丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务加速成长，业绩同环比高 增 报告要点 [Table_Summary] 2025Q3 公司实现营业收入 9.67 亿元，同比增长 6.57%；归母净利润为 2.08 亿元，同比增长 31.48%；扣非净利润为 2.01 亿元，同比增长 36.87%；毛利率为 53.67%，同比增长 5.10pct。 2025Q1-Q3 公司实现营业收入 26.98 亿元，同比增长 11.23%；归母净利润为 5.19 亿元，同比 增长 38.02%；扣非净利润为 4.95 亿元，同比增长 44.02%；毛利率为 50.82%，同比增长 4.37pct 。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][10]. Core Views - The company reported steady growth in performance, with a revenue of 2.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.1%. The net profit attributable to shareholders was 490 million yuan, up 12.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 470 million yuan, an increase of 32.6% year-on-year [5][10]. - In Q3 alone, the company achieved a revenue of 870 million yuan, which is a 2.4% increase year-on-year and an 8.8% increase quarter-on-quarter. The net profit attributable to shareholders for Q3 was 140 million yuan, reflecting a year-on-year increase of 14.1% but a quarter-on-quarter decrease of 25.0% [5][10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 2.52 billion yuan, with a net profit of 490 million yuan and a net profit after deducting non-recurring items of 470 million yuan. The average selling price of electronic chemicals increased by 19.5% year-on-year, indicating a rise in high-value product sales [5][10]. - The company’s electronic chemicals segment saw production of 14,000 tons and sales of 13,000 tons, with year-on-year changes of +11.8% and +8.1%, respectively [10]. Business Segments - The special rubber additives business remained stable, while the electronic chemicals segment continued to grow. The company’s electronic chemicals business includes semiconductor photoresists and related reagents, display photoresists, electronic resins, and CMP polishing pads [10]. - The company holds a 96.3% stake in semiconductor photoresist leader Beijing Kehua, which generated nearly 200 million yuan in revenue in the first half of 2025, marking a growth of over 50% year-on-year [10]. Market Position - The company is positioned as a leader in special rubber additives and photoresists in China, with a strong focus on enhancing core competitiveness in the automotive tire rubber chemicals sector. The sales volume of automotive tire rubber chemicals increased by over 1,000 tons in the first half of 2025, reflecting a year-on-year growth of 1.5% [10]. - The company aims to deepen strategic cooperation with leading domestic tire manufacturers and accelerate its global expansion, particularly in high-end markets in Europe and America [10]. Future Outlook - The company is expected to maintain a "Buy" rating, with projected net profits of 650 million yuan, 800 million yuan, and 970 million yuan for 2025, 2026, and 2027, respectively [10].

Core Viewpoint - Dinglong Co., Ltd. has announced the adjustment of unused fundraising for the "Optoelectronic Semiconductor Material R&D and Manufacturing Center Project," with a total investment of 288 million yuan and planned fundraising of 155 million yuan [1][2]. Fundraising Adjustment - The company plans to redirect 155 million yuan of the previously raised funds, which accounts for 17.03% of the total fundraising amount of 910 million yuan from a convertible bond issuance [1][2]. - The original project aimed to invest 170 million yuan in the domestic production base for key raw materials, but only 10.69 million yuan has been utilized as of September 30, 2025 [2]. New Project Details - The new project will be implemented by Dinglong Co., with a total investment of 288 million yuan and a construction period of three years [2]. - The project will establish a nine-story R&D and manufacturing center, with an expected annual production capacity of 4,000 tons of prepolymer, 200 tons of microspheres, 400,000 large silicon wafer polishing pads, 30 tons of alumina abrasives, and 50 tons of cerium oxide abrasives [2]. Semiconductor Business Growth - Dinglong Co. focuses on semiconductor innovation materials, particularly in CMP process materials, wafer photoresists, and advanced packaging materials [3]. - The semiconductor segment has become the primary growth driver, achieving a revenue of 1.534 billion yuan in the first three quarters of 2025, a year-on-year increase of 41.27%, with its revenue share rising from 46% in 2024 to 57% [4]. Financial Performance - For the first three quarters of 2025, Dinglong Co. reported a revenue of 2.698 billion yuan, an increase of 11.23% year-on-year, and a net profit attributable to shareholders of 519 million yuan, up 38.02% [4]. - The company has maintained stable performance, with a third-quarter revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% [4]. - R&D investment reached 389 million yuan in the first three quarters, a 16% increase year-on-year, accounting for 14.41% of total revenue, primarily directed towards the semiconductor sector [4].

