丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务加速成长，业绩同环比高 增 报告要点 [Table_Summary] 2025Q3 公司实现营业收入 9.67 亿元，同比增长 6.57%；归母净利润为 2.08 亿元，同比增长 31.48%；扣非净利润为 2.01 亿元，同比增长 36.87%；毛利率为 53.67%，同比增长 5.10pct。 2025Q1-Q3 公司实现营业收入 26.98 亿元，同比增长 11.23%；归母净利润为 5.19 亿元，同比 增长 38.02%；扣非净利润为 4.95 亿元，同比增长 44.02%；毛利率为 50.82%，同比增长 4.37pct 。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's semiconductor business continues to improve, with accelerated domestic substitution [6] - 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% [2][6] - For 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% [2][6] Financial Performance - The semiconductor business significantly contributed to the company's revenue and profitability, with sales of CMP polishing pads, CMP polishing liquids, and semiconductor display materials showing substantial growth [13] - In 2024, the sales revenue for CMP polishing pads was 716 million yuan, with a growth rate of 71.51%, while CMP polishing liquids and cleaning liquids saw a growth rate of 178.89% and semiconductor display materials grew by 131.12% [13] - The overall gross profit margin for the company improved to 46.88% in 2024 and 48.82% in Q1 2025, reflecting an increase of 9.93 percentage points and 4.56 percentage points year-on-year, respectively [13] Future Outlook - The company is expected to maintain high growth in its semiconductor business, with new products and projects progressing well, including high-end wafer photoresists and advanced packaging materials [13] - The company forecasts net profits of 714 million yuan, 917 million yuan, and 1.186 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 39x, 30x, and 24x [13]