Core Viewpoint - The company has shown significant growth in revenue and net profit, driven primarily by its semiconductor business, which is expected to maintain high growth in the coming years [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [1]. - In Q1 2025, the company reported revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 72.84% [1]. Semiconductor Business Growth - The semiconductor segment has driven the company's revenue and profitability, with sales from CMP polishing pads, CMP polishing liquids, and semiconductor display materials reaching 716 million yuan, 215 million yuan, and 402 million yuan in 2024, reflecting year-on-year growth rates of 71.51%, 178.89%, and 131.12% respectively [2]. - In Q1 2025, the same segments reported sales of 220 million yuan, 55 million yuan, and 130 million yuan, with year-on-year growth rates of 63.14%, 53.64%, and 85.61% respectively [2]. - The semiconductor business is expected to continue high growth in 2025 due to increased orders and new product validations [2]. Profitability and Margins - The company's overall gross margin improved to 46.88% in 2024 and 48.82% in Q1 2025, representing increases of 9.93 percentage points and 4.56 percentage points year-on-year, respectively [2]. Future Growth Prospects - The company is advancing new businesses such as high-end wafer photoresists and advanced semiconductor packaging materials, which are expected to contribute to growth in 2025 [2]. - The company plans to raise 910 million yuan through convertible bonds to fund projects related to KrF/ArF photoresist production and the localization of key raw materials for optoelectronic semiconductor materials [3]. - The company is positioned as a leader in the domestic semiconductor materials market, with significant growth potential driven by its technological and production capabilities [3]. Earnings Forecast - The company is projected to achieve net profits of 714 million yuan, 917 million yuan, and 1.186 billion yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 39x, 30x, and 24x, respectively [3].

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 ...