中邮证券研报指出，鼎龙股份半导体业务高增驱动盈利能力提升。2025年前三季度归母净利润预计约为 5.01-5.31亿元，其中第三季度约为1.9-2.2亿元，环比增长11.73%-29.37%，同比增长19.89%-38.82%。公 司半导体先进封装材料及晶圆光刻胶业务的验证测试及市场开拓工作均在稳步推进中，进展符合公司预 期。公司是国内唯一一家全面掌握CMP抛光垫全流程核心研发技术和生产工艺的CMP抛光垫供应商， 是CMP抛光垫国产供应龙头，在CMP抛光垫领域形成了较强的综合竞争实力。公司CMP抛光液、清洗 液产品市场渗透的加深与新品订单的增长，将为全年销售收入的增长注入新动能。半导体显示材料保持 高增长态势。高端晶圆光刻胶业务推进节奏迅速。此外，半导体封装PI、临时键合胶蓄势待发。维 持"买入"评级。 ...

个股表现 2024-10 2024-12 2025-03 2025-05 2025-07 2025-10 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 鼎龙股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 36.84 | | --- | --- | | 总股本/流通股本（亿股）9.46 | / 7.36 | | 总市值/流通市值（亿元）349 | / 271 | | 52 周内最高/最低价 | 37.00 / 24.69 | | 资产负债率(%) | 34.1% | | 市盈率 | 65.79 | | 第一大股东 | 朱双全 | 研究所 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 鼎龙股份(300054) 半导体业务高增，新材料平台布局深化 l 投资要点 半导体业务高增驱动盈利能力提升。202 ...

传闻纷飞，严谨求证， 掌握权威、真实的声音。 据媒体引述知情人士的消息透露，中芯国际正在测试由上海初创公司宇量昇制造的深紫外（DUV）光 刻机，该机器采用的是浸没式技术，技术路线接近ASML。不过目前中芯国际未对该消息进行有效回 应。 知情人士表示，尽管中芯国际的试验初步结果令人鼓舞，但目前尚不清楚该机器是否以及何时能用于大 规模芯片生产。若能实现DUV设备的规模化量产，将标志着中国在突破美方芯片出口管制、降低对西 方技术依赖并提升高端AI芯片产能方面取得关键胜利。 你公司产品在光刻机领域有一席之地吗？有无核心竞争力？你们公司的主营业务是和光学光电子还是蹭 光刻机概念？ 波长光电[301421] ：公司的主营业务包括光学元件、组件系列以及光学系统方案与检测设计工具系列。 光学产品的应用场景广泛，您所提到的光刻机领域被划分在公司产品应用的半导体及泛半导体领域，公 司在该领域的产品有各类光学镜片、镜头、平行光源及光学子系统等，目前该领域的营收规模较小，具 体请参见公司定期报告等公开披露的文件。公司通过保持快速高效的研发设计能力、持续丰富产品线并 优化生产成本，保持了质量、品类、成本、服务等多个维度上的竞争优势，公 ...

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]

Investment Rating - The investment rating for Dinglong Co., Ltd. is "Buy" (maintained) [1] Core Views - Dinglong Co., Ltd. reported a significant improvement in profitability in Q2, with a revenue of approximately 1.73 billion yuan for H1 2025, representing a year-on-year growth of about 14.0%. The net profit attributable to shareholders was approximately 310 million yuan, up 42.8% year-on-year, with a gross margin of 49.2%, an increase of about 4.0 percentage points [4][5] - The company's Q2 revenue reached approximately 910 million yuan, reflecting a year-on-year increase of 11.9% and a quarter-on-quarter growth of 10.2%. The net profit attributable to shareholders for Q2 was about 170 million yuan, up 24.8% year-on-year and 20.6% quarter-on-quarter, with a gross margin of approximately 49.6% [4][5] - The improvement in profitability is attributed to the rising demand in the semiconductor industry, deeper penetration among downstream wafer and display panel manufacturers, expansion of the semiconductor materials business, and ongoing cost control measures [4][5] Summary by Sections Financial Performance - For H1 2025, Dinglong Co., Ltd. achieved a revenue of approximately 1.73 billion yuan, with a year-on-year growth of 14.0%. The net profit attributable to shareholders was around 310 million yuan, marking a 42.8% increase year-on-year. The gross margin stood at 49.2%, up 4.0 percentage points [4] - In Q2 alone, the company reported a revenue of about 910 million yuan, a year-on-year increase of 11.9% and a quarter-on-quarter increase of 10.2%. The net profit attributable to shareholders for Q2 was approximately 170 million yuan, reflecting a year-on-year growth of 24.8% and a quarter-on-quarter growth of 20.6% [4] Business Segments - CMP polishing pads generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 59.6%. Q2 revenue reached a record high of 260 million yuan, with monthly sales stabilizing above 30,000 pieces [5] - Semiconductor display materials achieved revenue of 270 million yuan in H1 2025, up 61.9% year-on-year. The company has established itself as a leading supplier for major domestic display panel customers [6] - The company has also made progress in high-end wafer photoresists and advanced packaging materials, with several products entering customer testing phases and initial sales [6] Future Projections - Revenue projections for Dinglong Co., Ltd. from 2025 to 2027 are estimated at 3.96 billion yuan, 4.73 billion yuan, and 5.75 billion yuan respectively. The net profit attributable to shareholders is projected to be 720 million yuan, 940 million yuan, and 1.22 billion yuan for the same period [7] - The expected EPS for 2025, 2026, and 2027 are 0.76 yuan, 0.99 yuan, and 1.29 yuan respectively, with corresponding P/E ratios of 40.24, 30.90, and 23.70 [7]

