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 ...

点击招商研究小程序查看PDF报告原文 事件： 安集科技发布2025半年报，25Q2收入利润同环比高增长，公司CMP抛光液市占率持续提升，功 能性湿化学品快速放量， 投资评级。 股票评级 25Q2收入同环比稳健增长，盈利能力提升。 ①25H1收入11.4亿元，同比+43.2%；归母净利润3.76亿 元，同比+60.5%；扣非净利润3.57亿元，同比+51.9%。②25Q2收入5.96亿元，同比+42.3%/环比 +9.3%；毛利率57%，同比持平，环比+1.3pcts；归母净利润2.07亿元，同比+60.4%/环比+22.5%；扣非 净利润1.95亿元，同比+51%/环比+20.6%；扣非净利率32.7%，同比+1.87pcts/环比+3pcts。公司新产 品、新客户、新应用的导入顺利，产品研发进展和市场拓展情况实现预期，公司部分产品顺利进入放量 阶段，销售收入同比稳健增长；公司销售规模效应持续体现，整体利润亦同比高增长。 CMP抛光液市占率稳步提升，在先进制程和先进封装领域持续推进。 25H1 CMP抛光液实现收入9.3亿 元，同比+38%。公司铜及铜阻挡层抛光液销售持续上量，部分先进制程新品在客户端验证顺利 ...

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 ...

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 - Kangda New Materials (002669.SH) is making a significant move in its "new materials + electronic technology" strategy by planning to acquire 51% of Chengdu Zhongke Huamei Electronics Co., Ltd. for 275 million yuan, which will make Zhongke Huamei a subsidiary of Kangda New Materials [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 275 million yuan, and it has been approved by the company's board without requiring shareholder voting [2]. - After the acquisition, Zhongke Huamei will be included in the consolidated financial statements of Kangda New Materials [2]. - Zhongke Huamei has committed to achieving net profits of no less than 40 million, 50 million, and 60 million yuan for the years 2025 to 2027, respectively [3]. Group 2: Strategic Implications - The acquisition is aimed at expanding Kangda New Materials' presence in the semiconductor integrated circuit sector, particularly in special integrated circuit design and testing, which is expected to create new profit growth points and enhance the company's profitability and sustainability [1][3]. - The existing semiconductor materials business of Kangda, such as CMP polishing liquids and sputtering targets, will synergize with Zhongke Huamei's integrated circuit design business, contributing to a complete industry chain from design to manufacturing and packaging testing [3]. Group 3: Financial Performance and Future Outlook - Kangda New Materials anticipates turning a profit in the first half of 2025, projecting a net profit of 50 to 55 million yuan, compared to a loss in the previous year [1][6]. - The company reported a revenue of 877 million yuan in the first quarter of 2025, marking a year-on-year increase of 63.74%, with a net profit growth of 125.70% [6]. - The sales of adhesive and specialty resin products have steadily increased, driven by strong demand in the wind power sector, which has become a key growth driver for the company's business [6].

Group 1: Market Development and Competitive Advantage - The company has established a comprehensive supply system for wind turbine blade materials, including structural adhesives and various resin products, with a sales volume of nearly 10,000 tons expected in 2024 [2][3]. - The company maintains a leading market share in wind structural adhesives, benefiting from early certification by the German Lloyd's Register (GL) and advanced production technology [2][3]. Group 2: Research and Development Focus - The company focuses on three core R&D areas: adhesive and specialty resin materials, electronic information materials, and electronic technology, with a 2024 R&D expenditure of 204 million yuan, accounting for 6.56% of revenue [3]. - The R&D team consists of 376 members, representing 22.97% of the total workforce, emphasizing the company's commitment to innovation and product quality [3]. Group 3: Acquisition Plans - The company is in the process of acquiring Chengdu Zhongke Huami Electronics, a high-tech enterprise specializing in reliable integrated circuit products, with ongoing audits and evaluations [4][5]. Group 4: Semiconductor Materials Strategy - The company aims to accelerate its strategic transformation towards the semiconductor industry, leveraging existing materials like CMP polishing liquids and sputtering targets to build a comprehensive industrial chain [6].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company's Q2 performance met expectations, with rapid growth in the semiconductor materials business [7] - The company expects to achieve a revenue of 1.727 billion yuan in H1 2025, representing a year-on-year growth of approximately 14% [7] - The growth in revenue is attributed to increased production capacity and optimization of costs in polishing pads, as well as significant growth in the semiconductor materials segment [7] Financial Summary - Total revenue is projected to reach 4.046 billion yuan in 2025, with a year-on-year growth rate of 21.2% [6] - The net profit attributable to the parent company is expected to be 687 million yuan in 2025, reflecting a year-on-year growth of 32% [6] - The gross profit margin is anticipated to improve from 48.8% in Q1 2025 to 49.0% in 2025E [6] Business Performance - The semiconductor materials and integrated circuit design business is expected to generate 945 million yuan in revenue in H1 2025, a year-on-year increase of 49% [7] - The CMP polishing pads segment is projected to see a revenue increase of 59% in H1 2025, with a significant order breakthrough in copper polishing liquids [7] - The display materials segment is also experiencing rapid growth, with a 62% increase in revenue in H1 2025 due to improved capacity utilization among downstream customers [7]

