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 ...

半导体材料业务表现突出 10月10日，湖北鼎龙控股股份有限公司（以下简称"鼎龙股份"）发布了2025年前三季度业绩预告。根据公告，公司预计在2025年1月1日至9月30日期间实现 归属于上市公司股东的净利润约为50,100万元至53,100万元，较上年同期的37,632.27万元同比增长33.13%至41.1%。扣除非经常性损益后的净利润预计约为 47,800万元至50,800万元，较上年同期的34,337.85万元同比增长39.20%至47.94%。 其中，第三季度归属于上市公司股东的净利润约为19,000万元至22000万元，同比增长19.89%至38.82%。扣除非经常性损益后的净利润预计约为18429万元至 21,429万元，同比增长25.62%至46.07%。 尽管半导体材料业务表现强劲，但公司的打印复印通用耗材业务在2025年前三季度预计实现产品销售收入约11.45亿元，同比略降。报告期内，受耗材市场 需求端与行业景气度持续波动、整体复苏进程较为缓慢等因素影响，公司传统耗材业务的经营业绩短期承压。为此，公司将继续加强成本费用管控，不断优 化产品结构，持续提升公司经营效率，积极适应市场变化。 非经常 ...

2025 年 10 月 10 日 鼎龙股份 (300054) —— Q3 业绩符合预期，泛半导体业务快速成长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 09 日 | | --- | --- | | 收盘价（元） | 36.84 | | 一年内最高/最低（元） | 38.05/23.98 | | 市净率 | 7.3 | | 股息率%（分红/股价） | 0.27 | | 流通 A 股市值（百万元） | 27,118 | | 上证指数/深证成指 | 3,933.97/13,725.56 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 5.08 | | 资产负债率% | 41.63 | | 总股本/流通 A 股（百万） | 946/736 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-09 11-09 12-09 01-09 02-09 03-09 04-09 05-09 06-09 07-09 08-09 09 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3934 | 1.32 | 3.33 | 1.32 | | 深证综指 | 2550 | 1.21 | 6.22 | 1.21 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 1.31 | 6.12 | 28.17 | | 中盘指数 | 2.07 | 10.12 | 41.2 | | 小盘指数 | 1.21 | 6.19 | 34.91 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 8.63 | 11.52 | 59.45 | | 工业金属 | 7.89 | 22.44 | 82.94 | | 小金属Ⅱ | 7.51 | 8.09 | 77.84 | | 能源金属 | 6.83 | 23.01 | 101.49 | | 金属新材料 | 5 ...

Core Viewpoint - The company Dinglong Co., Ltd. has released its latest performance forecast, indicating significant growth in revenue and net profit for the first three quarters of 2025 compared to the previous year [1][2]. Financial Performance - For the first three quarters of 2025, the company expects to achieve approximately 2.677 billion yuan in revenue, with net profit attributable to shareholders estimated between 501 million yuan and 531 million yuan [1]. - The net profit for the same period last year was 376.32 million yuan, reflecting a year-on-year growth of 33.13% to 41.10% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 478 million yuan and 508 million yuan, marking a year-on-year increase of 39.20% to 47.94% [2]. Quarterly Breakdown - In the third quarter of 2025, the company anticipates revenue of approximately 945 million yuan, with net profit expected to be between 190 million yuan and 220 million yuan, representing a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year increase of 19.89% to 38.82% [2][3]. - The net profit for the same quarter last year was 158.48 million yuan [3]. Business Segments - The semiconductor materials and integrated circuit chip design and application business achieved sales revenue of approximately 1.522 billion yuan, a year-on-year increase of 40%, accounting for about 57% of total revenue [3]. - The revenue from CMP polishing pads, CMP polishing liquids, and cleaning liquids grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - In the third quarter alone, this segment generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Traditional Business Challenges - The printing and copying consumables business is expected to generate approximately 1.145 billion yuan in sales, showing a slight decline year-on-year due to market demand fluctuations and slow industry recovery [4]. - The company plans to enhance cost control and optimize product structure to improve operational efficiency in response to market changes [4].

