20240820-开源证券-鼎龙股份-300054.SZ-公司信息更新报告_2024H1业绩同比高增_半导体材料平台公司成型_4页_884kb

鼎龙股份（300054SZ）2024年中报显示，公司业绩实现大幅增长，2024年上半年实现营收1519亿元，同比增31倍，净利润218亿元，同比增幅127倍。其中，第二季度业绩环比和同比均保持高增长，利润主要增长动力来自半导体行业稼动率提升及产品市占率提高。

在产品方面，CMP抛光垫收入同比增幅达9979%，第四季度环比增长显著，月销量突破2万片；抛光液、清洗液产品收入增长18971%，显示材料同样实现高速增长。此外，打印复印耗材业务稳健发展，新材料业务进展顺利。

未来，公司看好半导体材料长期发展，维持“买入”评级，预计2024-2026年净利润分别为442亿、622亿和888亿元，当前股价对应PE分别为422、300、210倍。

风险提示：下游需求不及预期、产能释放不及预期、客户导入不及预期。

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翻译结果：
Dinglong Co. (300054SZ) released its mid-year report for 2024, with significant profit growth. For the first half of 2024, revenue reached 15.19 billion yuan (+3000%) and net profit reached 2.18 billion yuan (+127%). In Q2 2024, revenue and profit grew robustly both year-on-year and quarter-on-quarter due to high稼动 rates and increased market share.

In terms of products, CMP polishing pads saw revenue increase by 99.79% year-on-year; polishing and cleaning fluids grew by 189.71%; and semiconductor display materials achieved a 23.23% year-on-year increase. Printing consumables maintained steady development while new materials showed encouraging progress.

We maintain our "buy" recommendation, expecting net profits of 44.2B (+442% YoY), 62.2B (622% YoY), and 88.8B (888% YoY) for 2024-2026. Current P/E stands at 42.2, 30.0, and 21.0 times based on these forecasts。

Risk factors include demand, supply capacity, and market access challenges.
Disclaimer：This report from OpenSense Securities is restricted to professional and retail investors classified as C4/C5 due to regulatory requirements. Investors with lower risk tolerance are advised not to read/use this report。