鼎龍股份-首次覆蓋：泛半導體材料平臺公司持續成長可期-220610（17頁）.pdf

1、 Table_yemei1 觀點聚焦 Investment Focus Table_yejiao1 本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證券活動。關于海通國際的分析師證明，重要披露聲明和免責聲明，請參閱附錄。(Please see appendix for English translation of the disclaimer) 研究報告 Research Report 10 Jun 2022 鼎龍股份鼎龍股份

2、 Hubei Dinglong (300054 CH) 首次覆蓋：泛半導體材料平臺公司，持續成長可期 Expecting Continuous Growth from the Pan-Semiconductor Materials Platform Company: Initiation Table_Info 首次覆蓋優于大市首次覆蓋優于大市Initiate with OUTPERFORM 評級 優于大市 OUTPERFORM 現價 Rmb19.86 目標價 Rmb26.84 市值 Rmb14.45bn / US$2.17bn 日交易額 (3 個月均值) US$30.21mn 發行股票數目 7

3、27.48mn 自由流通股 (%) 84% 1 年股價最高最低值 Rmb27.01-Rmb15.41 注：現價 Rmb19.86 為 2022 年 6 月 7 日收盤價 資料來源： Factset 1mth 3mth 12mth 絕對值 18.5% -5.7% 7.8% 絕對值（美元） 19.2% -10.3% 4.0% 相對 MSCI China 38.1% 15.6% 39.0% Table_Profit (Rmb mn) Dec-21A Dec-22E Dec-23E Dec-24E 營業收入 2,356 2,908 3,599 4,248 (+/-) 30% 23% 24% 18% 凈

4、利潤 214 361 545 751 (+/-) 234% 69% 51% 38% 全面攤薄 EPS (Rmb) 0.23 0.38 0.58 0.80 毛利率 33.4% 35.9% 37.6% 39.1% 凈資產收益率 5.3% 8.3% 11.2% 13.4% 市盈率 88 52 34 25 資料來源：公司信息, HTI (Please see APPENDIX 1 for English summary) 兩大業務板塊，泛半導體材料產業平臺化格局初現。兩大業務板塊，泛半導體材料產業平臺化格局初現。鼎龍股份成立于 2000 年 7 月，2010 年 2 月上市，目前主要有兩大業務板塊，分

5、別是：、泛半導體材料產業，包括半導體制程工藝材料、半導體顯示材料、半導體先進封裝材料等；、打印復印通用耗材產業，是公司的傳統業務，公司全產業鏈運營，產品包括彩色聚合碳粉、載體、通用耗材芯片、顯影輥、硒鼓、墨盒等。公司致力于成為各類核心卡脖子進口替代類創新材料的平臺型公司。 近十年研發布局積累終結碩果，近十年研發布局積累終結碩果，CMP 材料進入快速放量階段。材料進入快速放量階段。半導體制程工藝材料，與 CMP 環節相關，目前公司的產品包括CMP 拋光墊、拋光液、清洗液三大 CMP 環節核心耗材，合計占CMP 拋光材料總成本的 85%以上，致力為客戶提供整套、一站式 CMP 材料及服務。CMP

6、拋光墊，公司打破海外壟斷，成為CMP 拋光墊唯一本土供應商；2021 年實現收入 3.02 億元，首度扭虧為盈；12 吋產品是出貨主流，占比超過 80%。產能方面，拋光硬墊一、二期項目合計年產能達 30 萬片每年，目前二期產能利用率正在爬坡中；拋光墊三期潛江工廠已于 2021 年 10 月順利封頂，目前正在內部裝修及設備裝機中，我們預計 2022 年夏季完成設備安裝，進入設備聯動、試生產階段。 半導體顯示材料陸續導入、開始貢獻收入，布局半導體封裝材半導體顯示材料陸續導入、開始貢獻收入，布局半導體封裝材料。料。、半導體顯示材料圍繞柔性 OLED 顯示屏幕制造用的上游材料布局，目前主要產品包括YP

7、I、PSPI、INK等。柔性顯示面板基材 YPI 產品已同步導入，YPI 產品即將進入快速增長期；新產品研發方面，PSPI、TFE-INK 產品中試結束，客戶端驗證情況良好。武漢本部 PSPI 一期年產 150 噸中試產線已建成，即將開始規?；a線的二期建設。、半導體先進封裝材料，在底部填充膠、臨時鍵合膠、封裝 PSPI 等先進封裝上游材料產品都在按計劃正常開發中，并已同步開始相關上游核心原材料的自主研發。 盈利預測及投資評級。盈利預測及投資評級。我們預測鼎龍股份 2022E-2024E 收入29.08 億元、35.99 億元、42.48 億元，分別同比增 23.42%、23.79%、18.0

