Core Viewpoint - Dinglong Co., Ltd. holds a leading position in the domestic OLED new display materials sector, with strong customer repurchase attributes and successful scale sales of TFE-INK products [1] Group 1: Market Position and Product Development - The company has a solid market position for YPI and PSPI products, with a strong customer repurchase rate [1] - The Xiantao industrial park has commenced production with an annual output of 1,000 tons of PSPI, which is now in bulk supply [1] - The second phase project for YPI, with an annual output of 800 tons, is set to supplement new capacity to meet existing and potential order demands [1] Group 2: New Product Validation and Development - New products such as PFAS Free PSPI, Black Pixel Definition Layer Material (BPDL), and Low Dielectric Constant Ink (Low Dk INK) are progressing in validation as expected [1] - Development of PI-oriented liquid and client-side introduction is fully underway [1]

证券代码：300054 证券简称：鼎龙股份 湖北鼎龙控股股份有限公司投资者关系活动记录表 问 2：公司半导体显示材料业务中，YPI、PSPI 产品表现优异，新产品 验证进展是否符合预期？ 答：公司在 OLED 新型显示材料领域占据国内领先地位，YPI、PSPI 产品的市场地位持续稳固，客户主要覆盖国内主流 OLED 面板厂，建立了长 期稳定的合作关系，复购属性强，为公司带来持续稳定的现金流。此外， TFE-INK 产品已在客户端规模销售，市场突破成效显著。产能方面，仙桃产 业园年产 1000 吨 PSPI 产线已投产并持续批量供应，年产 800 吨 YPI 二期项 目作为新增产能补充，可充分满足现有及潜在客户订单需求。新产品方面， 无氟光敏聚酰亚胺（PFAS Free PSPI）、黑色像素定义层材料（BPDL）、薄 膜封装低介电材料（Low Dk INK）等正按计划推进客户验证工作，目前验 证进展符合预期；同时，PI 取向液的产品开发持续推进，在客户端的验证、 导入已全面展开，多款新一代 OLED 显示材料的创新研发及送样验证，目标 填补相关领域空白。 | | ■特定对象调研 □分析师会议 | | --- | ...

Core Viewpoint - The company forecasts a significant increase in net profit for 2025, driven by strong demand in the semiconductor industry and successful expansion into overseas markets [1][3]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-on-year increase of 34% to 40% [1]. - The non-net profit attributable to shareholders is projected to be 660-690 million yuan, reflecting a year-on-year growth of 41% to 47% [1]. - For Q4 2025, the company anticipates a net profit of 180-210 million yuan, with a year-on-year increase of 26% to 47% [1]. Industry Trends - The semiconductor industry has been experiencing a continuous uptrend since 2025, with polishing materials and display materials achieving rapid growth [2]. - The demand for DRAM and NAND storage chips is surging, leading to significant price increases, with DRAM and NAND indices showing year-on-year growth of 542% and 229%, respectively [2]. - The entire semiconductor supply chain is witnessing a price surge, and the industry is expected to continue its upward trajectory into 2026 [2]. Company Strategy - The company is focusing on high-value areas such as polishing pads, where it maintains a leading position in China and is expanding into markets for large silicon and silicon carbide polishing pads [2]. - The product portfolio for polishing liquids and cleaning liquids is being enhanced, aiming for accelerated business growth through combined orders [2]. - The company is also advancing in semiconductor KrF/ArF wafer photoresists and advanced packaging materials, indicating a diversified development strategy [2]. Global Expansion - The company plans to issue H shares to accelerate its overseas business expansion and enhance its global strategic layout [3]. - The establishment of a Southeast Asia polishing pad factory marks a significant step in the company's international business development [3]. - The company aims to enhance its brand's international influence and competitiveness while building an international capital operation platform [3].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-on-year increase of 34% to 40%. The adjusted net profit is projected to be 660-690 million yuan, reflecting a growth of 41% to 47% [4][6]. - The company is focusing on high-value areas in the semiconductor materials sector, including polishing pads and liquids, and is expanding its market share in advanced packaging materials [6]. - The company plans to issue H shares to accelerate its overseas business expansion, aiming to enhance its global strategic layout and brand influence [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 3.97 billion yuan, with a year-on-year growth rate of 18.9%. The net profit for the same year is projected at 714 million yuan, showing a growth rate of 37.1% [5][8]. - The company anticipates a gross margin of 50.1% for 2025, with a return on equity (ROE) of 14.4% [5][8]. - For the years 2026 and 2027, the company forecasts revenues of 4.86 billion yuan and 5.73 billion yuan, respectively, with net profits expected to reach 1.01 billion yuan and 1.27 billion yuan [5][8].

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook on its performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-over-year increase of 34% to 40%. The fourth quarter alone is projected to yield a net profit of 180-210 million yuan, with a year-over-year growth of 26% to 47% [4][6]. - The semiconductor industry has been experiencing a sustained upturn, with the company benefiting from rapid growth in polishing materials and display materials. The demand in the AI sector is driving prices for DRAM and NAND chips significantly higher [6]. - The company plans to issue H shares to accelerate its overseas business expansion, aiming to enhance its global strategic layout and brand influence [6]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3,970 million yuan, with a year-over-year growth rate of 18.9%. The net profit attributable to shareholders is forecasted at 714 million yuan, reflecting a growth rate of 37.1% [5][8]. - The company’s gross margin is expected to improve from 50.1% in 2025 to 52.5% by 2027, indicating a positive trend in profitability [5]. - The return on equity (ROE) is projected to rise from 14.4% in 2025 to 19.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [5].