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

Core Viewpoint - The company is actively engaging with investors regarding its semiconductor and printing consumables businesses, showcasing significant revenue growth and R&D investments in these sectors [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.732 billion yuan, representing a year-on-year growth of 14% [1] - The semiconductor segment generated a main business revenue of 943 million yuan, with a remarkable year-on-year increase of 48.64%, accounting for 54.75% of total revenue [1] - The printing consumables business reported a revenue of 779 million yuan [1] Group 2: Research and Development - The company invested 462 million yuan in R&D in 2024, with 250 million yuan allocated in the first half of 2025, marking a year-on-year increase of 13.92%, which is 14.41% of total revenue [1] - The company has developed a range of CMP polishing pads, including hard and soft pads, with strong supply chain management and production process improvements [1][2] Group 3: Product Development and Sales - In the first half of 2025, sales revenue from semiconductor display materials reached 271 million yuan, showing a year-on-year growth of 61.90% [3] - The company is advancing its high-end wafer photoresist business with nearly 30 products in development, over 15 samples sent, and more than 10 products in gallon sample testing [3] - The semiconductor advanced packaging materials segment is seeing accelerated order growth for semiconductor packaging PI and stable shipments of temporary bonding adhesives [3] Group 4: Intellectual Property - As of June 30, 2025, the company holds a total of 1,301 patents, including 1,052 granted patents, and continues to enhance its patent database [4]

Summary of Dinglong Co., Ltd. Conference Call Company Overview - Dinglong Co., Ltd. has been involved in semiconductor materials since 2012, establishing a first-mover advantage and expanding its product lines through platform development, including integrated circuit materials and display optoelectronic materials, enhancing its core competitiveness [2][3][7]. Key Points and Arguments Industry Position and Growth - The semiconductor materials segment is projected to generate approximately 1.5 billion yuan in revenue in 2024, with a compound annual growth rate (CAGR) of 71%, expected to surpass printing consumables as the core revenue source by 2025 [2][9]. - CMP polishing pads are the primary revenue source, with an estimated revenue of 700 million yuan in 2024, capturing 50% of the domestic market [2][10]. - The global market for polishing pads and polishing liquids is around 3.5 billion USD, benefiting from the demand for advanced process technologies, which is expected to accelerate growth [2][11]. Product Development and Market Strategy - Dinglong has developed nearly 30 products in the high-end wafer photoresist sector, with over 15 products undergoing sample validation and 10 in gallon sample testing, anticipating bulk orders in the second half of the year [2][14]. - The company has a strong focus on domestic market demand, with the CMP polishing pad market in China valued at approximately 2 billion yuan, and Dinglong holding a dominant market share [12]. Future Directions - The company plans to continue strengthening its existing core businesses while investing in emerging technologies and high-end applications, particularly in high-end wafer photoresists [13]. - Dinglong is actively expanding its global market presence to reduce regional dependency risks and enhance brand influence [8]. Industry Trends and Challenges Trends - The semiconductor materials industry is witnessing increased demand for high-end materials due to advancements in process construction and accelerated domestic substitution processes [5][6]. - Companies are focusing on global market expansion to enhance competitiveness and market space [5]. Challenges - The industry faces uncertainties in capital expenditures and limited overall market size, with the global wafer manufacturing materials market projected at approximately 42.9 billion USD in 2024 [6]. - The difficulty of platformization due to existing competition in various segments poses a challenge for new entrants [6]. Financial Projections - Dinglong's overall business growth is expected to exceed 40% this year, increasing from 1.5 billion yuan to around 2.2 billion yuan, with projections nearing 3 billion yuan next year [3][18]. - Display materials are anticipated to generate 600 million yuan in revenue this year, with potential growth to 800 million yuan next year [18]. Conclusion - Dinglong Co., Ltd. is positioned as a key player in the semiconductor manufacturing sector, with strong growth potential and profitability in its product lines, particularly in polishing pads and photoresists. The company's strategic focus on innovation and market expansion makes it a noteworthy investment opportunity [19].