8、1%；歸母凈利潤分別為3.61億元、5.45億元、7.51億元，同比增 69.08%、51.04%、37.71%。采用 PE 估值方法，結合可比公司估值 PE（2022E）均值為 65.18 倍，看好公司表現優于同行，給予公司 PE（2022E）70 x，對應合理市值 252.71 億元，對應目標價 26.84 元/股，首次覆蓋給予“優于大市”評級。 風險提示：風險提示：新冠肺炎疫情影響宏觀經濟帶來需求的下降，市場競爭加劇的風險，研發進度不及預期等。 Table_Author 鄭宏達鄭宏達 Nathan Zheng 5075100125150Price ReturnMSCI ChinaJun-

9、21Oct-21Feb-22Jun-22Volume 10 Jun 2022 2 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 目目 錄錄 1.泛半導體材料產業為公司未來幾年增長的重要引擎 . 3 1.1 鼎龍股份：兩大業務板塊，雙輪驅動公司發展 . 3 1.1.1 泛半導體材料產業：進口替代，平臺型業務布局 . 3 1.1.2 打印復印通用耗材產業：全產業鏈布局，穩健成長 . 4 1.2 盈利能力重回增長通道，2021 年歸母凈利潤 2.14 億元. 5 2.盈利預測與投資建議 . 7 2.1 分項業務盈利預測 . 7 2.2 估值與投資建議

10、 . 8 財務報表分析和預測 . 9 圖目錄圖目錄 圖 1 半導體制程工藝材料、半導體顯示材料示意圖 . 4 圖 2 打印復印通用耗材的產業鏈分布情況 . 5 圖 3 2012-2021 鼎龍股份收入情況 . 5 圖 4 2012-2021 鼎龍股份歸母凈利潤情況 . 5 圖 5 2012-2021 鼎龍股份毛利率 . 6 圖 6 2012-2021 鼎龍股份凈利率 . 6 圖 7 2012-2021 鼎龍股份銷售費用率和管理費用率. 6 圖 8 2012-2021 鼎龍股份研發投入情況 . 6 表目錄表目錄 表 1 鼎龍股份分業務預測 . 7 表 2 公司前十名普通股東統計 . 8 表 3

11、可比公司估值表 . 8 oPpQnMmPxPsPpNsRyRpNqRbRbP6MsQmMtRpNeRnNtNjMrQpM9PmMxOxNqMwONZtRnO 10 Jun 2022 3 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 1. 泛半導體材料產業為公司未來幾年增長的重要引擎泛半導體材料產業為公司未來幾年增長的重要引擎 鼎龍股份成立于 2000 年 7 月，2010 年 2 月上市，目前主要有兩大業務板塊，分別是：、泛半導體材料產業；、打印復印通用耗材產業；公司致力于成為各類核心“卡脖子”進口替代類創新材料的平臺型公司。 1.1 鼎龍股份

12、鼎龍股份：兩大業務板塊兩大業務板塊，雙輪驅動公司發展，雙輪驅動公司發展 1.1.1 泛半導體材料產業：進口替代，平臺型業務布局泛半導體材料產業：進口替代，平臺型業務布局 泛半導體材料產業領域，公司目前包括如下三大細分業務： 半導體制程工藝材料，與 CMP 環節相關，目前公司的產品包括 CMP 拋光墊、拋光液、清洗液三大 CMP 環節核心耗材，合計占 CMP 拋光材料總成本的 85%以上，致力為客戶提供整套、一站式 CMP 材料及服務。 、CMP 拋光墊，公司拋光墊，公司打破海外壟斷，成為打破海外壟斷，成為 CMP 拋光墊唯一本土供應商；拋光墊唯一本土供應商；2021 年年實現收入實現收入 3.

13、02 億元，首度扭虧為盈。億元，首度扭虧為盈。12 吋產品是出貨主流，占比超過 80%。產能方面，拋光硬墊一、二期項目合計年產能達 30 萬片每年，目前二期產能利用率正在爬坡中；拋光墊三期潛江工廠已于 2021 年 10 月順利封頂，目前正在內部裝修及設備裝機中，我們預計 2022 年夏季完成設備安裝，進入設備聯動、試生產階段。 、CMP 拋光液，公司針對 Oxide、SiN、Poly、Cu、Al 等 CMP 制程拋光液產品多線布局，目前在客戶端的驗證反饋情況良好，部分產品已通過各項技術指標測試。其中 Oxide 制程某拋光液產品已取得小量訂單，Al 制程某拋光液產品在 28nm 技術節點的

14、HKMG 工藝中通過客戶驗證，進入噸級采購階段。 、清洗液，公司 Cu 制程 CMP 清洗液實現突破，已獲得三家國內主流客戶驗證通過，另有 3 家客戶已進入大規模驗證階段，結果反饋良好，并已取得小量訂單。其他制程清洗液系產品持續研發，開發的 W 制程、SiN 制程、Al 制程清洗液，部分產品已送至客戶端測試。 10 Jun 2022 4 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 Table_PicPe 圖圖1 半導體制程工藝材料、半導體顯示材料示意圖半導體制程工藝材料、半導體顯示材料示意圖 資料來源：鼎龍股份 2021 年年報，HTI 半導

