核心观点 1Q25营收同比增长16.37%，归母净利润同比增长72.84% 公司发布2025年第一季度报告，实现营收8.24亿元(YoY +16.37%)，归母净利润1.41亿元(YoY +72.84%)，扣除 非经常性损益后归母净利润1.35亿元(YoY +104.84%)，综合毛利率达到48.82%。公司收入增长主要受益于CMP 抛光材料及显示材料业务持续放量，新业务如高端晶圆光刻胶、半导体先进封装材料虽取得一定收入但尚未盈 利。 2024年营收同比增长25.14%，归母净利润同比增长134.54% 2024全年实现营收33.38亿元(YoY +25.14%)，归母净利润5.21亿元(YoY +134.54%)。分业务板块来看，公司半 导体业务（含半导体材料业务及集成电路芯片设计和应用）实现营收15.2亿元，同比增长77.40%，占公司总营 收比例约46%，已成为公司业绩增长的核心驱动力。打印复印通用耗材业务实现收入17.9亿元，与上年同期持 平。彩色碳粉打印粉年销量首次突破2000吨，硒鼓业务收入同比增长，墨盒业务收入、净利润均同比提升。 半导体材料增长强劲，新业务持续推进验证 点击 关注我们 报告发布 ...

Core Viewpoint - Dinglong Co., Ltd. has successfully penetrated the domestic mainstream wafer factory market with its CMP polishing pad products and has received small batch orders from a major foreign logic manufacturer after passing testing [1] Group 1: Product Development and Market Penetration - The company has developed over 20 high-end wafer photoresists, with 12 samples sent for client validation, and 7 of these have entered the gallon sample stage, indicating smooth overall testing progress [1] - For the year 2024, the company has already received orders for two photoresist products from two domestic mainstream wafer factory clients [1]

25Q1 销售毛利率创近年新高。鼎龙股份2024 年实现收入33.38 亿元，同比增25.14%；扣非后归母净利 润4.69 亿元，同比增185.26%；销售毛利率46.88%，同比增加9.93pct。25Q1 收入8.24 亿元，同比增 16.37%；扣非后归母净利润1.35 亿元，同比增104.84%；销售毛利率48.82%，环比增0.8pct，创近年新 高。 半导体板块业务占比持续提升。2024 年收入15.2 亿元，同比增77.40%，在总收入的占比达45.54%。分 项来看，①、CMP 抛光垫，收入7.16 亿元，同比增71.51%，2024 年9 月已首次实现单月销量3 万片的 历史新高。②、CMP 抛光液、清洗液，收入2.15 亿元，同比增178.89%。目前介电层、多晶硅、氮化 硅、金属栅极等抛光液在客户端稳定放量供应，铜及铜阻挡层抛光液在客户端验证持续推进。③、半导 体显示材料，收入4.02 亿元，同比增131.12%，YPI、PSPI 产品持续增加供应，TFE-INK 产品的市场份 额进一步提升。 新业务进展快速推进。公司2024 年的研发投入4.62 亿元，同比增21.01%，主要是增加 ...

证券代码：300054 证券简称：鼎龙股份 湖北鼎龙控股股份有限公司投资者关系活动记录表 编号：20250507 | | □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： | | 参与单位名称 | 社会公众投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 7 日下午 15:00-17:00 | | 地点 | 微信小程序"投关易" | | 上市公司接待 | 公司董事长朱双全先生，董事、总经理朱顺全先生，董事、董事会秘书兼副 | | 人员姓名 | 总经理杨平彩女士，独立董事王雄元先生，董事、财务负责人姚红女士 | | | 业绩说明会就公司所处行业状况、发展战略、生产经营、财务状况及其 | | | 他投资者关心的问题进行深入交流，主要交流内容如下： | | | 问 1：2024 年公司营业收入同比增长 25.14%，归母净利润更是大幅增 | | | 长 134.54%，请问净利润增长幅度远超营收增长，主要是哪些因素驱动的 | | | 呢？ | ...

