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 ...

【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 recent supply disruption of CMP slurry, specifically DST slurry produced by AGC in Taiwan, has accelerated the pace of domestic alternatives in the semiconductor industry, highlighting the urgency for local manufacturers to innovate and adapt [1][2]. Group 1: Importance of CMP Slurry - CMP slurry is essential for the chemical mechanical polishing process in semiconductor manufacturing, akin to smoothing and leveling surfaces in construction [2]. - The slurry consists of ultra-fine abrasives, chemical agents, and water, and is crucial for achieving the required surface smoothness in logic and memory chip production [2]. Group 2: Market Dynamics - The CMP slurry market is predominantly controlled by American and Japanese companies, with Cabot Microelectronics holding 33% of the global market share, while Japanese firms account for an additional 23% [3]. - Domestic manufacturers currently hold a market share of 25-30%, which is even lower in high-end processes (e.g., below 28nm) [3]. - The global CMP slurry market was valued at $1.89 billion in 2021 and is projected to exceed $2.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - In China, the CMP slurry market is expected to grow from approximately 2.3 billion yuan in 2023 to 4.6 billion yuan by 2028, reflecting a CAGR of 15% [3]. Group 3: Demand Surge Factors - The demand for CMP slurry is increasing due to the growing complexity of high-end processes, with the number of CMP steps for 14nm logic chips doubling, requiring more types of slurry [3]. - The rise of 3D NAND memory chips, with increasing stacking layers, necessitates more intricate polishing processes, leading to a significant increase in CMP slurry usage [3]. Group 4: Domestic Players - Anji Technology has been a leader in CMP slurry since 2006, achieving a market share of over 5% globally and increasing its share in China from 20.9% in 2020 to 30.8% in 2021 [4]. - Sanhe New Materials focuses on diamond polishing liquids for hard materials and is gradually increasing its market share by supplying to companies like SMIC [4]. - Dinglong Co. is a key player in the domestic polishing pad market, offering a comprehensive solution that includes polishing liquids, cleaning liquids, and polishing pads, enhancing its competitive edge [5].

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]

【DT新材料】 获悉，6月19日， 康达新材 发布公告，公司与 成都中科 华微电子有限公司 （以下简称"中科华微"或"标的公司"）及其股东辽宁四和微科技有限公司（以下简称"辽宁四和微"）、赵峰、孙丽 娜签署了《收购意向协议》，公司拟以现金方式 收购中科华微不低于51%的股权，本次交易完成后公司预计将实现对标的公司的控 股。 资料显示， 中科华微 是一家专业从事高可靠集成电路产品研发和服务的高新技术企业，国家级专精特 新"小巨人"企业、获评四川省瞪羚企业等。公司已形成 微控制器芯片（MCU）、通用集成电路、高功率密度电源、系统级封装电路 （SiP） 四大产品管线，包括微控制器芯片 MCU和 SOC（32 位微型控制器电路、16 位微控制器电路、8 位微控制器电路等）、系 统级 SIP 芯片（射频综合控制 SIP 芯片、数据处理模块、异构处理器 SIP 芯片）、各类模拟集成电路（电源管理、接口电路、信号链电路等）以及 电路模块等系列产品， 尤其在特种装备 MCU 国产替代细分领域具有技术优势和市场影响力。 说明： 本文部分素材来自于康达新材等各大公司官网 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 ...

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 ...

关税缓和，转债的结构性机会 20250515 摘要 • 转债市场平均价格回升至 119.39 元，平均评价接近 90，转股溢价率 41.29%，绝对价格性价比不高，但结构上仍有机会，建议关注资质优异 或正股弹性大的标的，以及低价区间内信用评级调整担忧已被免疫的标的。 • 当前市场环境下，应关注业绩支撑且受益于科技成长与内需扩大的标的， 如人机协同、AI、半导体、农林牧渔、化妆品等，同时审视出口链公司海 外产能布局以判断关税影响，半导体领域受益于国产化率提升。 • 公募基金新规后大金融板块上涨不可持续，公募基金仍需购买弹性成长板 块标的，中小盘股下跌提供上车机会，市场对关税利好反应不显著，因关 税成本仍高于去年底。 • 关税对出口型企业盈利有影响，内需型板块及机器人、AI 相关科技成长板 块受影响较小，美国对先进制程芯片及 AI 技术出口管制未松动，自主可控 是长期趋势。 • 2025 年一季度消费和成长板块归母净利润增速领先，农林牧渔同比增速 达 789%，家电和汽车保持双位数增长，TMT 行业实现双位数增长，中游 制造类行业由负转正。 Q&A 关税缓和对转债市场的影响如何？ 关税缓和对转债市场的影响表现为利 ...

证券代码：300606 证券简称：金太阳 东莞金太阳研磨股份有限公司 编号：2025-002 投资者关系活动记录表 目前，领航电子东莞生产基地已具备年产万吨级产能，其IC、 硅晶圆、碳化硅等半导体级抛光液已完成性能验证并具备量产能 力。部分CMP抛光液产品已实现对外销售，其余产品正在国内头 部客户验证导入中，进一步巩固其在国内市场的竞争优势。 | 投资者关系活动 | 特定对象调研 ☐分析师会议 | | --- | --- | | 类别 | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及 | 易方达、长城基金、华福证券 | | 人员姓名 | | | 时间 | 2024年05月15日 14:00-16:00 | | 地点 | 公司办公楼4楼会议室 | | 上市公司接待人 | 副总经理、董事会秘书 杜燕艳 | | | 证券事务代表 李金伟 | | 员姓名 | | | 投资者关系活动 | 1、公司2025年一季度的业绩情况如何？ | | 主要内容介绍 | 答：得益于加大市场拓展力度、产品结构优化等积极因素， ...

中芯国际昨晚发布的一季度财报，实实在在给半导体行业打了一剂强心针：营收163.01 亿元，同比增长 近30%；净利润13.56亿元，暴增166.5%。 这样的成绩出现在传统淡季，本身就足够惊喜，再加上整个行业的复苏趋势延续明显，半导体行业淡季 不淡，不愧是自主可控2.0版本的真主线！ 以聚焦半导体行业卖铲子环节的$半导体设备ETF(SH561980)$为例，其标的指数中证半导一季度营收涨 23.37%、净利润涨48.98%；成分股北方华创更是单季赚15.81亿，力压一众半导体设备厂商板块盈利 王。 这波增长的动力从哪儿来？ 首先是AI大模型、数据中心带火了算力芯片，其次是限制背景下国内Fab厂、OSAT厂持续扩产，最后 消费电子市场也在慢慢好转，多方推动下设备与材料公司销量跟着暴涨，中标份额直线飙升。 根据日本半导体制造装置协会数据，中国大陆2024年半导体设备销售额为495.4亿美元，同比增长 35.37%，销售远高于全球平均水平，占全球比重也从2015年的13.42%提升至42.29%，行业产值向中国 大陆转移趋势明显。 不过真正撑起行业底气的，还得是国产替代的加速落地。设备端，北方华创的刻蚀机、薄膜沉积 ...