Core Insights - The company, as a leading supplier of CMP polishing pads in China, is benefiting from the booming semiconductor industry through comprehensive product layout, core technology localization, and orderly capacity expansion [1][2] Market Development - The company has penetrated major domestic wafer fabs and has become the primary supplier for some clients while actively expanding its customer base to foreign wafer fabs [2] - The company has achieved full self-supply of core raw materials for polishing hard pads, enhancing its core competitiveness [2] Capacity Expansion - The current production capacity at the company's Wuhan headquarters is approximately 500,000 pieces annually (40,000 pieces monthly) [2] - To meet future market demand, the company plans to increase its capacity to about 600,000 pieces annually (50,000 pieces monthly) by the end of Q1 2026 [2] Revenue Growth - In the first three quarters of 2025, the company's core product lines experienced significant growth, with sales revenue for CMP polishing pads, polishing liquids, cleaning liquids, and flexible display materials increasing by nearly or over 50% year-on-year [2] - This high growth is driven by two main factors: the booming downstream semiconductor and OLED display panel industries, and the company's optimized product layout and enhanced capability to synchronize with clients' new production lines [2] Product Development - The company has developed a full range of product models in the CMP polishing liquid sector and has achieved self-supply capability for core raw materials, specifically abrasive particles [2] - Various polishing liquid products, including dielectric materials, polysilicon, silicon nitride, metal gates, and copper processes, have been supplied in bulk to clients [2] Customer Base - The company's customer base focuses on two main sectors: semiconductor new materials clients, which include leading domestic integrated circuit manufacturers and OLED panel manufacturers, and traditional printing and copying consumables clients [2] R&D Investment - In the first three quarters of 2025, the company's R&D investment reached 389 million yuan, a year-on-year increase of 16%, accounting for 14.41% of revenue [2] - R&D resources are primarily directed towards the semiconductor sector, including flexible display materials, polishing liquids and cleaning liquids, polishing pads, and photoresists [2] - The company aims to maintain a certain level of R&D while controlling the expense-to-revenue ratio and focusing on the effectiveness and return on investment of R&D resources [2]

Core Viewpoint - Dinglong Co., Ltd. has shown significant growth in both revenue and net profit in the third quarter of 2025, indicating a successful transition to semiconductor materials as a primary growth driver [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.698 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year [1]. - For Q3 2025, the company reported a revenue of 967 million yuan, reflecting a year-on-year growth of 6.57% and a quarter-on-quarter increase of 6.49%. The net profit for the same quarter was 208 million yuan, marking a year-on-year increase of 31.48% and a quarter-on-quarter growth of 22.54% [1]. Business Segments - The semiconductor segment generated a revenue of 1.534 billion yuan, a year-on-year increase of 41.27%, increasing its share from 46% in 2024 to 57% in 2025 [2]. - In Q3, the CMP polishing pads generated 320 million yuan in revenue, up 25% quarter-on-quarter and 42% year-on-year. CMP polishing liquids and cleaning liquids achieved 84.32 million yuan, with a quarter-on-quarter increase of 33% and a year-on-year increase of 33% [2]. - Sales of semiconductor display materials reached 143 million yuan, showing slight growth quarter-on-quarter and a 25% increase year-on-year [2]. Market Position and Growth Drivers - The company benefits from the ongoing domestic semiconductor material localization process and its accumulated technological advantages, leading to rapid growth across all product lines [3]. - Advanced packaging materials and photoresists face inherent technical challenges, but the company is on track with its validation schedule, with potential strong order inflow expected in Q4 2025 [3]. - The expansion of production capacity by leading domestic storage manufacturers is anticipated to further increase demand for upstream raw materials, benefiting Dinglong Co., Ltd. [3]. Investment Outlook - As a leading supplier of semiconductor materials, the company has a rich product matrix and has entered the ramp-up phase for several scarce products. The self-supply capability for upstream materials is expected to enhance profit margins [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at 719 million yuan, 866 million yuan, and 1.139 billion yuan, respectively, with corresponding PE valuations of 48, 40, and 30 times [4].

