中邮证券研报指出，鼎龙股份半导体业务高增驱动盈利能力提升。2025年前三季度归母净利润预计约为 5.01-5.31亿元，其中第三季度约为1.9-2.2亿元，环比增长11.73%-29.37%，同比增长19.89%-38.82%。公 司半导体先进封装材料及晶圆光刻胶业务的验证测试及市场开拓工作均在稳步推进中，进展符合公司预 期。公司是国内唯一一家全面掌握CMP抛光垫全流程核心研发技术和生产工艺的CMP抛光垫供应商， 是CMP抛光垫国产供应龙头，在CMP抛光垫领域形成了较强的综合竞争实力。公司CMP抛光液、清洗 液产品市场渗透的加深与新品订单的增长，将为全年销售收入的增长注入新动能。半导体显示材料保持 高增长态势。高端晶圆光刻胶业务推进节奏迅速。此外，半导体封装PI、临时键合胶蓄势待发。维 持"买入"评级。 ...

个股表现 2024-10 2024-12 2025-03 2025-05 2025-07 2025-10 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 鼎龙股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 36.84 | | --- | --- | | 总股本/流通股本（亿股）9.46 | / 7.36 | | 总市值/流通市值（亿元）349 | / 271 | | 52 周内最高/最低价 | 37.00 / 24.69 | | 资产负债率(%) | 34.1% | | 市盈率 | 65.79 | | 第一大股东 | 朱双全 | 研究所 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 鼎龙股份(300054) 半导体业务高增，新材料平台布局深化 l 投资要点 半导体业务高增驱动盈利能力提升。202 ...

半导体材料业务表现突出 10月10日，湖北鼎龙控股股份有限公司（以下简称"鼎龙股份"）发布了2025年前三季度业绩预告。根据公告，公司预计在2025年1月1日至9月30日期间实现 归属于上市公司股东的净利润约为50,100万元至53,100万元，较上年同期的37,632.27万元同比增长33.13%至41.1%。扣除非经常性损益后的净利润预计约为 47,800万元至50,800万元，较上年同期的34,337.85万元同比增长39.20%至47.94%。 其中，第三季度归属于上市公司股东的净利润约为19,000万元至22000万元，同比增长19.89%至38.82%。扣除非经常性损益后的净利润预计约为18429万元至 21,429万元，同比增长25.62%至46.07%。 尽管半导体材料业务表现强劲，但公司的打印复印通用耗材业务在2025年前三季度预计实现产品销售收入约11.45亿元，同比略降。报告期内，受耗材市场 需求端与行业景气度持续波动、整体复苏进程较为缓慢等因素影响，公司传统耗材业务的经营业绩短期承压。为此，公司将继续加强成本费用管控，不断优 化产品结构，持续提升公司经营效率，积极适应市场变化。 非经常 ...

2025 年 10 月 10 日 鼎龙股份 (300054) —— Q3 业绩符合预期，泛半导体业务快速成长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 09 日 | | --- | --- | | 收盘价（元） | 36.84 | | 一年内最高/最低（元） | 38.05/23.98 | | 市净率 | 7.3 | | 股息率%（分红/股价） | 0.27 | | 流通 A 股市值（百万元） | 27,118 | | 上证指数/深证成指 | 3,933.97/13,725.56 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 5.08 | | 资产负债率% | 41.63 | | 总股本/流通 A 股（百万） | 946/736 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-09 11-09 12-09 01-09 02-09 03-09 04-09 05-09 06-09 07-09 08-09 09 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3934 | 1.32 | 3.33 | 1.32 | | 深证综指 | 2550 | 1.21 | 6.22 | 1.21 | | 风格指数 | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | (％) | | | | | 大盘指数 | 1.31 | 6.12 | 28.17 | | 中盘指数 | 2.07 | 10.12 | 41.2 | | 小盘指数 | 1.21 | 6.19 | 34.91 | | 涨幅居前 | 昨日 | 近 1 个月 | 近 6 个月 | | 行业(％) | | | | | 贵金属 | 8.63 | 11.52 | 59.45 | | 工业金属 | 7.89 | 22.44 | 82.94 | | 小金属Ⅱ | 7.51 | 8.09 | 77.84 | | 能源金属 | 6.83 | 23.01 | 101.49 | | 金属新材料 | 5 ...

