证券研究报告——晨会聚焦 2025 年 8 月 27 日 | 8 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 600276.SH | 恒瑞医药 | | 688198.SH | 佰仁医疗 | | 600861.SH | 北京人力 | | 300395.SZ | 菲利华 | | 601138.SH | 工业富联 | | 002938.SZ | 鹏鼎控股 | | 688615.SH | 合合信息 | 中银晨会聚焦-20250827 ■重点关注 【石油石化】海油发展*徐中良 余嫄嫄。2025 年上半年度公司实现营业收 入 225.97 亿元，同比增长 4.46%，归母净利润为 18.29 亿元，同比增长 13.15%； 其中，第二季度实现营收 125.22 亿元，同比增长 0.78%，环比增长 24.30%。 归母净利润为 12.35 亿元，同比增长 10.75%。公司聚焦主责主业，业绩稳健 增长，看好公司传统主业竞争力提升，以及新质生产力业务发展空间广 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company reported a revenue of 1.732 billion yuan for the first half of 2025, representing a year-on-year growth of 14.00%, and a net profit attributable to shareholders of 311 million yuan, up 42.78% year-on-year [2][3] - The semiconductor materials business continues to drive revenue growth, with a significant increase in operating cash flow, which rose by 28.78% year-on-year [2][3] Summary by Sections Revenue and Profit Growth - In the first half of 2025, the semiconductor segment generated over 943 million yuan in revenue, a year-on-year increase of 48.64%, accounting for over 50% of total revenue [3] - The gross profit margin for all products reached 49.39%, an increase of 4.08 percentage points compared to the same period last year [3] Business Segments - The polishing pad segment achieved a revenue of 475 million yuan in the first half of 2025, up 59.58% year-on-year, with the second quarter setting a record high of 256 million yuan [6] - The consumables business saw a decline in revenue, down 10.12% year-on-year, primarily due to market demand impacts [3] Future Projections - The company is expected to achieve revenues of 3.716 billion yuan, 4.316 billion yuan, and 4.783 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.34%, 16.15%, and 10.82% [7][9] - Net profits are projected to be 775 million yuan, 1.013 billion yuan, and 1.225 billion yuan for the same years, with growth rates of 48.83%, 30.66%, and 20.94% respectively [7][9]

2025 年 08 月 26 日 投资评级：买入（维持） 日期 2025/8/25 当前股价(元) 31.56 一年最高最低(元) 32.90/18.31 总市值(亿元) 298.29 流通市值(亿元) 231.91 总股本(亿股) 9.45 流通股本(亿股) 7.35 近 3 个月换手率(%) 120.31 股价走势图 电子/电子化学品Ⅱ 鼎龙股份（300054.SZ） CMP 材料渗透加深，多元化业务稳步推进 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 鼎龙股份 沪深300 数据来源：聚源 相关研究报告 《收入净利双双高增，平台化布局成 长可期 — 公 司 信 息 更 新 报 告 》 -2025.5.2 《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 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn chenyuxi@kysec.cn 证书编号：S0790524120002 证书编号：S0790525020003 营收稳步提升，盈利能力增强，维持"买入"评级 鼎龙股份发布 20 ...

电子 | 证券研究报告 — 业绩评论 2025 年 8 月 26 日 300054.SZ 买入 原评级：买入 市场价格:人民币 31.56 板块评级:强于大市 本报告要点 公司业绩稳健增长。看好公司半导体业 务有序推进，维持 买入 评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 24.5 7.3 12.6 64.5 相对深圳成指 1.2 (4.1) (10.2) 12.5 (4%) 11% 26% 40% 55% 70% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 鼎龙股份 深圳成指 | 发行股数 (百万) | 945.16 | | --- | --- | | 流通股 (百万) | 734.81 | | 总市值 (人民币 百万) | 29,829.38 | | 3 个月日均交易额 (人民币 百万) | 397.03 | | 主要股东 | | | 朱双全 | 14.75% | | 资料来源：公司公告， Wind ， | 中银证券 | 资料来源：公司公告， Win ...

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 ...