Group 1: Company Overview - Hubei Dinglong Holdings Co., Ltd. is a leading platform company in core innovative materials across two main business segments: semiconductor and general printing consumables [2] - The company focuses on semiconductor innovative materials, covering CMP process materials, wafer photoresists, and advanced packaging materials [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 2.698 billion, a year-on-year increase of 11.23% [2] - Net profit attributable to shareholders reached CNY 519 million, up 38.02% compared to the same period last year [2] - In Q3 2025, revenue was CNY 1.08 billion, with a quarter-on-quarter growth of 9.67% and a year-on-year growth of 6.57% [2] Group 3: Semiconductor Business Growth - The semiconductor segment's revenue reached CNY 1.534 billion, a year-on-year increase of 41.27%, accounting for 57% of total revenue [2][3] - The semiconductor business is a key driver for both revenue and net profit growth, with expectations for further revenue share increase by the end of 2025 [3] Group 4: Product Development and Market Position - The company has a comprehensive product layout in CMP polishing pads, with a monthly production capacity of approximately 40,000 pads, expected to increase to 50,000 pads by Q1 2026 [5] - Core products such as CMP polishing pads, polishing liquids, and flexible display materials have seen growth rates close to or exceeding 50% in the first three quarters of 2025 [6] - The company has established itself as a leading supplier of CMP polishing pads in China, penetrating major wafer fabrication clients [4] Group 5: Research and Development Investment - R&D expenditure for the first three quarters of 2025 was CNY 389 million, a 16% increase year-on-year, representing 14.41% of total revenue [10] - The majority of R&D investment is directed towards the semiconductor segment, including flexible display materials and polishing liquids [10]

Group 1 - The report highlights that Q3 performance met expectations with a continuous increase in membership numbers for Focus Technology, achieving a revenue of 490 million yuan, a year-on-year increase of 17% [4][5] - The report indicates that the company’s net profit for Q3 was 122 million yuan, showing a year-on-year decrease of 2%, while the net profit excluding non-recurring items was 118 million yuan, down 3.4% year-on-year [5][6] - The report notes that the company’s gross margin was 78.5%, a decrease of 1.4 percentage points year-on-year, and the net profit margin was 24.5%, down 5.2 percentage points year-on-year [5][6] Group 2 - The report states that Kuaijiao's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24%, with a net profit of 742 million yuan, down 43.39% year-on-year [10][11] - In Q3, Kuaijiao's revenue was 643 million yuan, a year-on-year decrease of 46.23%, and the net profit was 27 million yuan, down 92.55% year-on-year [10][11] - The report indicates that the decline in high-end and mid-range liquor sales was significant, while low-end liquor saw a growth of 117.28% year-on-year [12] Group 3 - The report mentions that Jinshi Resources achieved a revenue of 2.758 billion yuan in the first three quarters, a year-on-year increase of 50.73%, while the net profit was 236 million yuan, down 5.88% year-on-year [15][17] - In Q3, the company reported a revenue of 1.033 billion yuan, a year-on-year increase of 45.21%, and a net profit of 109 million yuan, up 32.29% year-on-year [16][18] - The report highlights that the company’s cash flow from operating activities for the first three quarters was 462 million yuan, an increase of 24.80% year-on-year [15][17] Group 4 - The report indicates that Wanze Co. achieved a revenue of 941 million yuan in the first three quarters, a year-on-year increase of 21%, with a net profit of 170 million yuan, up 22.45% year-on-year [22][23] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [24][43] - The report notes that the company has significant production capacity in high-temperature alloy components, with various agreements in place for further expansion [23][26] Group 5 - The report states that Lu'an Huanneng's revenue for the first three quarters was 21.1 billion yuan, a year-on-year decrease of 20.8%, with a net profit of 1.55 billion yuan, down 44.45% year-on-year [28][29] - In Q3, the company reported a revenue of 7.03 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 210 million yuan, down 64% year-on-year [28][29] - The report highlights that the company plans