Investment Rating - The report initiates coverage with a "Buy" rating, indicating a positive outlook for the company's performance in the semiconductor materials sector [4]. Core Insights - The company achieved record highs in both revenue and profit, with FY24 revenue reaching 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit of 521 million yuan, up 134.54% [2][3]. - In Q1 2025, the company continued its growth trajectory, reporting revenue of 824 million yuan, a 16.37% increase year-on-year, and a net profit of 141 million yuan, up 72.84% [2][3]. - The semiconductor business has become the core growth engine, with FY24 revenue from this segment reaching 1.52 billion yuan, a significant increase of 77.40% [2][3]. Financial Performance Summary - FY24 revenue: 3.338 billion yuan, +25.14% YoY; net profit: 521 million yuan, +134.54% YoY [6]. - Q1 2025 revenue: 824 million yuan, +16.37% YoY; net profit: 141 million yuan, +72.84% YoY [2][3]. - Projected revenues for 2025-2027 are 4.007 billion yuan, 4.728 billion yuan, and 5.486 billion yuan, respectively [4]. Segment Analysis - The semiconductor materials segment showed remarkable growth, with CMP polishing pads, CMP polishing liquids, and semiconductor display materials experiencing revenue growth rates of 71.51%, 178.89%, and 131.12%, respectively [2][3]. - The printing and copying consumables business remained resilient, with FY24 sales stable at 1.79 billion yuan [2][3]. Research and Development - The company invested 462 million yuan in R&D in FY24, representing a 21.01% increase and accounting for 13.86% of revenue [3]. - Key advancements include the self-supply of core raw materials for polishing pads and leading domestic performance in semiconductor display materials [3]. Production Capacity and Upgrades - The company optimized production lines across its three bases, significantly increasing capacity for display materials and polishing pads [3]. - The annual production capacity for polishing pads exceeded 500,000 pieces, more than tripling previous levels [3]. Valuation Metrics - Projected EPS for 2025-2027 are 0.75 yuan, 0.95 yuan, and 1.14 yuan, respectively [4]. - The company’s P/E ratio is expected to decrease from 46.46 in 2024 to 26.11 by 2027 [6].

湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20250429 | ■特定对象调研 | □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | ■其他：年度及一季度投资者交流电话会议 | | | 2025 年 4 月 29 日上午 10:30~11:30：嘉实基金：曲海峰、赵宇；浦银安盛基 | | | 金：高翔；信达澳亚基金：朱然；圆信永丰基金：胡春霞；理成资产：吴圣 | | | 涛、周锐、卢超；睿郡资产：刘力、沈晓源；博时基金：曹芮；宏道投资： | | 参与单位名称 | 丁开盛；富国基金：林庆；国投瑞银基金：钟婷霞、马柯；常春藤资产：程 | | | 熙云；易同投资：朱龙洋、党开宇、张科兵；野村国际（香港）：樊杨； | | 及人员姓名 | SCHRODERS INVESTMENT：ZhengMaggie、LeeJack、YimChris、Amelia | | | Wong 等，共 237 名投资者及证券人员。 | | | 2025 年 4 月 29 日下午 14:00~15:00：南方 ...