公司于2026年1月14日宣布拟赴港发行H股，旨在搭建国际化资本平台，加速海外业务拓展。 产品研发进展 公司表示2026年研发将聚焦三大方向，包括深化CMP材料研发、推进高端晶圆光刻胶与半导体先进封 装材料产业化，以及加强半导体显示材料新产品开发。 以上内容基于公开资料整理，不构成投资建议。 经济观察网鼎龙股份（300054）近期发布2025年度业绩预告，预计实现归母净利润7-7.3亿元，同比增 长34.44%-40.20%，主要受益于半导体材料与显示材料业务的强劲增长以及成本管控优化。扣非归母净 利润预计为6.61-6.91亿元，同比增长41.00%-47.40%。 公司项目推进 公司计划以6.3亿元收购深圳市皓飞新型材料有限公司70%股权，借此切入锂电粘结剂、分散剂等功能 辅材市场。皓飞新材2023年至2025年1-11月营收分别为2.90亿元、3.45亿元和4.81亿元，已绑定头部动 力电池客户。该交易于2026年1月26日经董事会审议通过，目前正推进中。 战略推进 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 材料汇文章标签汇总 如何下载（加入知识星球-材料汇） 材料汇部分文章 未来40年材料强国革命：这13大领域将重塑人类文明！ 国产替代爆发！14种卡脖子的先进封装材料，百亿赛道谁将突围？ | 先进封装材料 | 全球市场规模 | 中国市场规模 | 国外企业 | 国内企业 | | --- | --- | --- | --- | --- | | PSPI | | | 微系统、AZ电子材料 | 鼎龙股份、国风新材、三月科 | | | | 5.28亿美元(23年 7.12亿元(21 | Fujifilm, Toray, HD | 技、八亿时空、强力新材、瑞 | | | 全球) . 预计 | 年中国)、预 | | 华泰、诚志殷竹、艾森股份、 | | | 2028年将达到 | 汁到2025年增 | | 奥采德:波米科技、明士新材 | | | 20.32亿美元 | 长至9.67亿元 | 、旭化成 | 、东阳华芯、上海玟昕、理硕 | | | | | | 科技等 | | 光敏绝缘 | 2020年:0.1亿 | | | | | ...

Group 1 - Huaxing Capital established its M&A team in 2009 to provide comprehensive advisory services for innovative economy enterprises amid a growing demand for M&A in uncertain market conditions [1] - The M&A and Strategic Investment Biweekly Report by Huaxing Capital focuses on key global market transactions and shares the latest industry observations [1] Group 2 - Aipu Co., Ltd. plans to acquire 80% of Noah San Nuo (Taicang) for no less than 360 million yuan, with the total valuation of 100% equity expected to be at least 450 million yuan [3] - The acquisition will allow Aipu to enter the Omega-3 raw materials market, enhancing its product matrix and extending its business structure towards health products [3] Group 3 - Crayon Shin-chan Foods intends to acquire 100% of Hong Kong Qiyun Wanwei for 188 million HKD [4] - This acquisition will enable Crayon Shin-chan Foods to leverage Qiyun's AI marketing tools to improve operational efficiency and brand loyalty [4] Group 4 - Kailong High-Tech plans to acquire 70% of Jinwangda, focusing on precision transmission components [5] - This acquisition will enhance Kailong's capabilities in precision transmission and support its strategic upgrade in robotics and intelligent detection equipment [5] Group 5 - Yingxin Development intends to acquire 60% of Changxing Semiconductor for 520 million yuan [6] - The acquisition aims to accelerate Yingxin's "cultural tourism + technology" strategy and improve its business structure and asset portfolio [6] Group 6 - Dinglong Co., Ltd. plans to acquire 70% of Haofei New Materials for 630 million yuan [7] - This acquisition will allow Dinglong to enter the lithium battery materials sector, enhancing its competitiveness in innovative materials [7] Group 7 - Anta plans to acquire 29.06% of PUMA for 1.506 billion euros, becoming the largest shareholder [8] - This strategic acquisition aims to enhance Anta's position in the global sports goods market and complement its multi-brand strategy [8] Group 8 - Zhipu officially released and open-sourced GLM-OCR, a model designed for high concurrency and edge deployment [9] Group 9 - Hezhima Intelligent and Baidu's Luobo Kuai Pao signed a strategic cooperation agreement to develop an autonomous driving ecosystem [10] Group 10 - Tencent's AI assistant Yuanbao has begun internal testing of a new social AI feature called "Yuanbao Club" [11] Group 11 - Alibaba released the flagship reasoning model Qwen3-Max-Thinking, achieving significant improvements in various key dimensions [12] Group 12 - Qingtian Rental announced a new management team, including former Alibaba executives, to enhance its strategic direction [13] Group 13 - Tsinghua AI scientist Pang Tianyu joined Tencent as Chief Research Scientist, focusing on multimodal reinforcement learning [14][15] Group 14 - Li Auto is restructuring its R&D system into three major teams, focusing on foundational models, software, and hardware [16]