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：半导体业务持续向好，国产替代加速 进行 报告要点 [Table_Summary] 近期公司发布 2024 年报及 2025 年一季度报告。 2024 年公司实现营收 33.38 亿元，同比增加 25.14%；实现归母净利润 5.21 亿元，同比增加 134.54%；2025Q1 公司实现营收 8.24 亿元，同比增加 16.37%；实现归母净利润 1.41 亿元， 同比增加 72.84%。 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_Title 鼎龙股份：半导体业务持续向好，国产替代加速 2] 进行 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseDa ...

事件点评：鼎龙股份发布2024年度及2025第一季度报告 公司2024年实现营业收入约33.4亿元，同比增长约25.1%：实现归母净利润约5.2亿元，同比增长约 134.5%：实现扣非归母净利润约4.7 亿元，同比增长约185.3%。公司2025年Q1实现营业收入约8.2亿 元，同比增长约16.4%，环比下降约9.7%：实现归母净利润1.4亿元，同比增长约72.8%，环比下降约 2.3%：实现扣非归母净利润约1.4亿元，同比增长约104.8%，环比增长约7.5%：实现毛利率约48.8%， 同比增长约4.6pct，环比增长约0.8pct。 公司盈利能力大幅提升，主要归因于：1）半导体行业及新型OLED显示行业规模增长：2）公司半导体 业务规模放量，市场渗透率提升：3）公司降本控费持续推进。 半导体业务高速放量，驱动公司业绩高增 3)半导体显示材料：24年该业务实现营收4.0亿元，同比增长131.1%。报告期内，公司YPI、PSPI、TFE- INK产品市场份额进一步提升，产能持续释放，无氣光敏聚酰亚胺等新一代OLED显示材料的创新研发 及送样验证迟步推进。 2024年公司半导体板块业务实现主营业务收入15.2亿 ...

电子/电子化学品Ⅱ 鼎龙股份（300054.SZ） 收入净利双双高增，平台化布局成长可期 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 29.80 | | 一年最高最低(元) | 32.40/18.31 | | 总市值(亿元) | 279.61 | | 流通市值(亿元) | 217.00 | | 总股本(亿股) | 9.38 | | 流通股本(亿股) | 7.28 | | 近 3 个月换手率(%) | 161.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-05 2024-09 2025-01 鼎龙股份 沪深300 相关研究报告 《2024Q3 业绩持续高增长，新材料平 台公司成型—公司信息更新报告》 -2024.10.9 《2024H1 业绩同比高增，半导体材料 平台公司成型—公司信息更新报告》 -2024.8.20 《抛光液加速验证与放量，业绩新增 长极逐步成型—公司信息更新报告》 -2024.7.9 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongf ...

