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 ...

2025 年 07 月 09 日 从修复到繁荣——2025 年 7 月可转债市场展 望 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3497 | 0.7 | 3.31 | 1.15 | | 深证综指 | 2102 | 1.34 | 4.72 | 1.13 | 今日重点推荐 （1）6 月权益市场涨势较好，转债整体表现强势。权益市场和转债市场情 绪整体较佳，转债等权和加权指数均创 2025 年以来新高，2025 年以来收 益率分别达 10%、7%；6 月上旬转债加权指数表现较强，下旬等权指数表 现较强，全月看两者大致持平。 ◼ （2）银行股估值重估叠加银行转债强势转股，银行转债稀缺性上升，后续 银行转债强势有望延续。 ◼ （3）产业趋势叠加流动性宽裕，小盘转债强势上涨。 ◼ （4）组合仓位方面，银行重估尚未完成，小盘成长有流动性和产业趋势支 撑下行情可以继续期待，采取类银行转债+小盘成长转债+低价低波转债的 哑铃策略依旧有效。 ◼ （5）结合策略判断与个券基本面，我们 ...

【DT新材料】 获悉，7月9日， 鼎龙股份 发布2025 年半年度业绩预告。 公告显示，公司预计上半年实现归属于上市公司股东的净利润为 2.9亿元至3.2亿元 ，同比增长 33.12%至46.9% ；扣除非经常 性损益后的净利润为 2.73亿元至3.03亿元 ，同比增长 38.81%至54.06% 。 鼎龙股份 是国内领先的关键大赛道领域中各类核心创新材料的平台型企业，目前重点聚焦半导体创新材料领域。 2025 年上半年度，公司实现营业收入约 17.27 亿元 ，同比增长约 14% 。公司经营业绩稳步增长，具体原因为： 说明： 本文部分素材来自 于鼎龙股份 及网络公 开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观点赞同或支持。 如果有任何问题，请联系我们：15355132586（微信号：dtmaterial） 1 、 半导体材料业务及集成电路芯片设计和应用业务 实现营业收入约 9.45亿元 ，同比增长约 49% ；该板块的归母净利润规模同比大幅增长 104% 。 其中： ① CMP 抛光垫 销售收入同比增长 59% 。其中今年第二季度环比增长 16% ， 同比增长 57 ...

Core Viewpoint - CMP (Chemical Mechanical Polishing) technology is essential for the development of integrated circuits, playing a critical role in achieving surface flatness during chip manufacturing, which is increasingly important as technology nodes shrink and the number of layers in chips increases [6][38]. Group I: CMP Technology and Market Overview - CMP technology is a necessary process in wafer manufacturing, which includes multiple steps such as diffusion, lithography, etching, ion implantation, thin film growth, and CMP itself [9]. - The global CMP materials market is experiencing continuous growth, driven by advancements in semiconductor technology and increasing demand from various sectors, including 5G and AI [32][49]. - The CMP materials market is characterized by a high degree of technical, talent, and patent barriers, with significant market share held by leading companies from the US and Japan [54]. Group II: Market Size and Growth - The global CMP polishing pad market size increased from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [49]. - The CMP polishing liquid market also saw growth, rising from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [50]. - China's CMP polishing liquid market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, achieving a CAGR of 12.28%, indicating a faster growth rate compared to the global market [50]. Group III: Domestic Industry Dynamics - Chinese companies are increasingly entering the CMP materials market, with government policies supporting the development of the semiconductor industry and promoting domestic alternatives to imported materials [39][41]. - The domestic semiconductor materials market is expected to continue growing at a rate higher than the global average, driven by technological advancements and increasing local demand [32][39]. - The shift towards domestic production of CMP materials is seen as a strategic move to reduce reliance on foreign suppliers, especially in light of export controls from the US and Japan [39][54]. Group IV: Product Segmentation and Applications - CMP materials are primarily categorized into polishing liquids, polishing pads, and cleaning agents, with polishing liquids accounting for 49% and polishing pads for 33% of the market share [18]. - Various types of polishing liquids are used for different applications, including copper CMP, tungsten CMP, and dielectric CMP, each tailored for specific manufacturing processes [19][21]. - Polishing pads are typically made from polyurethane and are designed to maintain a stable polishing environment while effectively distributing polishing liquids [20][22].