Core Viewpoint - Dinglong Co., Ltd. (300054) reported strong revenue and profit growth for the first three quarters of 2025, driven by the performance of its new business segments in semiconductor materials [1] Financial Performance - The company achieved a cumulative operating revenue of approximately 2.677 billion yuan for the first three quarters of 2025, with third-quarter revenue around 945 million yuan [1] - The net profit attributable to shareholders is expected to be between 501 million yuan and 531 million yuan, representing a year-on-year growth of 33.13% to 41.10% [1] - For the third quarter, the net profit is estimated to be between 190 million yuan and 220 million yuan, with a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year growth of 19.89% to 38.82% [1] Business Segments Performance - The three new business segments, CMP polishing pads, CMP polishing liquids, and cleaning liquids, saw revenue growth of 51%, 42%, and 47% respectively compared to the same period last year [1] - In the third quarter alone, these segments generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter growth of 17% [1] Market Development - The company is making steady progress in the verification testing and market development of its advanced packaging materials and wafer photoresist business, aligning with its expectations [1]

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]

Core Viewpoint - Qianjiang is positioning itself as a new hub for semiconductor materials, demonstrating a strong commitment and clear path towards developing high-tech industries [1] Group 1: Industry Development - During the 14th Five-Year Plan, Qianjiang is constructing a three-in-one development system comprising an industrial ecosystem, technological innovation chain, and green circular chain to lead the industry towards high-end, intelligent, and green transformation [1] - The successful hosting of the "Central and Western Semiconductor Materials Industry Development Matching Conference" in Qianjiang attracted representatives from various semiconductor industry associations and leading enterprises, indicating a strategic focus on regional collaboration and innovation [1][2] - Qianjiang is recognized as a key supporting demonstration base within Hubei Province's trillion-yuan "Optoelectronic Information" industrial cluster, becoming a new engine for semiconductor materials development in Central and Western China [1][2] Group 2: Resource and Infrastructure - Qianjiang has a solid industrial foundation with abundant resources, including over 200 million tons of oil reserves, 790 billion tons of rock salt, and approximately 3.09 million tons of lithium resources, which support its transition to semiconductor materials [2] - The city has established a comprehensive circular chemical system covering various sectors, including petrochemicals and fine chemicals, which provides a robust support for upgrading to electronic-grade chemicals and semiconductor materials [2] - The park features modern infrastructure, including a comprehensive utility corridor, specialized wastewater treatment facilities, and a solid waste treatment center, ensuring a conducive environment for industry growth [3] Group 3: Business Environment and Policy Support - Qianjiang's complete industrial chain supply is a major attraction, with stable annual supplies of 800 million cubic meters of hydrogen and 25,000 tons of caustic soda, among other key materials [3] - The local government has designated Qianjiang as the only "Optoelectronic Information" industrial supporting demonstration base in the Wuhan metropolitan area, providing significant policy support and investment through the Yangtze (Qianjiang) Industrial Fund [3] - The city promotes a "zero fee" policy for industrial projects and offers comprehensive lifecycle services, fostering a business-friendly environment that encourages enterprise development [3] Group 4: Industry Growth and Future Plans - Qianjiang aims to establish itself as a "Central and Western Semiconductor Materials Industry Base," focusing on attracting projects related to polishing materials, photoresists, and electronic specialty gases [6] - The city is accelerating the construction of an electronic semiconductor materials analysis and testing center and is closely monitoring 32 projects in the optoelectronic information industry, which are expected to generate a total output value of 21.5 billion yuan upon full production [6] - Qianjiang is actively promoting the transformation of traditional chemicals into high-end fine chemicals, aiming to cluster semiconductor materials industries and develop new productive forces tailored to local conditions [6]

Core Viewpoint - Dinglong Co., Ltd. has successfully established stable sales and supply of its semiconductor CMP process materials and display materials in major domestic wafer manufacturing and display panel companies, indicating strong market presence and customer trust [1] Group 1: Product Offerings - The main products in the semiconductor CMP process materials field include CMP polishing pads, CMP polishing liquids, and cleaning liquids [1] - Key products in the semiconductor display materials field include YPI, PSPI, and TFE-INK [1] Group 2: Customer Relationships - The company has gained high trust from downstream customers due to excellent product stability and reliability, as well as efficient and timely technical service support [1] - This trust has facilitated the collaborative development and verification of new products, supporting the continuous volume growth and iterative optimization of existing products [1] Group 3: Strategic Development - Deep cooperation and positive interaction with customers have laid a solid foundation for the company to build an innovative materials platform and expand into other key segments of semiconductor materials [1] - These efforts contribute to the company's long-term, sustainable, and high-quality development [1]