to shut down its Xidong Coal Mine to improve operational efficiency and reduce losses [30][31] Group 6 - The report indicates that Mango Super Media's Q3 revenue was 3.099 billion yuan, a year-on-year decrease of 6.58%, with a net profit of 252 million yuan, down 33.47% year-on-year [32][33] - The report notes that increased content and R&D investments led to higher costs, impacting profitability [33][34] - The report highlights that advertising revenue returned to positive growth in Q3, with new shows expected to drive further engagement [35][36] Group 7 - The report states that Hangya Technology achieved a revenue of 530 million yuan in the first three quarters, a year-on-year increase of 1.95%, with a net profit of 78 million yuan, down 16.04% year-on-year [38][39] - In Q3, the company reported a revenue of 161 million yuan, a year-on-year decrease of 10.87%, and a net profit of 17 million yuan, down 34.78% year-on-year [40][41] - The report indicates that the company is focusing on new product development to drive future growth [39][41] Group 8 - The report mentions that Shandong Weida achieved a revenue of 1.439 billion yuan in the first three quarters, a year-on-year decrease of 11%, with a net profit of 230 million yuan, up 15% year-on-year [43][44] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [43][44] - The report highlights the company's strong cash flow and potential for growth in new business areas [44][45] Group 9 - The report indicates that Dinglong Co. achieved a revenue of 2.698 billion yuan in the first three quarters, a year-on-year increase of 11.2%, with a net profit of 519 million yuan, up 38% year-on-year [46][47] - In Q3, the company reported a revenue of 967 million yuan, a year-on-year increase of 6.6%, and a net profit of 208 million yuan, up 31.5% year-on-year [47][48] - The report highlights the strong performance of the semiconductor business, contributing significantly to overall growth [48]

Core Insights - The company achieved a revenue of 2.698 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 11.23%, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year, driven by strong growth in the semiconductor business and cost control measures [1] - In Q3 2025, the company reported a revenue of 967 million yuan, with a quarter-on-quarter increase of 6.49% and a year-on-year increase of 6.57%, while the net profit attributable to shareholders was 208 million yuan, reflecting a quarter-on-quarter growth of 22.54% and a year-on-year growth of 31.48% [1] Semiconductor Business Performance - The semiconductor business saw a revenue increase of over 41% year-on-year in the first three quarters of 2025, with its revenue share rising to 57% [2] - The semiconductor segment generated 1.534 billion yuan in revenue, marking a year-on-year growth of 41.27%, with all semiconductor material categories experiencing significant growth [2] - CMP polishing pads revenue grew by 52%, CMP polishing liquids and cleaning liquids by 45%, and semiconductor display materials by 47% year-on-year [2] High-End Wafer Photoresist Development - The high-end wafer photoresist business is progressing rapidly, with several key product models targeting orders in Q4, and the second phase of the production line in Qianjiang set to enter trial operation in Q4 [2] - The company has achieved mass production and supply capabilities for the first phase of the Qianjiang project, with a capacity of 30 tons of KrF/ArF photoresist [2] CMP Materials and Display Materials - In Q3 2025, CMP polishing pads generated a revenue of 320 million yuan, a year-on-year increase of 42% and a quarter-on-quarter increase of 25%, setting a new record for single-quarter revenue [3] - The company is expanding production capacity, aiming to reach a monthly capacity of approximately 50,000 pieces by the end of Q1 2026 [3] - Semiconductor display materials revenue reached 143 million yuan in Q3 2025, reflecting a year-on-year growth of 25%, driven by the construction of G8.6 generation OLED capacity by major domestic panel manufacturers [3] Investment Outlook - The company is positioned as a leading "bottleneck" innovative materials platform, continuously expanding its business layout, including CMP polishing pads, CMP polishing liquids, cleaning liquids, display materials, advanced semiconductor packaging, and high-end wafer photoresists [4] - Revenue projections for 2025-2027 are 3.871 billion yuan, 4.463 billion yuan, and 4.948 billion yuan, with year-on-year