Core Viewpoint - The company Dinglong Co., Ltd. has released its latest performance forecast, indicating significant growth in revenue and net profit for the first three quarters of 2025 compared to the previous year [1][2]. Financial Performance - For the first three quarters of 2025, the company expects to achieve approximately 2.677 billion yuan in revenue, with net profit attributable to shareholders estimated between 501 million yuan and 531 million yuan [1]. - The net profit for the same period last year was 376.32 million yuan, reflecting a year-on-year growth of 33.13% to 41.10% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 478 million yuan and 508 million yuan, marking a year-on-year increase of 39.20% to 47.94% [2]. Quarterly Breakdown - In the third quarter of 2025, the company anticipates revenue of approximately 945 million yuan, with net profit expected to be between 190 million yuan and 220 million yuan, representing a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year increase of 19.89% to 38.82% [2][3]. - The net profit for the same quarter last year was 158.48 million yuan [3]. Business Segments - The semiconductor materials and integrated circuit chip design and application business achieved sales revenue of approximately 1.522 billion yuan, a year-on-year increase of 40%, accounting for about 57% of total revenue [3]. - The revenue from CMP polishing pads, CMP polishing liquids, and cleaning liquids grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - In the third quarter alone, this segment generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Traditional Business Challenges - The printing and copying consumables business is expected to generate approximately 1.145 billion yuan in sales, showing a slight decline year-on-year due to market demand fluctuations and slow industry recovery [4]. - The company plans to enhance cost control and optimize product structure to improve operational efficiency in response to market changes [4].

Industry Overview - The semiconductor materials sector is becoming a core focus in the capital market, with electronic chemicals playing a crucial role in the semiconductor manufacturing process, accounting for 10%-20% of total chip costs but directly influencing chip performance and yield [1] - The Chinese semiconductor market showed significant growth, reaching a scale of $113.5 billion from January to July 2025, representing an 11.1% year-on-year increase, indicating an expansion phase for upstream materials [1][2] - The global semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to reach 174.08 billion yuan, a 21.1% year-on-year growth [2] Core Logic - The investment value in the electronic chemicals industry is driven by its unique consumable nature and vast domestic substitution potential, ensuring stable demand as long as wafer fabs are in operation [3] - Major companies in the electronic chemicals sector, such as Anji Technology and Shanghai Xinyang, reported significant revenue growth of 43.17% and 35.67% respectively in the first half of 2025, with net profit growth rates of 60.53% and 126.31% [3] - The domestic substitution potential varies across different segments, with the photolithography sector having the largest substitution space due to long-standing foreign monopolies [3][4] Key Company Analysis - Anji Technology (688019) is a leading player in the CMP polishing liquid market, increasing its market share from 5% in 2021 to 8% in 2023, and holding a 30.8% share in the domestic market [5] - Jianghua Micro (603078) specializes in wet electronic chemicals, with a market share of approximately 4.58% and a total revenue starting at 1.03 billion yuan in 2023, indicating significant growth potential [6] - Nanda Optoelectronics (300346) is a pioneer in the photolithography sector, with over 40% market share in MO source supply and ongoing development of ArF photolithography products [7] - Huate Gas (688268) leads the electronic specialty gases market, achieving over 60% market share in domestic photolithography gases and successfully replacing imports with its products [8] - Yake Technology (002409) has a comprehensive layout in semiconductor materials, particularly in advanced precursor materials, enhancing customer stickiness through a complete product line [9][10]

