 时间 | 年 月 日下午 12 11 14:30~16:00 | | 公司 地点 | 楼会议室 9 | | 上市公司接待 2025 | 年 月 日下午 14:30~16:00：总经理朱顺全先生、董事会秘书杨平 12 11 | | 人员姓名 | 彩女士、投资者关系总监熊亚威先生 | | | 公司介绍： | | | 公司是国内领先的关键大赛道领域中各类核心创新材料的平台型公司， | | | 主营业务横跨两大板块—半导体业务板块、打印复印通用耗材业务板块。现 | | | 阶段 ...

Core Viewpoint - Dinglong Co., Ltd. is positioned as a leading platform enterprise in key innovative materials within the semiconductor manufacturing sector, focusing on CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials, while not currently engaging in the development of PCB substrates and copper-clad laminates related to NVIDIA's M9 materials [2] Company Focus - The company emphasizes its commitment to its core business areas and will continue to monitor technological advancements and market opportunities in the semiconductor materials industry [2] - Dinglong Co., Ltd. plans to explore potential expansions into related fields in the future, leveraging its technological reserves and R&D capabilities [2] Long-term Value Creation - The company aims to create long-term value for its investors by aligning its strategic focus with industry developments and opportunities [2]

Core Viewpoint - Dinglong Co., Ltd. is positioned as a leading platform enterprise in key innovative materials in China, focusing on semiconductor manufacturing materials and not currently involved in Nvidia's M9 material-related products [1] Group 1: Business Focus - The company's core business areas include CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials [1] - The company has not yet directly engaged in the research and development of PCB substrates and copper-clad laminates related to Nvidia's M9 materials [1] Group 2: Future Strategy - The company plans to continue focusing on its core sectors while closely monitoring technological advancements and market opportunities in the semiconductor materials industry [1] - The company aims to explore potential expansions into related fields based on its technological reserves and R&D capabilities, with the goal of creating long-term value for investors [1]

Group 1: Investment Trends - German companies are increasingly investing in Shanghai, with over 40% of nearly 6000 German enterprises operating in China based in the city, many of which have been established for over 15 years [5][6] - Henkel's adhesive technology innovation experience center in Shanghai has been inaugurated with an investment of approximately 500 million RMB, making it the second-largest innovation center globally outside of Germany [5] - The Chinese market is viewed as having long-term attractiveness and development potential, with 92% of German companies planning to continue operations in China [6] Group 2: Innovation and Sustainability - Henkel has showcased its innovative products and sustainable solutions at the China International Import Expo, emphasizing its commitment to the Chinese market and its alignment with local economic growth [4] - The company has developed advanced materials solutions for semiconductor packaging and electric vehicle battery packs, which enhance performance and reduce development cycles [4] - Henkel has also launched the first carbon footprint calculation standard for adhesive products in collaboration with local institutions, responding to the demand for green supply chains and low-carbon consumption [4] Group 3: Industry Insights - The technology and equipment exhibition area at the China International Import Expo has expanded to 65,000 square meters, featuring over 300 exhibitors, including more than 30 Fortune 500 companies [1] - The exhibition focuses on three core areas: technology, industry, and environmental protection, with five cutting-edge sections dedicated to digital industrial automation, low-carbon energy and environmental technology, integrated circuits, artificial intelligence, and new materials [1]

Core Viewpoint - Dinglong Co., Ltd. achieved a net profit attributable to shareholders of approximately 520 million yuan in the first three quarters of 2025, representing a year-on-year increase of about 38.0% [1] Financial Performance - In Q3 2025, the company realized a net profit of 210 million yuan, showing a year-on-year growth of approximately 31.5% and a quarter-on-quarter increase of about 22.5% [1] - The Q3 performance met expectations, driven by rapid growth in the semiconductor business [1] Business Drivers - The company's profitability and quality have further improved, primarily due to: 1. Sustained growth in the semiconductor business, driving both year-on-year and quarter-on-quarter performance [1] 2. Ongoing cost reduction and efficiency improvement initiatives [1] Market Position - The company's products have deeply penetrated domestic core wafer fab customers, solidifying its leading position in the domestic supply chain [1] Capacity Expansion - To match downstream demand, the company plans to increase its production capacity to approximately 50,000 wafers per month by the end of Q1 2026, equating to an annual production of about 600,000 wafers [1] Product Development - In the area of advanced semiconductor packaging materials, the company is continuously validating and introducing its products with major domestic packaging and testing customers [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Viewpoint - Dinglong Co., Ltd. reported strong financial performance for Q3 2025, with revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year, driven by the improving demand in the semiconductor materials sector [1] Financial Performance - Revenue for Q3 2025 reached 2.698 billion yuan, reflecting an 11.23% increase compared to the previous year [1] - Net profit attributable to shareholders was 519 million yuan, representing a 38.02% year-on-year growth [1] Business Focus - The company is concentrating on the semiconductor innovation materials sector, specifically in three sub-segments: CMP materials for semiconductor manufacturing, wafer photoresists, and advanced packaging materials [1] - In addition to its focus on semiconductor materials, the company has established a full industry chain layout in the traditional printing and copying consumables business [1] Future Outlook - The validation testing and market development for new businesses, including advanced packaging materials and high-end wafer photoresists, are progressing as planned [1] - Earnings per share (EPS) projections for 2025-2027 are 0.75, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 47x, 34x, and 27x based on the current stock price [1] - The company maintains a "buy" rating based on its growth prospects [1]

