格隆汇1月28日丨硅宝科技(300019.SZ)在互动平台表示，公司暂无光刻胶及抛光液等产品。未来，公司 将紧跟行业前沿技术发展趋势，积极开展技术研究及业务拓展。 ...

Core Viewpoint - The company forecasts a significant increase in net profit for 2025, driven by strong demand in the semiconductor industry and successful expansion into overseas markets [1][3]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-on-year increase of 34% to 40% [1]. - The non-net profit attributable to shareholders is projected to be 660-690 million yuan, reflecting a year-on-year growth of 41% to 47% [1]. - For Q4 2025, the company anticipates a net profit of 180-210 million yuan, with a year-on-year increase of 26% to 47% [1]. Industry Trends - The semiconductor industry has been experiencing a continuous uptrend since 2025, with polishing materials and display materials achieving rapid growth [2]. - The demand for DRAM and NAND storage chips is surging, leading to significant price increases, with DRAM and NAND indices showing year-on-year growth of 542% and 229%, respectively [2]. - The entire semiconductor supply chain is witnessing a price surge, and the industry is expected to continue its upward trajectory into 2026 [2]. Company Strategy - The company is focusing on high-value areas such as polishing pads, where it maintains a leading position in China and is expanding into markets for large silicon and silicon carbide polishing pads [2]. - The product portfolio for polishing liquids and cleaning liquids is being enhanced, aiming for accelerated business growth through combined orders [2]. - The company is also advancing in semiconductor KrF/ArF wafer photoresists and advanced packaging materials, indicating a diversified development strategy [2]. Global Expansion - The company plans to issue H shares to accelerate its overseas business expansion and enhance its global strategic layout [3]. - The establishment of a Southeast Asia polishing pad factory marks a significant step in the company's international business development [3]. - The company aims to enhance its brand's international influence and competitiveness while building an international capital operation platform [3].

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].

Core Viewpoint - The semiconductor materials sector is experiencing a strong rise driven by policy support, surging demand from AI and production expansion, and significant technological breakthroughs [5][28]. Demand Explosion - The AI computing revolution is expected to significantly increase demand, with global AI server shipments projected to exceed 3 million units by 2026. The application of new technologies like high-bandwidth memory (HBM) and advanced packaging (Chiplet) is doubling the material usage per wafer [6]. - The global expansion of wafer fabs is set to add certainty to capacity, with 48 new fabs expected to come online in 2024 and 18 more in 2025, primarily in advanced 12-inch processes. China is leading this expansion, increasing its 300mm fabs from 29 to 71 between 2024 and 2027, accounting for nearly 30% of global capacity [7]. Technological Breakthroughs - Domestic companies are achieving significant technological advancements, with over 40% localization in mature process materials like 8-inch wafers and polishing liquids. In advanced processes, domestic firms are catching up, with small-scale supply of 12-inch wafers and ArF photoresists [8]. - The emergence of third-generation semiconductor materials, such as silicon carbide (SiC) and gallium nitride (GaN), is creating new growth avenues, particularly in electric vehicles and 5G applications, with a compound annual growth rate exceeding 25% [9]. Policy Support - The anti-dumping investigation into Japanese dichlorodimethylsilane is seen as a timely opportunity for domestic semiconductor materials, potentially increasing their market share if dumping is confirmed. This investigation provides a critical window for domestic firms to enhance their technology and customer validation [10]. - The National Integrated Circuit Industry Investment Fund (Big Fund) is increasing its focus on core technologies and key materials, with the third phase set to raise 344 billion yuan, further supporting the industry [11]. Market Segmentation and Challenges - The semiconductor materials market is characterized by a high concentration of Japanese firms dominating high-end segments, with significant barriers to entry for domestic companies. For instance, the top four suppliers control over 80% of the silicon wafer market [14]. - In the photoresist market, Japanese companies hold 80% of the global share, with domestic production rates for advanced photoresists being nearly zero [19]. - The electronic specialty gases market is similarly dominated by Japanese and American firms, with domestic production rates around 25%, highlighting the need for further localization [20]. Investment Opportunities - High-end segments with less than 10% localization present the greatest replacement potential, particularly in photoresists and advanced target materials, benefiting from policy support and technological advancements [29]. - Sectors directly benefiting from anti-dumping policies, such as dichlorodimethylsilane and upstream materials for photoresists, are expected to see immediate gains [30]. - The demand-driven segments, particularly those related to AI and wafer fab expansions, are poised for exponential growth, with domestic companies ready to capitalize on these trends [31]. Conclusion - The semiconductor materials industry is entering a golden growth period, with clear trends towards high-end localization and technological advancements. The combination of policy support, surging demand, and domestic breakthroughs presents significant long-term investment opportunities [34].

Group 1 - The core viewpoint of the report is that external risks are strengthening the demand for domestic solutions, while internal capacity expansion lays the foundation for growth in the semiconductor materials and equipment sector, potentially accelerating self-sufficiency [1] - The investment logic for semiconductor materials and equipment has formed a "dual drive" due to increasing geopolitical risks and concerns over supply chain security [1][2] Group 2 - The domestic advanced process and memory expansion have high certainty, opening up growth opportunities for upstream stocks, driven by supply chain security anxiety and the urgency for domestic solutions, especially in critical areas [3] - Recent capital movements, such as Longxin's IPO aiming to raise approximately 30 billion yuan and SMIC's Southern factory increasing investment by over 7 billion USD, indicate a comprehensive acceleration in capital layout [3] Group 3 - Domestic materials have transitioned from "single-point breakthroughs" to a critical stage of "systematic support," with a focus on photolithography materials, where the domestic market share remains low [4] - The ban on exports to Japan is expected to enhance the willingness of downstream manufacturers to validate domestic suppliers, leading to increased demand for domestic materials [4] Group 4 - Coating and developing equipment, as well as backend testing equipment, are expected to benefit from the current market dynamics, with domestic companies gradually entering high-end testing fields [5] - The domestic market for coating and developing equipment is projected to reach 14 billion yuan, with significant room for domestic substitution [5] Group 5 - Beneficiary companies in the materials sector include Tongcheng New Materials, Jingrui Electric Materials, and others involved in photolithography, while in the equipment sector, companies like Changchuan Technology and Huafeng Measurement Control are highlighted [6]