Core Viewpoint - The company, Dinglong Co., Ltd. (300054.SZ), reported significant growth in revenue and net profit for the first quarter of 2025, indicating a marked improvement in profitability [2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 141 million yuan, up 72.84% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 135 million yuan, reflecting a substantial year-on-year growth of 104.84% [2]. - The comprehensive gross margin reached 48.82%, showcasing enhanced profitability [2]. Group 2: Business Segments - For the full year 2024, the company reported total revenue of 3.338 billion yuan, representing a year-on-year growth of 25.14%, with a net profit of 521 million yuan, up 134.54% year-on-year [3]. - The semiconductor business, including semiconductor materials and integrated circuit chip design and application, generated revenue of 1.52 billion yuan, a year-on-year increase of 77.40%, accounting for approximately 46% of total revenue [3]. - The printing and copying consumables business maintained revenue at 1.79 billion yuan, consistent with the previous year, while color toner sales exceeded 2,000 tons for the first time [3]. Group 3: Growth Drivers - The company's traditional CMP (Chemical Mechanical Planarization) materials and semiconductor display materials saw significant revenue growth, with CMP polishing pads generating 220 million yuan, a year-on-year increase of 63.14% [4]. - CMP polishing liquids and cleaning liquids achieved revenue of 55.19 million yuan, up 53.64% year-on-year, with steady progress in product validation and introduction [4]. - Semiconductor display materials generated 130 million yuan in revenue, reflecting a year-on-year growth of 85.61% [4]. Group 4: New Business Development - New businesses, including high-end wafer photoresists and advanced semiconductor packaging materials, generated a combined revenue of 6.29 million yuan [4]. - The company successfully passed customer validation for certain immersion ArF and KrF photoresists by the end of 2024, receiving orders from two major domestic wafer manufacturers [4]. - The integrated circuit chip design and application, along with the printing and copying consumables, maintained stable operational performance [4].

Core Viewpoint - 鼎龙股份 is expected to achieve significant growth in its financial performance for the first half of 2025, driven by its semiconductor materials business and operational efficiency improvements [2][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 290 million to 320 million yuan, representing a year-on-year increase of 33.12% to 46.9% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 273 million to 303 million yuan, reflecting a year-on-year growth of 38.81% to 54.06% [2]. - Total revenue for the first half of 2025 is estimated at approximately 1.727 billion yuan, showing a year-on-year increase of about 14% [4]. Business Segments - **Semiconductor Materials and Integrated Circuit Design**: - Revenue from this segment is expected to be around 945 million yuan, with a year-on-year growth of approximately 49% [4]. - The net profit for this segment has seen a substantial increase of 104% year-on-year [4]. - CMP polishing pads sales revenue increased by 59% year-on-year, with a 16% quarter-on-quarter growth in Q2 [4]. - CMP polishing liquids and cleaning liquids combined sales revenue grew by 56% year-on-year, with a 16% quarter-on-quarter increase in Q2 [4]. - The semiconductor display materials segment reported a 62% year-on-year revenue growth, driven by product expansion and increased market share [5]. - Advanced packaging materials achieved sales revenue of approximately 8.6 million yuan, with ongoing market introduction of KrF/ArF photoresists [5]. - **Printing and Copying Consumables**: - This segment generated approximately 780 million yuan in revenue (excluding chips), with a positive growth trend observed in Q2 [6]. - The company is focusing on market expansion and cost reduction to enhance operational efficiency and maintain stable performance in traditional consumables [6]. Investment and Development - The company is currently in a continuous investment phase for high-end wafer photoresists and new chip development, which has impacted net profit by over 50 million yuan [7].