15、體顯示材料，圍繞柔性 OLED 顯示屏幕制造用的上游材料布局，目前主要產品包括黃色聚酰亞胺漿料 YPI、光敏聚酰亞胺 PSPI、面板封裝材料 INK 等。柔性顯示面板基材 YPI 產品已同步導入，YPI 產品即將進入快速增長期；新產品研發方面，PSPI、TFE-INK 產品中試結束，客戶端驗證情況良好。武漢本部 PSPI 一期年產 150 噸中試產線已建成，即將開始規?；a線的二期建設。 半導體先進封裝材料，在底部填充膠、臨時鍵合膠、封裝 PSPI 等先進封裝上游材料產品都在按計劃正常開發中，并已同步開始相關上游核心原材料的自主研發。 2021 年 CMP 拋光墊實現銷售收入 3.02 億元，

16、同比增 284%。我們認為公司目前已經形成 CMP 拋光墊的全品類布局，并處于持續放量、快速成長階段；其它的泛半導體材料則處于客戶驗證、逐步導入等不同的階段，將陸續在未來幾年為收入新的增長點做貢獻。 1.1.2 打印復印通用耗材產業：全產業鏈布局，穩健成長打印復印通用耗材產業：全產業鏈布局，穩健成長 打印復印通用耗材業務是公司的傳統業務，公司全產業鏈運營，產品包括彩色聚合碳粉、載體、通用耗材芯片、顯影輥、硒鼓、墨盒等。 10 Jun 2022 5 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 Table_PicPe 圖圖2 打印復印通用耗材的產

17、業鏈分布情況打印復印通用耗材的產業鏈分布情況 資料來源：鼎龍股份 2021 年年報，HTI 1.2 盈利能力重回增長通道，盈利能力重回增長通道，2021 年歸母凈利潤年歸母凈利潤 2.14 億元億元 近三年公司收入重回逐年增長趨勢，2021 年營收 23.56 億元，同比增 29.67%。 圖圖3 2012-2021 鼎龍股份收入情況鼎龍股份收入情況 資料來源：Wind，HTI 圖圖4 2012-2021 鼎龍股份歸母凈利潤情況鼎龍股份歸母凈利潤情況 資料來源：Wind，HTI 歸母凈利潤方面，經歷了 2019 年、2020 年的下滑后，2021 年歸母凈利潤實現2.14 億元，扭虧為盈。 -

18、40%-20%0%20%40%60%80%100%050010001500200025002012 2013 2014 2015 2016 2017 2018 2019 2020 2021營業收入（百萬元，左軸）同比（%，右軸）-700%-600%-500%-400%-300%-200%-100%0%100%200%300%(200)(100)01002003004002012 2013 2014 2015 2016 2017 2018 2019 2020 2021歸母凈利潤（百萬元，左軸）同比（%，右軸） 10 Jun 2022 6 Table_header2 鼎龍股份 (300054 CH

19、) 首次覆蓋優于大市首次覆蓋優于大市 圖圖5 2012-2021 鼎龍股份毛利率鼎龍股份毛利率 資料來源：Wind，HTI 圖圖6 2012-2021 鼎龍股份凈利率鼎龍股份凈利率 資料來源：Wind，HTI 2021 年公司的毛利率和凈利率分別為 33.44%、10.40%，較前一年呈現增長趨勢。 我們根據公司歷年年報披露的研發投入情況可以看到，每年公司的研發投入金額持續增加，2020 年、2021 年分別為 1.86 億元、2.84 億元，在總收入的比例分別為 10.26%、12.06%，占比較大。 圖圖7 2012-2021 鼎龍股份銷售費用率和管理費用率鼎龍股份銷售費用率和管理費用率

20、資料來源：Wind，HTI 圖圖8 2012-2021 鼎龍股份研發投入情況鼎龍股份研發投入情況 資料來源：鼎龍股份歷年年報，HTI 我們認為公司的打印復印通用耗材板塊為傳統業務板塊，在我們認為公司的打印復印通用耗材板塊為傳統業務板塊，在 2019 年、年、2020 年年受行業競爭激烈加劇導致盈利能力下滑；公司加大研發投入布局泛半導體業務，受行業競爭激烈加劇導致盈利能力下滑；公司加大研發投入布局泛半導體業務，2021 年盈利能力好轉，未來幾年泛半導體業務將逐年增長成為新的收入增長點；公年盈利能力好轉，未來幾年泛半導體業務將逐年增長成為新的收入增長點；公司堅定地朝著泛半導體材料的平臺型公司前進，