公 司 报 告 电子 2025年04月30日 鼎龙股份(300054.SZ) 半导体业务占比持续提升，已成为驱动业绩增长重要动力 推荐 ( 维持) 股价:29.36元 行情走势图 证券分析师 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 公司公布2024年年报和2025年一季报，2024年公司实现营收33.38亿元，同 比增长25.14%；归属上市公司股东净利润5.21亿元，同比增长134.54%。 2025年一季度公司实现营收8.24亿元，同比增长16.37%；归属上市公司股东 净利润1.41亿元，同比增长72.84%。公司拟每10股派发现金红利1.00元（含 税）。 平安观点： 半导体业务已成为驱动公司主营业务收入及净利润双增长的重要动力： 2024年公司实现营收33.38亿元（+25.14%YoY），归母净利润为5.21亿 元（+134.54%YoY），主要系半导体业务已成为驱动公司主营业务收入 及净利润双增长的重要动力。2024年公司整体毛利率和净利率分别是 46.88%（+9.93pct YoY）和19.14%（+8.35pct Y ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% within the next six months [1][11]. Core Insights - The semiconductor business has become a significant driver of revenue and net profit growth for the company, with 2024 revenue reaching 3.338 billion yuan, a year-on-year increase of 25.14%, and net profit attributable to shareholders of 521 million yuan, up 134.54% year-on-year [3][4]. - The company's gross margin and net margin for 2024 were 46.88% (up 9.93 percentage points year-on-year) and 19.14% (up 8.35 percentage points year-on-year), respectively [4]. - The semiconductor segment, including semiconductor materials and integrated circuit chip design and application, generated 1.52 billion yuan in revenue in 2024, a year-on-year increase of 77.40% [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit of 141 million yuan, up 72.84% year-on-year [3][7]. - The revenue structure for 2024 showed stable operations in the general consumables business, with sales of 1.79 billion yuan, while the semiconductor business saw significant growth across various product lines [4][7]. - The company expects continued growth in net profit, projecting 715 million yuan for 2025, 938 million yuan for 2026, and 1.142 billion yuan for 2027, with corresponding EPS of 0.76 yuan, 1.00 yuan, and 1.22 yuan [7][9]. Business Segment Performance - The CMP polishing pad business generated 716 million yuan in revenue in 2024, a year-on-year increase of 71.51%, while CMP polishing liquids and cleaning liquids saw revenue of 215 million yuan, up 178.89% [4]. - The high-end wafer photoresist business received orders from major domestic wafer manufacturers for the first time in 2024, indicating a positive trend in the semiconductor materials sector [4][7]. - The company is focusing on semiconductor innovation materials, particularly in CMP process materials, photoresists, display materials, and advanced packaging materials, aiming to establish itself as a platform company in the semiconductor materials field [7].

Core Insights - The company reported a revenue of 3.338 billion yuan for 2024, representing a year-on-year growth of 25.14%, and a net profit attributable to shareholders of 521 million yuan, up 134.54% year-on-year [1][2] - For Q1 2025, the company achieved a revenue of 824 million yuan, a year-on-year increase of 16.37%, with a net profit of 141 million yuan, reflecting a 72.84% year-on-year growth [1][3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (tax included) [1] Financial Performance - In 2024, the overall gross margin and net margin were 46.88% (up 9.93 percentage points YoY) and 19.14% (up 8.35 percentage points YoY) respectively [2] - The expense ratio for 2024 was 26.26% (down 0.06 percentage points YoY), with specific rates for sales, management, financial, and R&D expenses being 3.84% (down 0.53 percentage points YoY), 8.21% (up 0.55 percentage points YoY), 0.35% (up 0.32 percentage points YoY), and 13.86% (down 0.40 percentage points YoY) [2] Business Segments - The printing and copying consumables business generated a revenue of 1.79 billion yuan in 2024, remaining stable compared to the previous year, while the semiconductor segment (including semiconductor materials and integrated circuit chip design and application) achieved a revenue of 1.52 billion yuan, growing by 77.40% [2] - Specific semiconductor business revenues included: CMP polishing pads at 716 million yuan (up 71.51% YoY), CMP polishing and cleaning liquids at 215 million yuan (up 178.89% YoY), and semiconductor display materials at 402 million yuan (up 131.12% YoY) [2] Q1 2025 Performance - In Q1 2025, the gross margin and net margin were 48.82% (up 4.56 percentage points YoY) and 20.44% (up 4.31 percentage points YoY) respectively [3] - Revenue from CMP polishing pads was 220 million yuan (up 63.14% YoY), CMP polishing and cleaning liquids at 55.19 million yuan (up 53.64% YoY), and semiconductor display materials at 130 million yuan (up 85.61% YoY) [3] - The high-end wafer photoresist and advanced packaging materials segments generated a combined revenue of 629,000 yuan, with ongoing orders and new product validations [3] Investment Outlook - The company focuses on semiconductor innovation materials, particularly CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials [4] - The projected net profits for 2025-2027 are 715 million yuan, 938 million yuan, and 1.142 billion yuan respectively, with corresponding EPS of 0.76 yuan, 1.00 yuan, and 1.22 yuan [4]