丨证券研究报告丨 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务高速发展，新产品稳步推 进 报告要点 [Table_Summary] 2025 年 8 月 22 日鼎龙股份发布 2025 年半年度报告。2025H1 公司实现营收 17.32 亿元，同 比增加 14%；实现归母净利润 3.11 亿元，同比增加 42.78%；毛利率为 49.23%，同比增加 4.0pct。2025Q2 公司实现营收 9.08 亿元，同比增加 11.94%；实现归母净利润 1.70 亿元，同 比增加 24.79%；毛利率为 49.61%，同比 3.6pct。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title2] 鼎龙股份：半导体业务高速发展，新产品稳步推进 [Table_Summary2] 202 ...

湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20250822 | | ■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：半年度投资者交流电话会议 | | 参与单位名称 | 2025 年 8 月 22 日上午 10:30~11:30：华夏基金：高爽；嘉实基金：曲海峰； | | | 淳厚基金：曹舜卿；国联安基金：王栋；国泰海通证券：肖隽翀；国投瑞银 | | 及人员姓名 | 基金：马柯；华泰保兴基金：池嘉莹；常春藤资产：程熙云；理成资产：吴 | | | 圣涛；睿郡资产：刘力、董承非；圆信永丰基金：胡春霞；长城基金：杨维 | | | 维、杨建华；中欧基金：郭嘉培等，共 名投资者及证券人员 213 | | | 2025 年 8 月 22 日下午 13:30~14:30：国海证券：董伯骏、孙华圳、李永磊、 | | | 张新新；富国基金：毕天宇、沈衡、闫伟、孙彬、毛一凡，共 9 名投资者及 | | | 证券人员 | | 时间 | 2025 年 8 月 22 日上午 1 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company's Q2 performance met expectations, with rapid growth in the semiconductor materials business [7] - The company expects to achieve a revenue of 1.727 billion yuan in H1 2025, representing a year-on-year growth of approximately 14% [7] - The growth in revenue is attributed to increased production capacity and optimization of costs in polishing pads, as well as significant growth in the semiconductor materials segment [7] Financial Summary - Total revenue is projected to reach 4.046 billion yuan in 2025, with a year-on-year growth rate of 21.2% [6] - The net profit attributable to the parent company is expected to be 687 million yuan in 2025, reflecting a year-on-year growth of 32% [6] - The gross profit margin is anticipated to improve from 48.8% in Q1 2025 to 49.0% in 2025E [6] Business Performance - The semiconductor materials and integrated circuit design business is expected to generate 945 million yuan in revenue in H1 2025, a year-on-year increase of 49% [7] - The CMP polishing pads segment is projected to see a revenue increase of 59% in H1 2025, with a significant order breakthrough in copper polishing liquids [7] - The display materials segment is also experiencing rapid growth, with a 62% increase in revenue in H1 2025 due to improved capacity utilization among downstream customers [7]

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].

Financial Performance - In 2024, the company achieved a record revenue of 5.21 billion yuan, a year-on-year increase of 134.54% in net profit attributable to shareholders [1] - Semiconductor business significantly contributed to growth, with main business revenue reaching 1.52 billion yuan [1] - R&D investment increased to 462 million yuan, up 21.01% year-on-year, accounting for 13.86% of revenue [3] Business Segments - CMP polishing pad sales reached 716 million yuan in 2024, a growth of 71.51% [4] - Semiconductor display materials generated 402 million yuan in sales, a year-on-year increase of 131.12% [6] - CMP polishing liquid and cleaning liquid sales totaled 215 million yuan, up 178.89% [8] Market Strategy - The company aims to enhance its semiconductor materials business, focusing on expanding production capacity and market penetration [5][7] - Plans to promote new products such as high-end photoresists and temporary bonding adhesives, with initial customer orders received [9] - The company is addressing challenges from macroeconomic changes and stricter customer requirements by improving product offerings and increasing market share [5] Operational Efficiency - The company is implementing cost-cutting measures and enhancing operational efficiency in its printing and copying consumables business, which generated 1.79 billion yuan in sales, remaining stable year-on-year [10]