21、我們看好公司未來幾年的持續成司堅定地朝著泛半導體材料的平臺型公司前進，我們看好公司未來幾年的持續成長。長。 0%5%10%15%20%25%30%35%40%45%2012201320142015201620172018201920202021-10%-5%0%5%10%15%20%25%20122013201420152016201720182019202020210%2%4%6%8%10%12%14%2012201320142015201620172018201920202021銷售費用率管理費用率0%2%4%6%8%10%12%14%16%00.511.522.5320122013201

22、42015201620172018201920202021研發投入（億元，左軸）研發投入/收入比例（%，右軸） 10 Jun 2022 7 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 2. 盈利預測與投資建議盈利預測與投資建議 2.1 分項業務盈利預測分項業務盈利預測 鼎龍股份目前包含兩大業務板塊，我們對公司業務進行分項盈利預測如下： （1）光電半導體材料業務，我們認為 CMP 拋光硬墊一、二期項目合計年產能達 30萬片每年，目前二期產能利用率正在爬坡中；拋光墊產品在下游客戶的訂單持續增加，已進入放量、貢獻收入階段。此外，公司的 PI 漿料也

23、已有小量收入貢獻，未來幾年將快速增長。我們預測公司的光電半導體材料業務 2022E-2024E 的收入分別為5.88 億元、9.30 億元和 13.05 億元，同比增速分別為 91.32%、58.16%和 40.32%；毛利率保持在 60.00%、60.00%、60.00%。 （2）打印復印通用耗材業務，我們認為將穩健增長，預計 2022E-2024E 的收入分別為 22.85 億元、26.28 億元、28.91 億元，同比增速分別為 13.54%、15.00%和10.00%；毛利率保持在 30.00%、30.00%、30.00%。 （3）其他業務，我們認為收入增速將比較平穩，2022E-20

24、24E 將分別以-3.60%、20.00%、25.00%增速增長；毛利率分別為 20.00%、20.00%、20.00%。 表表 1 鼎龍股份分業務預測鼎龍股份分業務預測 2020 2021 2022E 2023E 2024E 打印復印通用耗材 收入（百萬元） 1708.56 2012.55 2285.00 2627.75 2890.53 yoy 53.10% 17.79% 13.54% 15.00% 10.00% 毛利率 33.23% 29.15% 30.00% 30.00% 30.00% 光電半導體材料 收入（百萬元） 79.42 307.34 588.00 930.00 1305.00

25、yoy 545.69% 286.97% 91.32% 58.16% 40.32% 毛利率 24.55% 63.29% 60.00% 60.00% 60.00% 其他 收入（百萬元） 28.88 36.00 34.70 41.64 52.05 yoy 40.62% 24.66% -3.60% 20.00% 25.00% 毛利率 28.15% 18.38% 20.00% 20.00% 20.00% 合計 收入（百萬元） 1816.86 2355.89 2907.70 3599.39 4247.57 yoy 58.15% 29.67% 23.42% 23.79% 18.01% 毛利率 35.66%

26、32.77% 35.95% 37.64% 39.09% 資料來源：鼎龍股份 2020/2021 年年報，HTI 10 Jun 2022 8 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 表表 2 公司前十名普通股東統計公司前十名普通股東統計 股東名稱股東名稱 占總股本比例占總股本比例(%) 1 朱雙全 4.86% 2 朱順全 4.81% 3 招商銀行股份有限公司-興全合泰混合型證券投資基金 2.39% 4 上海理成資產管理有限公司-理成圣遠 1 號 A 期私募投資基金 1.58% 5 香港中央結算有限公司(陸股通) 1.20% 6 興業銀行股份

27、有限公司-興全趨勢投資混合型證券投資基金 1.14% 7 招商銀行股份有限公司-興證全球合衡三年持有期混合型證券投資基金 1.03% 8 興業銀行股份有限公司-圓信永豐優加生活股票型證券投資基金 0.92% 9 中國太平洋人壽保險股份有限公司-傳統-普通保險產品 0.85% 10 楊浩 0.81% 合計合計 19.59% 資料來源：Wind，HTI 2.2 估值與投資建議估值與投資建議 我們預測鼎龍股份 2022E-2024E 收入 29.08 億元、35.99 億元、42.48 億元，分別同比增 23.42%、23.79%、18.01%；歸母凈利潤分別為 3.61 億元、5.45 億元、7.

