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研报掘金丨华安证券:鼎龙股份盈利能力大幅提升,维持“买入”评级
Ge Long Hui· 2025-09-17 07:57
Core Viewpoint - Dinglong Co., Ltd. achieved a net profit attributable to shareholders of approximately 310 million yuan in the first half of 2025, representing a year-on-year increase of about 42.8% [1] - The company’s Q2 net profit attributable to shareholders was approximately 170 million yuan, showing a year-on-year growth of about 24.8% and a quarter-on-quarter increase of about 20.6% [1] Group 1: Financial Performance - The significant improvement in profitability is attributed to the rising prosperity of the semiconductor industry, with deeper penetration among downstream wafer and display panel manufacturers [1] - The scale of the company's semiconductor materials business has expanded, and the product structure continues to optimize [1] - Continuous cost reduction and efficiency improvement measures have been implemented by the company [1] Group 2: Product Development and Market Recognition - The company successfully achieved its first order for copper polishing liquid during the reporting period, and the combination of polysilicon polishing liquid and cleaning liquid has gained technical recognition and orders from major domestic logic wafer manufacturers [1] - The company has laid out seven types of packaging PI products, with two products already receiving orders from three customers [1] - The temporary bonding adhesive continues to maintain stable shipment volumes among existing customers [1]