Core Viewpoint - The article discusses the supply chain issues and investment opportunities in the semiconductor chemical mechanical polishing (CMP) materials market, particularly focusing on the impact of Taiwan's export controls on the supply of DSTl slurry and the growth potential of CMP materials in the semiconductor industry. Group 1: CMP Slurry Supply Issues - DSTl slurry supply has been suspended due to Taiwan's export control restrictions, with only five months of inventory remaining (267 barrels) [2] - DSTl slurry is critical for the CMP process in semiconductor manufacturing, enhancing wafer flatness and surface quality [2] Group 2: Investment Logic in CMP Materials - The demand for CMP materials is expected to grow rapidly due to advancements in process nodes, increased wiring density, and the transition from 2D NAND to 3D NAND technology [4] - CMP materials account for 7% of the semiconductor manufacturing material costs, with CMP slurry and pads making up 49% and 33% of CMP material costs, respectively [4] - The global CMP materials market is projected to grow from $3.3 billion in 2023 to over $4.2 billion by 2027 [4] Group 3: CMP Pad Market Overview - The global CMP pad market grew from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [5] - In China, the CMP pad market increased from 810 million yuan in 2016 to 1.31 billion yuan in 2021, with a CAGR of 10.09% [5] - Dow DuPont dominates the global CMP pad market with a 79% share, while domestic company Dinglong has become a key player in China [6] Group 4: CMP Slurry Market Overview - The global CMP slurry market expanded from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [7] - The Chinese CMP slurry market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, with a CAGR of 12.28% [7] - Major global players in the CMP slurry market include Cabot, Versum Materials, and Dow, with China being the largest demand region [7] Group 5: Domestic Companies in CMP Materials - Dinglong has established itself as the only domestic supplier mastering the entire CMP pad production process, achieving significant breakthroughs in the field [6][12] - Anji Technology, a leading domestic CMP slurry company, reported revenues of 1.075 billion yuan in 2023, capturing a significant market share [22][23] - Shanghai Xinyang and Jiangfeng Electronics are also notable players in the CMP materials sector, focusing on various CMP products [36][37] Group 6: Future Trends and Opportunities - The future of CMP materials is expected to trend towards specialization and customization, providing opportunities for new entrants in the market [8] - Companies focusing on new technologies for polishing liquids, such as those related to SiC, and those mastering upstream particle development are recommended for investment [8]

鼎龙股份：铜制程抛光硬垫产品已在某主流外资逻辑厂商测试通过并取得小批量订单 智通财经6月18日电，鼎龙股份(300054.SZ)发布投资者关系活动记录表，公司CMP抛光垫产品深度渗透 国内主流晶圆厂客户，除此以外，在积极进行外资晶圆厂商市场的推广，铜制程抛光硬垫产品已在某主 流外资逻辑厂商测试通过并取得小批量订单。公司已布局20余款高端晶圆光刻胶，已有12款送样客户端 验证，其中7款进入加仑样阶段，整体测试进展顺利。2024年度，公司已有两款光刻胶产品分别收到共 两家国内主流晶圆厂客户的订单。 ...

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：20250618 答：生产布局方面，公司会前瞻性进行产能储备：YPI 产品在仙桃实施 年产 800 吨 YPI 二期项目建设，计划近期即将完工试运行，以缓解武汉本部 YPI 一期产能压力，满足未来持续增长的产品订单供应；PSPI 产品在仙桃产 业园年产 1,000 吨的产线于 2024 年上半年正式投入使用并开始批量供货， 生产体系能力提升。 | 附件清单 | 无 | | | | | --- | --- | --- | --- | --- | | 日期 | 2025 | 年 6 | 月 | 日 18 | 问 5：公司光刻胶新品的业务情况怎么样？ 答：公司已布局 20 余款高端晶圆光刻胶，已有 12 款送样客户端验证， 其中 7 款进入加仑样阶段，整体测试进展顺利。2024 年度，公司已有两款 光刻胶产品分别收到共两家国内主流晶圆厂客户的订单。光刻胶的后续订单 情况，请您持续关注公司后续公告。 问 6：公司自主布局上游核心原材料，有哪些优势？ 答：公司坚持材料技术创新与上游原材料自主化培养同步，持续提升公 司产品上游 ...

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 ...

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%。 事件评论 风险提示 半导体业务带动公司营业收入和盈利能力持续向好。半导体业务方面，2024 年CMP 抛光垫、CMP 抛光 液\清洗液、半导体显示材料业务分别实现销售收入7.16 亿元、2.15 亿元、4.02 亿元，同比增速分别为+ 71.51%、+ 178.89%、+131.12%，均呈现出快速的增长趋势；2025Q1 CMP 抛光垫、CMP 抛光液\清洗 液、半导体显示材料业务分别实现销售收入2.2 亿元、0.55 亿元、1.3 亿元，同比增速分别为+63.14%、 +53.64%、+85.61%，随着下游晶圆厂扩产的落地和国产化推的推进，公司已有订单产品不断放量，更 多新产品的验证导入持续推进，半导体业务2025 年全年或将维持高增长。打印耗材方面，2024 年该项 业务实现销售收入17.9 亿元（不含打印耗材芯片 ...

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 ...