28、51 億元，同比增 69.08%、51.04%、37.71%。采用 PE 估值方法，結合可比公司估值 PE（2022E）均值為 65.18 倍，看好公司表現優于同行，給予公司 PE（2022E）70 x，對應合理市值 252.71 億元，對應合理價 26.84 元/股，首次覆蓋給予“優于大市”評級。 表表 3 可比公司估值表可比公司估值表 代碼 簡稱 總市值 (億元) EPS（元） PE（倍） 2021 2022E 2023E 2021 2022E 2023E 300346.SZ 南大光電 158.50 0.32 0.40 0.53 91.09 72.01 55.07 688019.SH 安集

29、科技 150.03 2.35 2.94 4.18 85.69 68.39 48.18 300666.SZ 江豐電子 126.51 0.47 0.99 1.55 116.17 55.13 35.13 平均值 1.05 1.45 2.09 97.65 65.18 46.13 注：收盤價為 2022 年 5 月 30 日價格，EPS 為 wind 一致預期 資料來源：Wind，HTI 風險提示：新冠肺炎疫情影響宏觀經濟帶來需求的下降，市場競爭加劇的風險，研發進度不及預期等。 10 Jun 2022 9 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 財

30、務報表分析和預測財務報表分析和預測 Table_ForecastInfo 主要財務指標主要財務指標 2021 2022E 2023E 2024E 利潤表（百萬元）利潤表（百萬元） 2021 2022E 2023E 2024E 每股指標（元）每股指標（元） 營業總收入營業總收入 2356 2908 3599 4248 每股收益 0.23 0.38 0.58 0.80 營業成本 1568 1862 2245 2587 每股凈資產 4.28 4.64 5.18 5.95 毛利率% 33.4% 35.9% 37.6% 39.1% 每股經營現金流 0.00 0.39 0.52 0.77 營業稅金及附加

31、11 12 14 17 每股股利 0.00 0.03 0.03 0.03 營業稅金率% 0.5% 0.4% 0.4% 0.4% 價值評估（倍）價值評估（倍） 營業費用 110 145 162 170 P/E 82.19 48.61 32.18 23.37 營業費用率% 4.7% 5.0% 4.5% 4.0% P/B 4.36 4.02 3.60 3.13 管理費用 177 204 234 255 P/S 7.44 6.04 4.88 4.13 管理費用率% 7.5% 7.0% 6.5% 6.0% EV/EBITDA 60.09 32.92 21.89 15.19 EBIT 234 394 62

32、0 879 股息率% 0.0% 0.1% 0.2% 0.2% 財務費用 8 -17 -15 -29 盈利能力指標（盈利能力指標（%） 財務費用率% 0.4% -0.6% -0.4% -0.7% 毛利率 33.4% 35.9% 37.6% 39.1% 資產減值損失 -11 -20 -13 -30 凈利潤率 9.1% 12.4% 15.1% 17.7% 投資收益 29 23 22 21 凈資產收益率 5.3% 8.3% 11.2% 13.4% 營業利潤營業利潤 289 473 717 985 資產回報率 4.2% 6.6% 8.8% 10.5% 營業外收支 4 2 1 3 投資回報率 4.4% 6

33、.9% 9.6% 11.8% 利潤總額利潤總額 293 475 717 987 盈利增長（盈利增長（%） EBITDA 367 514 765 1049 營業收入增長率 29.7% 23.4% 23.8% 18.0% 所得稅 48 74 111 153 EBIT 增長率 159.2% 68.1% 57.5% 41.7% 有效所得稅率% 16.5% 15.5% 15.5% 15.5% 凈利潤增長率 233.6% 69.1% 51.0% 37.7% 少數股東損益 31 40 61 83 償債能力指標償債能力指標 歸屬母公司所有者凈利潤歸屬母公司所有者凈利潤 214 361 545 751 資產負債

34、率 16.7% 15.4% 16.1% 15.9% 流動比率 4.57 3.79 3.82 4.54 速動比率 3.48 2.77 2.81 3.51 資產負債表（百萬元）資產負債表（百萬元） 2021 2022E 2023E 2024E 現金比率 1.75 1.13 1.17 1.87 貨幣資金 1011 832 1033 1884 經營效率指標經營效率指標 應收賬款及應收票據 737 882 1082 1289 應收帳款周轉天數 112.09 109.44 108.30 109.31 存貨 524 635 756 873 存貨周轉天數 121.95 124.45 122.86 123.24

35、 其它流動資產 364 434 505 525 總資產周轉率 0.46 0.53 0.58 0.59 流動資產合計 2636 2782 3375 4571 固定資產周轉率 3.30 3.50 3.98 6.79 長期股權投資 336 386 411 461 固定資產 715 830 905 625 在建工程 164 214 234 199 無形資產 357 362 371 365 現金流量表（百萬元）現金流量表（百萬元） 2021 2022E 2023E 2024E 非流動資產合計 2471 2695 2834 2574 凈利潤 214 361 545 751 資產總計資產總計 5107 54