Group 1 - The company plans to issue H-shares and list them to deepen its global strategic layout in the innovative materials sector, accelerate overseas business expansion, and enhance its international brand influence and overall competitiveness [2] - The issuance aims to establish an international capital operation platform, improve overseas financing capabilities, and support the company's high-quality sustainable development [2] - The company emphasizes that the H-share issuance will not lead to changes in the controlling shareholder or actual controller [2] Group 2 - Specific details of the H-share issuance are not yet determined, and the company is in discussions with relevant intermediaries regarding the advancement of this matter [2] - The H-share listing is subject to approval from the company's board and shareholders, as well as regulatory approvals from the China Securities Regulatory Commission, Hong Kong Stock Exchange, and the Securities and Futures Commission of Hong Kong, indicating uncertainty in successful implementation [2] - The company is a leading platform in the domestic innovative materials sector, covering high-tech applications such as semiconductor materials and display materials [2]

Group 1 - The core point of the news is that Dinglong Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy in the innovative materials sector and accelerate overseas business expansion [1] - The company aims to deepen its international influence and competitiveness through this H-share issuance, which will not change the control of its major shareholders [1] - The company has established itself as a leading platform in the innovative materials sector, particularly in semiconductor materials, and is focusing on expanding its overseas market presence [1] Group 2 - Financial data shows that the semiconductor business of the company has maintained strong growth, with a revenue of 1.534 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 41.27% [2] - The semiconductor segment's revenue share increased from 46% in 2024 to 57% in 2025, indicating a growing contribution to overall profitability [2] - The company identifies key opportunities in the semiconductor materials industry driven by AI, supply chain stability demands, and emerging fields such as large silicon wafers and advanced packaging [2] Group 3 - The CMP polishing pad business achieved sales revenue of 795 million yuan in the first three quarters of 2025, a year-on-year increase of 52% [3] - In the third quarter alone, the CMP polishing pad sales reached 320 million yuan, marking a 42% year-on-year growth and setting a new record for quarterly revenue [3] - The company is actively engaging with foreign and overseas market clients to promote its CMP polishing pad products, leveraging supply chain stability and product competitiveness for better market opportunities [3]

证券日报网讯12月9日，时代新材（600458）在互动平台回答投资者提问时表示，公司聚酰胺酰亚胺材 料相关产品，已于公司材料技术与工程研究院完成中试线试制，并通过半导体封装及芯片封装领域行业 知名客户的技术、工艺验证，目前正在株洲新材料产业基地加快推进多条产线建设，CPI、YPI、FPI产 线会率先完成建设，预计明年上半年实现投产。 ...

Core Insights - Dinglong Co., Ltd. reported a revenue of 2.698 billion yuan for the first three quarters of the year, marking an 11.23% year-on-year increase, and a net profit attributable to shareholders of 519 million yuan, up 38.02% year-on-year [1] - The semiconductor business has shown strong growth, with revenue from the semiconductor segment reaching 1.534 billion yuan, a 41.27% increase year-on-year, and its contribution to total revenue rising from 46% to 57% [1] - The CMP polishing pad business achieved sales revenue of 795 million yuan in the first three quarters, reflecting a 52% year-on-year growth, with a record quarterly revenue of 320 million yuan in Q3, up 42% [1] Semiconductor Segment Performance - The semiconductor materials and integrated circuit chip design and application business generated 1.534 billion yuan in revenue, with a significant year-on-year growth of 41.27% [1] - The CMP polishing pads have penetrated core domestic wafer factories and are being promoted in foreign wafer factories, with production capacity expected to reach 50,000 pieces per month by the end of Q1 2026 [2] - CMP polishing liquids and cleaning liquids generated sales revenue of 203 million yuan, a 45% increase year-on-year, with new products undergoing client validation [2] Product Development and Market Expansion - The semiconductor display materials segment achieved sales revenue of 413 million yuan, up 47% year-on-year, with new products in the validation process [2] - The company is actively validating and expanding its advanced packaging materials and high-end wafer photoresist products, with several key models targeting order acquisition in Q4 [3] - The second phase of the 300-ton annual production line for high-end wafer photoresist is set to enter trial operation in Q4 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.34 CNY, indicating an expected return of over 20% within the next six months [8][19]. Core Insights - The company is experiencing steady growth in its CMP polishing pad business, with a 51% year-on-year increase in revenue for the first three quarters of 2025, establishing its leading position in the domestic market [2]. - The sales of CMP polishing liquids and cleaning liquids have also shown robust growth, with a 42% increase in revenue compared to the same period last year, contributing to overall sales growth [3]. - The company is expanding its semiconductor display materials product line, with significant market share gains and positive client feedback on new products [4]. - Initial sales of advanced packaging materials are beginning to ramp up, and the company is making progress in its photolithography business, aligning with its expectations [5]. - The company is positioned to become a high-end materials platform enterprise, with future growth driven by advancements in optoelectronic semiconductor materials [2][6]. Financial Summary - The company forecasts revenues of approximately 9.45 billion CNY for Q3 2025, representing a year-on-year growth of about 4.20%. The net profit attributable to the parent company is expected to be between 190 million and 220 million CNY, reflecting a growth of 19.89% to 38.82% [1]. - For the fiscal years 2023 to 2027, the company anticipates a steady increase in revenue, with projections of 2.67 billion CNY in 2023, growing to 5.69 billion CNY by 2027 [7][13]. - The net profit attributable to the parent company is expected to rise from 222 million CNY in 2023 to 1.21 billion CNY in 2027, indicating a compound annual growth rate of approximately 27.93% [7][14].