公 司 报 告 电子 2025年08月23日 鼎龙股份(300054.SZ) 半导体板块业务占比持续提升，公司盈利能力稳健增长 推荐 ( 维持) 股价:32.51元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.dl-kg.com | | 大股东/持股 | 朱双全/14.75% | | 实际控制人 | 朱双全,朱顺全 | | 总股本(百万股) | 945 | | 流通A股(百万股) | 735 | | 流通B/H股(百万股) | | | 总市值(亿元) | 307 | | 流通A股市值(亿元) | 239 | | 每股净资产(元) | 5.08 | | 资产负债率(%) | 41.6 | 行情走势图 证券分析师 事项： 公司发布2025年半年度报告，实现营业收入17.32亿元，同比增长14%，实现 归母净利润3.11亿元，同比增长42.78%。 平安观点： 报 点 评 证 券 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@ping ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.732 billion yuan in the first half of 2025, representing a year-on-year growth of 14.00%, and a net profit attributable to shareholders of 311 million yuan, up 42.78% year-on-year [1] - The semiconductor business, particularly CMP and display materials, is experiencing rapid growth, with CMP polishing pad revenue reaching 475 million yuan, a 59.6% increase year-on-year [2] - The company is expected to begin trial operations of its second-phase 300-ton capacity for high-end wafer photoresist in Q4 2025, with over 15 products already validated [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 908 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 10.17%, with a net profit of 170 million yuan, up 24.79% year-on-year and 20.61% quarter-on-quarter [1] - The gross margin improved by 4.0 percentage points to 49.2% in H1 2025, driven by high-value semiconductor material products [2] Business Segments - The CMP polishing pad segment has stabilized monthly sales above 30,000 pieces, further solidifying the company's leading position in the domestic market [2] - Display materials revenue reached 271 million yuan in H1 2025, a 61.9% increase year-on-year, with market share for YPI and PSPI continuing to rise [2] Future Outlook - The company has plans for high-end wafer photoresist products, with expectations to secure orders in the second half of 2025 [3] - The revenue forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 709 million yuan, 961 million yuan, and 1.227 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.04 CNY, maintaining the rating [5]. Core Views - The company achieved revenue growth of 14% year-on-year in H1 2025, reaching 1.732 billion CNY, and a net profit growth of 42.78%, amounting to 311 million CNY [1][2]. - The strong performance is attributed to the increasing penetration of CMP polishing materials and semiconductor display materials in domestic mainstream wafer and display panel manufacturers, along with the ramp-up of advanced packaging new products [2]. - The company's overall gross margin improved to 49.23%, up by 4.05 percentage points year-on-year, while the net profit margin increased to 21.05%, up by 2.2 percentage points [2]. Financial Performance Summary - In H1 2025, the semiconductor business generated 943 million CNY in revenue, a year-on-year increase of 48.64%, accounting for 54.75% of total revenue [3]. - CMP polishing pads saw revenue of 475 million CNY in H1 2025, up 59.58% year-on-year, with Q2 revenue reaching 256 million CNY, marking a historical high for a single quarter [3]. - The revenue from semiconductor display materials reached 271 million CNY in H1 2025, reflecting a year-on-year growth of 61.90% [4]. - The company expects revenues of 3.962 billion CNY, 4.703 billion CNY, and 5.479 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 705 million CNY, 932 million CNY, and 1.141 billion CNY for the same years [10][11].

Core Viewpoint - The company reported its 2025 semi-annual performance, achieving operating revenue of 1.732 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to shareholders of 311 million yuan, a year-on-year increase of 42.78%, meeting market expectations [1] Group 1: Revenue Growth - The polishing materials continue to see volume growth, with polishing pad product revenue reaching 475 million yuan in the first half of 2025, a year-on-year increase of 59.58% [2] - In the second quarter of 2025, polishing pad revenue was 256 million yuan, a quarter-on-quarter increase of 16.40% and a year-on-year increase of 56.64%, setting a new historical quarterly revenue high [2] - The company’s CMP polishing liquid and cleaning liquid revenue reached 119 million yuan in the first half of 2025, a year-on-year increase of 55.22% [2] Group 2: Market Position and Product Development - The company’s semiconductor display materials generated revenue of 271 million yuan in the first half of 2025, a year-on-year increase of 61.90% [3] - The market share of YPI products further increased, with the Xiantao industrial park's phase II project starting trial operations [3] - The company is advancing its immersion ArF and KrF wafer photoresist business, with nearly 30 high-end photoresist products in development [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 651 million yuan and 856 million yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 45/35 times for 2025/2026 [4] - The target price has been raised by 6% to 38.0 yuan, corresponding to 55/42 times the 2025/2026 price-to-earnings ratio, indicating a 22% upside potential from the current stock price [4]

Core Viewpoint - The CMP (Chemical Mechanical Polishing) pad market in China is projected to reach USD 470 million by 2031, with a compound annual growth rate (CAGR) of 8.3% during the forecast period [2]. Group 1: Market Overview - The CMP pad market is driven by the increasing wafer sizes, particularly 8-inch and 12-inch wafers, with a potential shift towards 18-inch wafers, which raises production challenges for CMP pads [2]. - The current leading product type in the market is polymer CMP pads, accounting for approximately 90.76% of the market share [6]. - The primary application segment is 300mm wafers, which holds about 77.11% of the market share [8]. Group 2: Competitive Landscape - Major manufacturers in the Chinese CMP pad market include DuPont and Hubei Dinglong, with the top three companies holding around 95.0% of the market share by 2024 [5]. - The market is characterized by high entry barriers due to the need for specialized technology, rigorous performance requirements, and significant capital investment for R&D and manufacturing [9]. Group 3: Future Trends and Challenges - As the demand for enhanced semiconductor performance grows, the requirements for CMP pad polishing performance will become increasingly stringent [2]. - The market is expected to see a shift towards domestic production opportunities due to geopolitical factors, with local companies potentially adopting aggressive pricing strategies to capture market share [8][9]. - The competitive landscape will likely see a narrowing of price differences among brands, leading to fluctuations in profit margins [9].