36、77 6209 7145 少數股東損益 31 40 61 83 短期借款 124 150 180 205 非現金支出 149 140 158 200 應付票據及應付賬款 255 305 362 420 非經營收益 -34 -15 -10 -9 預收賬款 0 3 2 3 營運資金變動 -356 -159 -262 -301 其它流動負債 199 276 339 379 經營活動現金流經營活動現金流 3 367 492 724 流動負債合計 577 735 883 1007 資產 -372 -286 -253 143 長期借款 20 30 35 40 投資 69 -100 -45 -15 其它長期

37、負債 255 80 83 85 其他 28 13 12 11 非流動負債合計 275 110 118 125 投資活動現金流投資活動現金流 -275 -373 -286 140 負債總計負債總計 852 845 1001 1133 債權募資 200 36 35 30 實收資本 941 942 942 942 股權募資 212 1 0 0 歸屬于母公司所有者權益 4028 4365 4880 5601 其他 -176 -210 -40 -43 少數股東權益 227 268 328 412 融資活動現金流融資活動現金流 236 -173 -5 -13 負債和所有者權益合計負債和所有者權益合計 51

38、07 5477 6209 7145 現金凈流量現金凈流量 -40 -180 201 851 備注：（1）表中計算估值指標的收盤價日期為 05 月 30 日；（2）以上各表均為簡表 資料來源：公司年報（2021），HTI 10 Jun 2022 10 Table_header2 鼎龍股份 (300054 CH) 首次覆蓋優于大市首次覆蓋優于大市 APPENDIX 1 Summary Two major business segments. The pan-semiconductor material platform is emerging. Dinglong Co., Ltd. was est

39、ablished in July 2000 and listed in February 2010. At present, it mainly has two major business sectors, namely: , pan-semiconductor material industry, including semiconductor process technology materials, semiconductor display materials, semiconductor advanced packaging materials, etc.; . The gener

40、al consumables industry for printing and copying is the companys traditional business. The company operates the entire industry chain. The products include color polymerized toner, carriers, general consumable chips, developing rollers, toner cartridges, and ink cartridges. The company is committed

41、to becoming a platform company for all kinds of core stuck neck import substitution innovative materials. Results of 10 years R&D is showing. CMP materials have entered MP. Semiconductor process materials are related to the CMP process. At present, the companys products include CMP polishing pads, p

42、olishing liquids, and cleaning solutions. The three core consumables for the CMP process, which together account for more than 85% of the total cost of CMP polishing materials, are committed to providing customers with a complete set of Station CMP materials and services. For CMP polishing pads, the

43、 company broke the overseas monopoly and became the only local supplier of CMP polishing pads; in 2021, it achieved revenue of 302 million yuan, turning losses into profits for the first time; 12-inch products are the mainstream of shipments, accounting for more than 80%. In terms of production capa

44、city, the total annual production capacity of the first and second phases of polishing hard pads reaches 300,000 pieces per year, and the capacity utilization rate of the second phase is currently climbing; the third phase of the polishing pad Qianjiang factory has been successfully capped in Octobe

45、r 2021, and is currently under internal During the decoration and equipment installation, it is expected to complete the equipment installation in the summer of 2022 and enter the equipment linkage and trial production stage. Semiconductor display materials begin to contribute to revenue. Semiconduc

46、tor packaging materials are next. . The semiconductor display materials are arranged around the upstream materials used in the manufacture of flexible OLED display screens. At present, the main products include YPI, PSPI, INK, etc. Flexible display panel substrate YPI products have been introduced s

47、imultaneously, and YPI products are about to enter a period of rapid growth; in terms of new product research and development, the pilot test of PSPI and TFE-INK products has ended, and the client verification is in good condition. The first-phase pilot production line of PSPI in Wuhan headquarters

48、with an annual output of 150 tons has been completed, and the second-phase construction of the large-scale production line is about to begin. . Semiconductor advanced packaging materials, such as underfill adhesive, temporary bonding adhesive, packaging PSPI and other advanced packaging upstream mat

49、erial products are in normal development as planned, and have simultaneously started independent research and development of relevant upstream core raw materials. Earning forecast and rating. We estimate that Dinglongs 2022E-2024E revenue will be 2.908 billion yuan, 3.599 billion yuan, and 4.248 bil

50、lion yuan, up 23.42%, 23.79%, and 18.01% year-on-year, respectively; the net profit attributable to the parent is 361 million yuan, 545 million yuan, and 751 million yuan respectively, an increase of 69.08%, 51.04%, and 37.71% year-on-year. Using the PE valuation method, combined with the average va

51、luation of comparable companies PE (2022E) of 65.18 times, the companys PE (2022E) is 70 x, corresponding to a reasonable market value range of 21.661 billion yuan to 25.271 billion yuan, corresponding to a reasonable value of 26.84 yuan / share, initial coverage with outperform rating. Risks: 1) Sl