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are identified as key growth areas, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article outlines various advanced packaging materials and their projected market sizes, indicating significant growth potential in areas like conductive adhesives, chip bonding materials, and epoxy encapsulants [8]. - For instance, the conductive adhesive market is expected to reach 3 billion yuan by 2026, while the epoxy encapsulant market is projected to grow to 99 million USD by 2027 [8]. Competitive Landscape - The article lists both domestic and international players in the advanced packaging materials market, emphasizing the competitive nature of the industry [8]. - Companies such as Fujifilm, Toray, and domestic firms like Dinglong Co. and Guofeng New Materials are highlighted as key competitors [8]. Investment Strategies - Different investment stages in the new materials industry are discussed, with a focus on the importance of team assessment, industry analysis, and market entry strategies [10]. - The article suggests that early-stage investments carry high risks but can yield significant returns if the right resources and teams are in place [10].

Group 1 - The company expects to achieve a net profit attributable to shareholders of 700-730 million yuan in 2025, representing a year-on-year growth of approximately 34.44%-40.20%, driven by strong growth in semiconductor and display materials business and effective cost control measures [1] - The company anticipates a non-deductible net profit attributable to shareholders of 661-691 million yuan in 2025, with a year-on-year increase of about 41.00%-47.40%, while non-recurring gains and losses are estimated at 39 million yuan for the current reporting period [1] Group 2 - The company plans to acquire 70% equity of Haofei New Materials for 630 million yuan, marking its entry into the lithium battery functional auxiliary materials sector, which is expected to benefit from the growing demand in the new energy vehicle and energy storage industries [2] - The domestic market size for lithium battery binders and dispersants is projected to exceed 20 billion yuan by 2030, with Haofei New Materials being a leading player in this segment, having established strong relationships with top clients in the power and energy storage battery sectors [2] - The company aims to leverage its existing materials business to enhance synergies with the lithium battery business, optimizing production and quality control through its mature management systems [2] Group 3 - Revenue projections for the company are estimated at 3.779 billion yuan, 4.648 billion yuan, and 5.611 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders expected to be 720 million yuan, 950 million yuan, and 1.26 billion yuan for the same years [3]

中邮证券研报指出，鼎龙股份拟收购皓飞新材切入锂电功能辅材新赛道。半导体材料与显示材料业务强 劲增长。2025年度，公司预计实现归母净利润7-7.3亿元，同比增长约34.44%-40.20%。公司拟以自有或 自筹资金6.3亿元收购皓飞新材70%股权（对应整体估值9亿元），交易后皓飞新材将成为其控股子公司 并纳入合并报表，此举标志着公司正式切入锂电粘结剂、分散剂等锂电功能辅材赛道。受益于新能源汽 车、储能等下游产业的需求拉动，近年来锂电材料市场强劲增长。维持"买入"评级。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 研究所 | 最新收盘价（元） | 42.25 | | --- | --- | | 总股本/流通股本（亿股）9.47 | / 7.37 | | 总市值/流通市值（亿元）400 | / 311 | | 周内最高/最低价 52 | 48.14 / 25.96 | | 资产负债率(%) | 34.1% | | 市盈率 | 75.45 | | 第一大股东 | 朱双全 | 半导体材料与显示材料业务强劲增长。2025 年度，公司预计实 现归母净利润 7-7.3 亿元，同比增长约 34.44%-40.20%。主要系 1） 公司半导体材料与显示材料业务的强劲增长形成有力支撑；2）公司 持续深化成本管控，精益运营效能有效释放，推动整体盈利能力提升。 2025 年度，公司预计实现扣非归母净利润 6.61-6.91 亿元，同比增 长约 41.00%-47.40%，公司预计本报告期非经常性损益约为 3,900 万 元，去年同期非经常性损益金额为5,189.14 万元，主要为政府补助。 拟收购皓飞新材切入锂电功能辅材新赛道。公司拟以自有或自筹 资金 6.3 亿元收购皓飞新 ...

