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万润股份(002643):Q2业绩超预期,新材料平台未来可期
2025 年 08 月 24 日 万润股份 (002643) —— Q2 业绩超预期,新材料平台未来可期 报告原因:有业绩公布需要点评 买入(维持) | 市场数据: | 2025 年 08 月 22 日 | | --- | --- | | 收盘价(元) | 13.99 | | 一年内最高/最低(元) | 14.99/7.70 | | 市净率 | 1.8 | | 股息率%(分红/股价) | 0.71 | | 流通 A 股市值(百万元) | 12,721 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 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) | 7.70 | | 资产负债率% | 25.79 | | 总股本/流通 A 股(百万) | 923/909 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 ...
鼎龙股份(300054):25Q1业绩符合预期 电子材料布局多点开花
Xin Lang Cai Jing· 2025-05-05 08:48
Core Insights - The company reported strong financial performance for 2024, with revenue of 3.338 billion yuan (YoY +25%) and a net profit of 521 million yuan (YoY +135%) [1] - The semiconductor business segment showed significant growth, achieving revenue of 1.52 billion yuan (YoY +77%), indicating a successful strategic transformation [3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares for 2024 [1] Group 1: 2024 Annual Report Highlights - Total revenue reached 3.338 billion yuan, with a year-over-year increase of 25% [1] - Net profit attributable to shareholders was 521 million yuan, reflecting a 135% increase year-over-year [1] - The gross profit margin was 46.88%, up by 9.93 percentage points year-over-year, while the net profit margin was 19.14%, an increase of 8.35 percentage points [1] - In Q4 2024, revenue was 912 million yuan (YoY +15%, QoQ +1%), with a net profit of 144 million yuan (YoY +216%, QoQ -9%) [1] Group 2: 2025 Q1 Report Highlights - For Q1 2025, the company achieved revenue of 824 million yuan (YoY +16%, QoQ -10%) and a net profit of 141 million yuan (YoY +73%, QoQ -2%) [2] - The gross profit margin for Q1 2025 was 48.82%, with year-over-year and quarter-over-quarter increases of 4.56 percentage points and 0.80 percentage points, respectively [2] - The net profit margin was 20.44%, reflecting a year-over-year increase of 4.31 percentage points [2] Group 3: Semiconductor Business Performance - The semiconductor business generated 1.52 billion yuan in revenue, with notable contributions from various product lines [3] - CMP polishing pads achieved revenue of 716 million yuan (YoY +72%), with record monthly sales [3] - CMP polishing liquids and cleaning liquids generated 215 million yuan (YoY +179%), with multiple new products in the pipeline [3] - Semiconductor display materials reached 402 million yuan (YoY +131%), with increasing market share [3] Group 4: 2025 Q1 Business Insights - CMP polishing pads generated 220 million yuan (YoY +63%, QoQ +14%) [4] - Semiconductor display materials achieved revenue of 130 million yuan (YoY +86%, QoQ +8%) [4] - The traditional printing consumables segment remained stable, although revenue slightly declined due to market demand [4] - The company has adjusted its profit forecasts for 2025-2027, reflecting confidence in its electronic materials platform strategy [4]
鼎龙股份(300054):25Q1业绩符合预期,电子材料布局多点开花
Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance met expectations, with a revenue of 824 million yuan, representing a year-on-year growth of 16.4% [6] - The company has successfully transformed its strategy, leading to significant growth in its semiconductor business, which achieved a revenue of 1.52 billion yuan in 2024, a year-on-year increase of 77% [6] - The report highlights the company's strong growth in electronic materials, with various products such as CMP polishing pads and liquids showing substantial revenue increases [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 3.338 billion yuan, with a year-on-year growth rate of 25.1% [5] - The net profit attributable to the parent company is expected to reach 521 million yuan in 2024, reflecting a year-on-year growth of 134.5% [5] - The report forecasts a net profit of 687 million yuan for 2025, with a growth rate of 32% [5] - The gross margin is expected to improve from 46.9% in 2024 to 51.0% by 2027 [5] Business Performance - In Q1 2025, the company reported a net profit of 141 million yuan, a year-on-year increase of 73% [6] - The semiconductor materials segment continues to grow rapidly, with CMP polishing pads generating 220 million yuan in revenue, up 63% year-on-year [6] - The traditional printing consumables segment remains stable, although revenue showed a slight decline due to weaker end-market demand [6]