52、ower than expected new product development; 2)Increased competition; 3) Worsening pandemic situation 11 Table_APPENDIX Table_disclaimer 附錄附錄APPENDIX 重要信息披露重要信息披露 本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTIJKK)和海通國際證券有限公司

53、(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。 IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited (“HTIRL”), Haitong Securities India Private Limited (“HSIPL”)

54、, Haitong International Japan K.K. (“HTIJKK”), Haitong International Securities Company Limited (“HTISCL”), and any other members within the Haitong International Securities Group of Companies (“HTISG”), each authorized to engage in securities activities in its respective jurisdiction. HTIRL分析師認證分析師

55、認證Analyst Certification: 我， 鄭宏達，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I, Nathan Zheng, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all o

56、f the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest

57、in the security or securities of the subject companies discussed. 利益沖突披露利益沖突披露Conflict of Interest Disclosures 海通國際及其某些關聯公司可從事投資銀行業務和/或對本研究中的特定股票或公司進行做市或持有自營頭寸。就本研究報告而言，以下是有關該等關系的披露事項（以下披露不能保證及時無遺漏，如需了解及時全面信息，請發郵件至ERD-D） HTI and some of its affiliates may engage in investment banking and / or serve

58、as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness,

59、 please send an email to ERD-D if timely and comprehensive information is needed). 海通證券股份有限公司和/或其子公司（統稱“海通”）在過去12個月內參與了3968.HK and 601166.CH的投資銀行項目。投資銀行項目包括：1、海通擔任上市前輔導機構、保薦人或主承銷商的首次公開發行項目；2、海通作為保薦人、主承銷商或財務顧問的股權或債務再融資項目；3、海通作為主經紀商的新三板上市、目標配售和并購項目。 Haitong Securities Co., Ltd. and/or its subsidiaries

60、 (collectively, the Haitong) have a role in investment banking projects of 3968.HK and 601166.CH within the past 12 months. The investment banking projects include 1. IPO projects in which Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 396

61、8.HK and 601166.CH for which Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M&A projects in which Haitong acted as lead-brokerage firm. 3968.HK 及 601166.CH目前或過去12個月內是海通的投資銀行業務客戶。 3968.HK and 601166.CH are/were an

62、investment bank clients of Haitong currently or within the past 12 months. 3968.HK, 0388.HK 及 601166.CH目前或過去12個月內是海通的客戶。海通向客戶提供非投資銀行業務的證券相關業務服務。 3968.HK, 0388.HK and 601166.CH are/were a client of Haitong currently or within the past 12 months. The client has been provided for non-investment-banking

63、 securities-related services. 海通在過去12個月中獲得對3968.HK 及 601166.CH提供投資銀行服務的報酬。 Haitong received in the past 12 months compensation for investment banking services provided to 3968.HK and 601166.CH. 海通預計將（或者有意向）在未來三個月內從3968.HK 及 601166.CH獲得投資銀行服務報酬。 Haitong expects to receive, or intends to seek, compens

64、ation for investment banking services in the next three months from 3968.HK and 601166.CH. 海通在過去的12個月中從3968.HK 及 601166.CH獲得除投資銀行服務以外之產品或服務的報酬。 Haitong has received compensation in the past 12 months for products or services other than investment banking from 3968.HK and 601166.CH. 海通擔任3968.HK 及 038

65、8.HK有關證券的做市商或流通量提供者。 Haitong acts as a market maker or liquidity provider in the securities of 3968.HK and 0388.HK. 12 評級定義評級定義（從（從2020年年7月月1日開始執行）日開始執行）： 海通國際（以下簡稱“HTI”）采用相對評級系統來為投資者推薦我們覆蓋的公司：優于大市、中性或弱于大市。投資者應仔細閱讀HTI的評級定義。并且HTI發布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自

66、情況（比如投資者的現有持倉）以及其他因素。 分析師股票評級分析師股票評級 優于大市優于大市，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下 中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。 弱于大市弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下 各地股票基準指數：日本 TOPIX, 韓國 KOSPI, 臺灣 TAIEX, 印度 Nifty100, 美國 SP500; 其他所有中國概念股 MSCI China. Ratings Definitions

67、(from 1 Jul 2020): Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong Inter

68、national Research contains more complete information concerning the analysts views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment ad

69、vice. An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations. Analyst Stock Ratings Outperform: The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad

70、 market benchmark, as indicated below. Neutral: The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold ra

71、ting category. Underperform: The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below. Benchmarks for each stocks listed region are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100, US SP500; fo

72、r all other China-concept stocks MSCI China. 評級分布評級分布Rating Distribution 截至截至2022年年3月月31日海通國際股票研究評級分布日海通國際股票研究評級分布 優于大市優于大市 中性中性 弱于大市弱于大市 (持有) 海通國際股票研究覆蓋率 88.9% 9.5% 1.6% 投資銀行客戶* 6.8% 5.8% 0.0% *在每個評級類別里投資銀行客戶所占的百分比。 上述分布中的買入，中性和賣出分別對應我們當前優于大市，中性和落后大市評級。 只有根據FINRA/NYSE的評級分布規則，我們才將中性評級劃入持有這一類別。請注意在上表