Core Viewpoint - The company, Dinglong Co., Ltd. (300054), has demonstrated significant growth in its semiconductor and printing consumables businesses, with notable increases in sales revenue and profit margins in the first half of 2025. Semiconductor Business - Dinglong is the only domestic supplier fully mastering the core R&D technology and production process of CMP polishing pads, leading the domestic market with a sales revenue of 475 million yuan in the first half of 2025, a year-on-year increase of 59.58% [2] - The company has achieved full self-supply of core raw materials for CMP polishing pads, enhancing product competitiveness through stable supply and customized development [3] - New models of CMP polishing liquids have been successfully introduced, with significant orders and positive feedback from clients, indicating a strong growth trajectory for this product line [4] Display Materials - The semiconductor display materials segment achieved sales revenue of 271 million yuan in the first half of 2025, reflecting a year-on-year growth of 61.90%, with products like YPI and PSPI establishing a leading position in the domestic market [5] High-end Wafer Photoresists - The company is developing key materials for high-end wafer photoresists, ensuring a fully controllable production process from raw materials to final products, which meets the semiconductor industry's demands for supply security and quality stability [6][7] - The current production capacity includes a pilot line for KrF/rF photoresists with an annual capacity of 30 tons, and a second phase line with a planned capacity of 300 tons is progressing as scheduled [8] Printing Consumables - The printing consumables segment has faced revenue and profit declines in the first half of 2025, prompting the company to focus on cost reduction and efficiency improvements while optimizing its product offerings [10] - The overall revenue for the company reached 1.732 billion yuan in the first half of 2025, a year-on-year increase of 14.0%, with a net profit of 311 million yuan, up 42.78% [10] Institutional Ratings - In the last 90 days, 13 institutions have rated the stock, with 11 buy ratings and 2 hold ratings, indicating strong institutional confidence in the company's future performance [11] Financial Forecasts - Various institutions have provided profit forecasts for the company, with projected net profits for 2025 ranging from 688 million yuan to 742 million yuan, reflecting positive growth expectations [12]

Group 1: CMP Polishing Pad Business - The company is the only domestic supplier mastering the entire core R&D technology and production process of CMP polishing pads, leading the domestic market [2] - In the first half of 2025, CMP polishing pad sales revenue reached CNY 475 million, a year-on-year increase of 59.58%, with monthly sales stabilizing at over 30,000 pieces since Q2 2025 [2] - The company has achieved self-supply of core raw materials for CMP polishing pads, enhancing product competitiveness [2] Group 2: Semiconductor Display Materials - In the first half of 2025, sales revenue for semiconductor display materials reached CNY 271 million, a year-on-year growth of 61.90% [3] - The company has established a leading position in domestic supply for YPI and PSPI products, with increasing penetration in mainstream display panel manufacturers [3] Group 3: High-end Wafer Photoresist - The company has developed key materials for high-end wafer photoresists, ensuring a fully controllable production process [3] - Current production capacity includes an annual output of 30 tons for KrF/ArF photoresists, with a second phase aiming for 300 tons, scheduled for trial operation in Q4 2025 [3] Group 4: Printing and Copying Consumables - The printing and copying consumables market is competitive, with the company focusing on a full industry chain operation [3] - In the first half of 2025, revenue and net profit for this business segment declined year-on-year, prompting the company to optimize low-margin products and enhance risk management [3]