鼎龙股份(300054) 拟收购皓飞新材切入锂电功能辅材新赛道 l 投资要点 证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 42.25 | | --- | --- | | 总股本/流通股本（亿股）9.47 | / 7.37 | | 总市值/流通市值（亿元）400 | / 311 | | 周内最高/最低价 52 | 48.14 / 25.96 | | 资产负债率(%) | 34.1% | | 市盈率 | 75.45 | | 第一大股东 | 朱双全 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 半导体材料与显示材料业务强劲增长。2025 年度，公司预计实 现归母净利润 7-7.3 亿元，同比增长约 34.44%-40.20%。主要系 1） 公司半导体材料与显示材料业务的强劲增长形成有力支撑；2）公司 持续深化成本管控，精益运营效能有效释放，推动整体盈利能力提升。 2025 ...

摘要 半导体材料龙头 6.3 亿杀入锂电辅材赛道背后 新能源与新一代信息技术深度融合的浪潮下，半导体与锂电产业已然成为国民经济发展的双核心增长极。而高端材料作为两大硬核产业的发展命脉， 其资源整合与技术协同的深度与速度，正成为撬动产业升级的关键支点 近日，半导体材料龙头 鼎龙股份 （ 300054.SZ ）公告 拟以 6.3 亿元收购深圳市皓飞新型材料有限公司 70% 股权，对应 皓飞新材 整体估值 9 亿元 ，这一交易成为半导体材料上市公司首次并购锂电辅材企业的标志性事件。 作为一家从打印耗材起家，逐渐发展成为国内半导体材料的头部企业，鼎龙股份在半导体材料领域以 CMP 抛光垫为核心支柱，同时在 CMP 抛光 液、高端光刻胶、先进封装材料等赛道逐步建立影响力。 CMP 又被称为"化学机械抛光" ，在芯片的制造过程中，晶圆表面会通过沉积、刻蚀等步骤做出层层线路 / 介质，过程中会形成 " 台阶、凹凸、划 痕 " ，而 CMP 是唯一能把晶圆表面磨到"纳米级超高平整"的工艺。 鼎龙股份在半导体材料领域积累的高分子合成、界面改性等技术，可与皓飞新材的配方优化、工艺升级形成互补，例如 鼎龙的微球材料可应用于锂 电隔 ...

鼎龙股份对皓飞新材的收购案，始于对锂电材料市场高增长的描绘。公司公告援引分析数据称，2025年 中国锂电粘结剂与分散剂合计市场规模预计超100亿元，到2030年有望突破200亿元，年均复合增速预计 超过15%。 然而，这场价值6.3亿元的收购却笼罩在信息不透明的迷雾中。 皓飞新材的盈利数据被以"商业涉密"为由不予公开披露。鼎龙股份仅表示，本次交易的定价对应的市盈 率"不高于10倍"。交易结构显示，总计6.3亿元的收购款中，有1亿元的尾款支付条件与业绩挂钩。 鼎龙股份此次收购的6.3亿元资金，将来自"自有或自筹资金"，然而公司自身的财务状况并不宽松。 截至2025年三季度末，公司有息负债已达25.74亿元，较去年同期的13.69亿元增长了88%，公司负债率 从2021年的16.68%上升至2025年三季度末的41.11%。 日前，湖北鼎龙控股股份有限公司公告，拟以6.3亿元收购深圳市皓飞新型材料有限公司70%股权。皓 飞新材被描述为新型锂电池分散剂的国内绝对头部企业，其100%股权整体估值达9亿元。 鼎龙股份目前主营业务分为打印复印通用耗材业务和光电半导体工艺材料业务。公司表示，通过收购皓 飞新材控股权，能快速 ...