73、中不包含非評級的股票。 此前的評級系統定義（直至此前的評級系統定義（直至2020年年6月月30日）：日）： 買入，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下 中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。 賣出，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下 13 各地股票基準指數：日本 TOPIX, 韓國 KOSPI, 臺灣 TAIEX, 印度 Nifty100; 其他所有中國概念股 MSCI China. Haitong International Eq

74、uity Research Ratings Distribution, as of Mar 31, 2022 Outperform Neutral Underperform (hold) HTI Equity Research Coverage 88.9% 9.5% 1.6% IB clients* 6.8% 5.8% 0.0% *Percentage of investment banking clients in each rating category. BUY, Neutral, and SELL in the above distribution correspond to our

75、current ratings of Outperform, Neutral, and Underperform. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above. Previous rating system definitions (until 30

76、 Jun 2020): BUY: The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. NEUTRAL: The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmar

77、k, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. SELL: The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below. Benchmarks

78、for each stocks listed region are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCI China. 海通國際非評級研究：海通國際非評級研究：海通國際發布計量、篩選或短篇報告，并在報告中根據估值和其他指標對股票進行排名，或者基于可能的估值倍數提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。 Haitong International Non-Rate

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80、ndamental values and are for information only. 海通國際海通國際A股覆蓋股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統，所以海通國際與海通證券的中國A股評級可能有所不同。 Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to th

81、e Hong Kong Stock Connect scheme with Shanghai and Shenzhen. Haitong Securities (HS; 600837 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by HS differs from tha

82、t used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks. 海通國際海通國際優質優質100 A股股（Q100）指數指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券 A股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。 Haitong International Quality 100 A-share (Q100) Index: HTIs

83、Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-up research. The Q100 constituent companies a

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100、重要免責聲明： 非印度證券的研究報告非印度證券的研究報告：本報告由海通國際證券集團有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“HTIRL”）發行，該公司是根據香港證券及期貨條例（第571章）持有第4類受規管活動（就證券提供意見）的持牌法團。該研究報告在HTISGL的全資附屬公司Haitong International (Japan) K.K.（“HTIJKK”）的協助下發行，HTIJKK是由日本關東財務局監管為投資顧問。 印度證券的研究報告：印度證券的研究報告：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of

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103、資者。您還應認識到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財務情況，如您的財務狀況和風險偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會計、金融和其他方面的專業顧問，以期在投資之前評估該項建議是否適合于您。若由于使用本文件所載的材料而產生任何直接或間接的損失，HTISG及其董事、雇員或代理人對此均不承擔任何責任。 除對本文內容承擔責任的分析師除外，HTISG及我們的關聯公司、高級管理人員、董事和雇員，均可不時作為主事人就本文件所述的任何證券或衍生品持有長倉或短倉以及進行買賣。HTISG的銷售員、交易員和其他專業人士均可向HTISG的相關客戶和公司提供與本文件所述

104、意見相反的口頭或書面市場評論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務來確保本文件的收件人了解到該等交易決定、思路或建議。 請訪問海通國際網站 ，查閱更多有關海通國際為預防和避免利益沖突設立的組織和行政安排的內容信息。 非美國分析師披露信息：非美國分析師披露信息：本項研究首頁上列明的海通國際分析師并未在FINRA進行注冊或者取得相應的資格，并且不受美國FINRA有關與本項研究目標公司進行溝通、公開露面和自營證券交易的第2241條規則之限制。 IMPORTANT DISCLAIMER For research reports on non-Ind

105、ian securities: The research report is issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary of Haitong International Securities Group Limited (“HTISGL”) and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the S

106、ecurities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. (“HTIJKK”), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan. For research reports on Indian securities: The rese

107、arch report is issued by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on t

108、he BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPL was acquired and became part of the Haitong International Securities Group of Companies (“HTISG”) on 22 December 2016. All the research reports are globally branded

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111、ressed herein are as of the date of this research report and are subject to change without notice. This research report is for information purpose only. Descriptions of any companies or their 15 securities mentioned herein are not intended to be complete and this research report is not, and should n

112、ot be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investors home currency, a change in e

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114、 this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other p

115、rofessional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report. HTISG a

116、nd our affiliates, officers, directors, and employees, excluding the analysts responsible for the content of this document, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research report. Sales,

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120、FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst. 分發和地區通知：分發和地區通知： 除非下文另有規定，否則任何希望討論本報告或者就本項研究中討論的任何證券進行任何交易的收件人均應聯系其所在國家或地區的海通國際銷售人員。 香港投資者的通知事項：香港投資

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