growth rates of 15.98%, 15.29%, and 10.88% respectively [4] - Net profit attributable to shareholders is expected to be 828 million yuan, 1.065 billion yuan, and 1.287 billion yuan for the same period, with growth rates of 59.08%, 28.61%, and 20.82% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown continuous high growth in Q3 performance, with significant contributions from its semiconductor business and new product expansions [3][8] - The company achieved a revenue of 2.698 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 519 million yuan, up 38.0% year-on-year [7][8] - The semiconductor segment is a key growth driver, with Q3 revenue from this sector reaching 591 million yuan, a quarter-on-quarter increase of 19.06% and a year-on-year increase of 30.91% [8][11] Financial Performance Summary - For Q3 2025, the company reported a single-quarter revenue of 967 million yuan, a year-on-year increase of 6.6% and a quarter-on-quarter increase of 6.5% [7] - The gross profit margin for Q3 was 53.67%, up 5.1 percentage points year-on-year, while the net profit margin was 22.86%, an increase of 2.37 percentage points year-on-year [7][8] - The operating cash flow for Q3 was 331 million yuan, indicating strong cash generation capabilities [7][19] Segment Performance - The CMP polishing pad business achieved record sales in Q3 with revenue of 320 million yuan, a quarter-on-quarter increase of 25% and a year-on-year increase of 42% [8][11] - The company is expanding its product offerings in semiconductor materials, including new products for large silicon wafers and silicon carbide polishing pads, which are expected to enhance future market potential [11][12] - The company maintains a leading position in domestic supply for semiconductor display materials, with ongoing customer validations for new products [12] Future Projections - Revenue projections for the company are estimated at 3.93 billion yuan, 4.77 billion yuan, and 5.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 726 million yuan, 912 million yuan, and 1.21 billion yuan [13][20] - The expected growth rates for revenue and net profit are 18% and 39% for 2025, respectively, indicating a robust growth trajectory [13][20]

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant year-over-year growth in revenue and net profit, indicating a positive outlook for its operations and profitability [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.698 billion yuan, a year-over-year increase of 11%, and a net profit of 519 million yuan, up 38% year-over-year [1]. - In Q3 2025 alone, revenue reached 967 million yuan, reflecting a 7% year-over-year growth and a 6% quarter-over-quarter increase, while net profit was 208 million yuan, marking a 31% year-over-year increase and a 23% quarter-over-quarter increase [1]. - The gross margin for Q3 2025 was 53.67%, with year-over-year and quarter-over-quarter increases of 5.10 percentage points and 4.06 percentage points, respectively [1]. - The net profit margin stood at 22.86%, with year-over-year and quarter-over-quarter increases of 2.37 percentage points and 1.26 percentage points, respectively [1]. Semiconductor Business - The semiconductor segment, which includes materials and chips, generated revenue of 1.534 billion yuan, a 41% year-over-year increase, and accounted for 57% of total revenue [2]. - In Q3 2025, the semiconductor segment revenue was 591 million yuan, reflecting a 31% year-over-year growth and a 19% quarter-over-quarter increase [2]. - The CMP polishing pads maintained a leading domestic market position, with revenue of 795 million yuan for the first three quarters of 2025, a 52% year-over-year increase [2]. - The company is expanding its production capacity, with plans to increase output to 50,000 pieces per month by the end of Q1 2026 [2]. Research and Development - The company invested heavily in R&D, with Q3 2025 R&D expenses amounting to 139 million yuan, representing 14.40% of revenue [1]. - The company is focusing on enhancing its product offerings in the semiconductor materials sector, including high-end photoresists and packaging materials [2]. Investment Outlook - The company maintains profit forecasts for 2025-2027 at 714 million yuan, 1.005 billion yuan, and 1.274 billion yuan, respectively, with current market valuations corresponding to P/E ratios of 49, 35, and 28 times [3]. - The company is expected to benefit from its platform-based approach in electronic materials, leading to a "buy" rating [3].