Core Viewpoint - Dinglong Co., Ltd. has shown significant growth in both revenue and net profit in the third quarter of 2025, indicating a successful transition to semiconductor materials as a primary growth driver [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year [1]. - For Q3 2025, the company reported a revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% and a quarter-on-quarter increase of 6.49%. The net profit for the same quarter was 208 million yuan, marking a year-on-year increase of 31.48% and a quarter-on-quarter growth of 22.54% [1]. Business Segments - The semiconductor segment generated a revenue of 1.534 billion yuan, a year-on-year increase of 41.27%, increasing its share from 46% in 2024 to 57% in 2025 [2]. - In Q3, the CMP polishing pads generated 320 million yuan in revenue, up 25% quarter-on-quarter and 42% year-on-year. CMP polishing liquids and cleaning liquids achieved 84.32 million yuan, with a quarter-on-quarter increase of 33% and a year-on-year increase of 33% [2]. - Sales of semiconductor display materials reached 143 million yuan, showing slight growth quarter-on-quarter and a 25% increase year-on-year [2]. Market Position and Growth Drivers - The company benefits from the ongoing domestic semiconductor material localization process and its accumulated technological advantages, leading to rapid growth across all product lines [3]. - Advanced packaging materials and photoresists face inherent technical challenges, but the company is on track with its validation schedule, with potential strong order inflow expected in Q4 2025 [3]. - The expansion of production capacity by leading domestic storage manufacturers is anticipated to further increase demand for upstream raw materials, benefiting Dinglong Co., Ltd. [3]. Investment Outlook - As a leading supplier of semiconductor materials, the company has a rich product matrix and has entered the ramp-up phase for several scarce products. The self-supply capability for upstream materials is expected to enhance profit margins [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at 719 million yuan, 866 million yuan, and 1.139 billion yuan, respectively, with corresponding PE valuations of 48, 40, and 30 times [4].

Core Viewpoint - Dinglong Co., Ltd. reported a significant increase in net profit for the first three quarters of 2025, indicating strong financial performance and growth in the semiconductor advanced packaging materials sector [1] Financial Performance - In Q3 2025, Dinglong achieved operating revenue of 967 million yuan, a year-on-year increase of 6.57% [1] - The net profit attributable to shareholders in Q3 2025 was 208 million yuan, reflecting a year-on-year growth of 31.48% [1] - For the first three quarters of 2025, the company reported total operating revenue of 2.7 billion yuan, up 11.23% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 519 million yuan, marking a year-on-year increase of 38.02% [1] Product Development and Market Position - The validation and introduction of semiconductor advanced packaging materials continue with major domestic testing and packaging clients [1] - Several key models of high-end wafer photoresist products are expected to aggressively pursue orders in Q4 2025 [1] - The second phase of the 300-ton annual production line for KrF/ArF high-end wafer photoresist in Pengjiang is scheduled to enter trial operation in Q4 2025, with construction and equipment debugging progressing smoothly [1]

Core Viewpoint - Dinglong Co., Ltd. (300054) reported strong revenue and profit growth for the first three quarters of 2025, driven by the performance of its new business segments in semiconductor materials [1] Financial Performance - The company achieved a cumulative operating revenue of approximately 2.677 billion yuan for the first three quarters of 2025, with third-quarter revenue around 945 million yuan [1] - The net profit attributable to shareholders is expected to be between 501 million yuan and 531 million yuan, representing a year-on-year growth of 33.13% to 41.10% [1] - For the third quarter, the net profit is estimated to be between 190 million yuan and 220 million yuan, with a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year growth of 19.89% to 38.82% [1] Business Segments Performance - The three new business segments, CMP polishing pads, CMP polishing liquids, and cleaning liquids, saw revenue growth of 51%, 42%, and 47% respectively compared to the same period last year [1] - In the third quarter alone, these segments generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter growth of 17% [1] Market Development - The company is making steady progress in the verification testing and market development of its advanced packaging materials and wafer photoresist business, aligning with its expectations [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching approximately 1.73 billion yuan, a year-on-year growth of about 14.0%, and a net profit of approximately 310 million yuan, a year-on-year increase of about 42.8% [1] - The company's gross margin improved to 49.2%, up by approximately 4.0 percentage points year-on-year, indicating enhanced profitability [1] Financial Performance - For Q2 2025, the company achieved revenue of approximately 910 million yuan, a year-on-year increase of about 11.9% and a quarter-on-quarter increase of about 10.2% [1] - The net profit for Q2 was approximately 170 million yuan, reflecting a year-on-year growth of about 24.8% and a quarter-on-quarter growth of about 20.6% [1] - The gross margin for Q2 was approximately 49.6%, showing a year-on-year increase of about 3.6% and a quarter-on-quarter increase of about 0.8% [1] Business Segments - CMP polishing pads generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 59.6%, with Q2 revenue reaching a record high of 260 million yuan [2] - CMP polishing liquids and cleaning liquids achieved revenue of 120 million yuan in H1 2025, a year-on-year increase of 55.2%, with successful orders for copper polishing liquids and multi-crystalline silicon polishing liquids [2] - Semiconductor display materials revenue reached 270 million yuan in H1 2025, a year-on-year growth of 61.9%, establishing the company as a leading domestic supplier [2] - The company has developed nearly 30 types of high-end wafer photoresists, with over 15 products sent for customer verification and more than 10 products in gallon sample testing [2] - The semiconductor advanced packaging materials business has begun initial sales, with 7 types of packaging PI products developed and orders received from 3 customers [2] Investment Outlook - The company is projected to achieve revenues of 3.96 billion yuan, 4.73 billion yuan, and 5.75 billion yuan for 2025-2027, with net profits of 720 million yuan, 940 million yuan, and 1.22 billion yuan respectively [3] - Corresponding EPS is expected to be 0.76, 0.99, and 1.29, with PE ratios of 40.24, 30.9, and 23.7x [3]