Group 1 - The Foshan Science and Technology Bureau has announced that Sanshui District Chanfang New Materials Technology Co., Ltd. will undertake the construction of a pilot base, which will be recognized as the "Foshan Chemical New Materials Pilot Base" [1] - This pilot base is the first recognized pilot platform in Foshan and the first public service-oriented chemical new materials pilot base in Guangdong Province [1] - The pilot base has an investment of 360 million yuan and is located in the core area of the Foshan (Sanshui) New Materials Industrial Park, which is part of the Greater Bay Area's extensive industrial space [1] Group 2 - The pilot base adopts an innovative operational model combining state-owned capital and private enterprises, forming a professional team with industry leaders to integrate technical expertise and industrial resources [1] - The pilot base focuses on electronic chemical products such as polishing liquids and photoresists, addressing the upstream material supply gap in the electronic information industry [1] - It aims to support the booming new energy vehicle industry by developing materials for new energy batteries and lightweight automotive components [1] Group 3 - The pilot base is also targeting the 100 billion yuan biopharmaceutical and health industry in Foshan, focusing on the development of high-end raw pharmaceuticals and pharmaceutical intermediates [1] - It plans to enhance traditional industries like textiles and furniture by creating new organic silicon and environmentally friendly dyeing additives [1] - The base is forward-looking in the field of future materials, working on special engineering plastics and biodegradable materials [1] Group 4 - In June, Foshan Jinyinhe Intelligent Equipment Co., Ltd. and Guangdong Chuanhua New Materials Co., Ltd. signed agreements with Sanshui Chanfang Group to establish pilot projects for solid-state batteries, rubidium-cesium salt purification, and dyeing additives [2]

Group 1: Company Overview - The company is a leading platform in the field of core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2]. - The semiconductor segment includes CMP process materials, photoresists, and advanced packaging materials, with a leading position in domestic supply for CMP pads and OLED display materials [2]. Group 2: Financial Performance - In the first three quarters of 2025, CMP-related business revenue accounted for over 60% of the semiconductor segment [3]. - The semiconductor business revenue represented 57% of total revenue, while the printing consumables segment provided stable cash flow with revenue of 1.153 billion yuan [5]. Group 3: Research and Development - R&D investment in the first three quarters of 2025 increased by 16%, reaching 389 million yuan, primarily directed towards the semiconductor segment [4]. - The company has achieved significant technological breakthroughs, including the independent development of core materials for high-end photoresists, with a production capacity of 30 tons per year for KrF/ArF photoresists [4]. Group 4: Intellectual Property and Competitive Advantage - As of June 30, 2025, the company holds 1,052 authorized patents, with over 37% being invention patents, establishing a robust patent barrier against competition [6]. - The company emphasizes a comprehensive patent system covering core raw materials, product formulations, production processes, and application solutions [6]. Group 5: Business Strategy and Market Position - The company positions itself as a "platform company," leveraging technology reuse, customer reuse, and industrialization capabilities to enhance new business development [8]. - The core competitive advantage lies in a comprehensive capability built over 20 years, combining full-chain technical ability, industrialization experience, and deep customer relationships [9]. - Future strategies include maintaining R&D investment above industry average, accelerating capacity construction, and enhancing "one-stop" service capabilities to increase market share and profitability [9].

Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in the field of core innovative materials, focusing on two main business segments: semiconductor materials and general printing consumables [2][3]. - The company emphasizes semiconductor innovation materials, covering CMP process materials, photoresists, and advanced packaging materials, establishing itself as a domestic leader in these areas [2][3]. Polishing Liquid Business - The company has achieved significant breakthroughs in polishing liquid technology, including a comprehensive product layout covering dielectric, metal, and polysilicon layers, with several high-barrier products already developed [3][4]. - R&D investment for the first three quarters of 2025 reached CNY 389 million, primarily directed towards semiconductor segments, ensuring robust funding for technological innovation [4][10]. - The polishing liquid products have gained recognition from major domestic wafer manufacturers, with successful orders for combined polishing and cleaning liquid solutions [4][5]. Advanced Photoresist Technology - The company has over 20 years of experience in the import substitution of key materials, establishing a strong technical barrier in high-end photoresist production [5][6]. - It has developed nearly 30 types of high-end photoresists, achieving industry-leading technical specifications and ensuring a stable supply of core raw materials through independent development [6][7]. OLED Display Materials - The core products for OLED display materials, such as yellow polyimide slurry (YPI) and photosensitive polyimide slurry (PSPI), have achieved stable supply and established a leading position in the domestic market [8][9]. - The PSPI product line has a production capacity of 1,000 tons per year, with ongoing development of new high-end display materials [8][9]. Future Product Expansion - The company plans to leverage its seven core technology platforms and four synchronization mechanisms to ensure smooth transitions from R&D to mass production in new product areas [9][10]. - Cumulative R&D investment over the past three years exceeds CNY 1.1 billion, maintaining a ratio of approximately 14% of revenue, which supports new technology development [10].

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]