Group 1: Financial Performance - The company achieved a revenue of CNY 2.258 billion in the first half of 2025, representing a year-on-year growth of 65.75% [2][14] - The net profit attributable to shareholders was CNY 51.1737 million, showing a significant increase of 190.56% compared to the previous year [3][14] - The adhesive business, including wind power epoxy resin, generated revenue of CNY 1.987 billion, with a year-on-year growth of 118.83% [3] Group 2: Market and Product Development - The demand for wind power blade products has surged, becoming a key driver for the growth of the adhesive and specialty resin segment [2][7] - The company is focusing on enhancing its core product advantages and leveraging scale effects to improve market competitiveness in the wind power sector [7][14] - The company is actively integrating its investments in subsidiaries like Chengdu Liyang and Mingci to enhance synergy in the electronic technology sector [3][19] Group 3: Strategic Acquisitions and Investments - The company is conducting due diligence on the acquisition of North One Semiconductor Technology (Guangdong) Co., Ltd., aiming to secure at least 51% ownership [5][17] - The acquisition of Chengdu Zhongke Huamei Electronics is progressing, with the first phase of the equity transfer payment completed [17][20] - The company plans to use a combination of self-funding and acquisition loans for financing the acquisitions [16][19] Group 4: Challenges and Risk Management - The company is addressing the decline in overseas revenue and is actively pursuing business in Southeast Asia, with the Thailand project in the planning stage [4][19] - The overall gross margin has experienced slight fluctuations due to macroeconomic factors and market competition, but remains relatively stable [11][14] - The company has implemented measures to manage accounts receivable, which currently exceed CNY 2 billion, ensuring strong recoverability due to the creditworthiness of its major clients [19]

Core Viewpoint - The article discusses the current state and future prospects of the semiconductor materials industry, highlighting the importance of domestic substitution and the potential investment opportunities within this sector [5][38]. Group 1: Semiconductor Materials - The article emphasizes the critical role of semiconductor materials in the industry, particularly focusing on CMP polishing liquids and advanced packaging materials, which are seen as key areas for investment [5][7]. - It mentions the ongoing "invisible war" for 7N purity in semiconductor sputtering targets, indicating a significant market shift and potential for domestic players to capture market share [5]. - The article outlines the challenges and opportunities in the semiconductor materials market, particularly in the context of technological barriers and market rewards [5][38]. Group 2: Domestic Substitution - The article highlights the rapid growth of domestic substitution in semiconductor materials, with 14 advanced packaging materials identified as critical areas for investment [7][38]. - It discusses the progress made in domestic production capabilities, which is expected to reduce reliance on foreign suppliers and enhance the competitiveness of local companies [5][7]. - The potential for a billion-dollar market in domestic semiconductor materials is underscored, with specific companies positioned to benefit from this trend [5][38]. Group 3: Investment Logic - The article provides insights into the investment logic surrounding semiconductor materials, suggesting that the market is ripe for investment due to the increasing demand for advanced technologies [5][38]. - It mentions various reports and analyses available for investors looking to understand the semiconductor materials landscape better, indicating a wealth of information for informed decision-making [5][38]. - The article encourages investors to consider the long-term growth potential of the semiconductor materials sector, particularly in light of ongoing technological advancements and market shifts [5][38].

Core Viewpoint - Dinglong Co., Ltd. has successfully established stable sales and supply of its semiconductor CMP process materials and display materials in major domestic wafer manufacturing and display panel companies, indicating strong market presence and customer trust [1] Group 1: Product Offerings - The main products in the semiconductor CMP process materials field include CMP polishing pads, CMP polishing liquids, and cleaning liquids [1] - Key products in the semiconductor display materials field include YPI, PSPI, and TFE-INK [1] Group 2: Customer Relationships - The company has gained high trust from downstream customers due to excellent product stability and reliability, as well as efficient and timely technical service support [1] - This trust has facilitated the collaborative development and verification of new products, supporting the continuous volume growth and iterative optimization of existing products [1] Group 3: Strategic Development - Deep cooperation and positive interaction with customers have laid a solid foundation for the company to build an innovative materials platform and expand into other key segments of semiconductor materials [1] - These efforts contribute to the company's long-term, sustainable, and high-quality development [1]