鼎龙股份 向不特定对象发行可转债募集资金使用可行性分析报告 股票代码：300054 股票简称：鼎龙股份 公告编号：2024-084 湖北鼎龙控股股份有限公司 Hubei Dinglong Co., Ltd. （注册地址：武汉市经济技术开发区东荆河路1号） 向不特定对象发行 可转换公司债券 募集资金使用的可行性分析报告 （修订稿） 二零二四年十一月 1 / 18 鼎龙股份 向不特定对象发行可转债募集资金使用可行性分析报告 湖北鼎龙控股股份有限公司（以下简称"鼎龙股份"或"公司"）为深圳证 券交易所创业板上市公司，为了进一步提升公司的综合实力和核心优势，满足公 司业务发展的资金需求，根据《中华人民共和国公司法》《中华人民共和国证券 法》和《上市公司证券发行注册管理办法》等有关法律、行政法规、部门规章或 规范性文件和《公司章程》的规定，公司编制了本次向不特定对象发行可转换公 司债券募集资金使用的可行性分析报告。 2 / 18 公司本次发行拟募集资金总额不超过人民币 91,000.00 万元（含 91,000.00 万元），扣除发行费用后，募集资金拟投资于以下项目： 单位：万元 鼎龙股份 向不特定对象发行可转债募集资 ...

证券代码：300054 证券简称：鼎龙股份 公告编号：2024-078 湖北鼎龙控股股份有限公司 第五届董事会第二十三次会议决议公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 湖北鼎龙控股股份有限公司（以下简称"公司"）第五届董事会第二十三 次会议通知于 2024 年 11 月 1 日以电子邮件或电话形式送达，2024 年 11 月 4 日 采取现场结合通讯表决方式召开。会议应到董事 9 人，实到董事 9 人，符合公 司章程规定的法定人数。公司部分高级管理人员列席了会议，会议的通知和召 开符合《公司法》与《公司章程》的规定，会议由董事长朱双全先生主持。 二、董事会会议审议情况 经与会董事认真审议，通过了以下决议： 根据相关法律法规及规范性文件的要求并结合公司的经营状况、财务状况 和投资计划，本次可转换公司债券拟募集资金总规模不超过人民币92,000.00万 元（含92,000.00万元），且发行完成后公司累计债券余额占公司最近一期末净 资产额的比例不超过50%，具体发行规模提请公司股东大会授权公司董事会 （或由董事会授权人士）在 ...

可转换公司债券方案 之 鼎龙股份 向不特定对象发行可转债论证分析报告 股票代码：300054 股票简称：鼎龙股份 公告编号：2024-085 湖北鼎龙控股股份有限公司 Hubei Dinglong Co., Ltd. （注册地址：武汉市经济技术开发区东荆河路1号） 向不特定对象发行 论证分析报告 （修订稿） 二零二四年十一月 （一）本次发行证券的品种 公司本次发行证券选择的品种系向不特定对象发行可转换为公司 A 股股票 的公司债券。该等可转换公司债券及未来转换的 A 股股票将在深圳证券交易所 创业板上市。 （二）本次发行证券品种选择的可行性及必要性 本次向不特定对象发行可转换公司债券募集资金投资项目均经过公司谨慎 论证，项目的实施有利于进一步提升公司的核心竞争力，增强公司的可持续发展 能力，本次向不特定对象发行可转换公司债券，具有可行性和必要性。 1/ 15 鼎龙股份 向不特定对象发行可转债论证分析报告 湖北鼎龙控股股份有限公司（以下简称"公司"）系深圳证券交易所创业板 上市的公司。为加速公司业务布局、满足公司业务发展的资金需求、增强公司资 本实力，进而进一步提升公司盈利能力，实现公司战略发展规划，根据《中华 ...

湖北鼎龙控股股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日收到 深圳证券交易所（以下简称"深交所"）出具的《关于受理湖北鼎龙控股股份有 限公司向不特定对象发行可转换公司债券申请文件的通知》（深证上审〔2024〕 233号）。具体内容详见公司于2024年8月19日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于向不特定对象发行可转换公司债券申请获得深圳证券交易所受理的 公告》（公告编号：2024-062）。 公司于 2024 年 11 月 4 日召开第五届董事会第二十三次会议、第五届监事会 第二十三次会议审议通过了《关于修订公司向不特定对象发行可转换公司债券预 案的议案》等相关议案，对本次向不特定对象发行可转换公司债券预案等相关文 件进行了修订。现根据规定对修订后的文件进行公开披露，具体内容详见公司于 同日披露的相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后 方可实施。该事项最终能否通过深交所审核，并获得中国证监会同意注册的决定 及其时间尚存在不确定性，公司将根据具体进展情 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][10]. Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 29.54% and a net profit increase of 113.51% for the first three quarters of 2024 [1]. - The company's gross margin has improved, reaching 46.45% in the first three quarters of 2024, up by 10.67 percentage points year-on-year [1]. - The semiconductor materials segment is expected to benefit from the industry's recovery, with projected revenues of 33.41 billion, 40.96 billion, and 46.16 billion yuan for 2024, 2025, and 2026 respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.07 billion yuan, a quarter-on-quarter increase of 11.85% and a year-on-year increase of 27.17% [1]. - The net profit for Q3 2024 was 1.58 billion yuan, reflecting a quarter-on-quarter increase of 16.30% and a year-on-year increase of 97.15% [1]. - The company’s revenue for the first three quarters of 2024 reached 24.26 billion yuan, with a gross margin of 46.45% [1][2]. Product Segments - The CMP consumables segment saw a revenue of 2.25 billion yuan in Q3 2024, with a remarkable year-on-year growth of 90% [1]. - Semiconductor display materials generated 1.15 billion yuan in revenue for Q3 2024, marking a year-on-year increase of 110% [1]. - The company is actively developing advanced packaging materials and high-end wafer photoresists, with positive customer feedback and progress in new product testing [1]. Future Projections - The company is expected to see continued revenue growth, with projected net profits of 5.14 billion, 7.30 billion, and 9.00 billion yuan for 2024, 2025, and 2026 respectively [2]. - The projected PE ratios for the next three years are 50, 35, and 28 times, indicating a favorable valuation outlook [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The semiconductor sector is experiencing a recovery, which, combined with the company's cost control measures, has led to impressive performance in Q3 2024. The company reported a revenue of 2.426 billion yuan for the first three quarters of 2024, a year-on-year increase of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1][2]. - The semiconductor business has become a significant driver of revenue and profit growth, with a 93% year-on-year increase in revenue from this segment, which now accounts for 45% of total revenue [2][3]. - The company is actively expanding its production capacity and has initiated plans to issue convertible bonds to fund projects aimed at enhancing its semiconductor materials production capabilities [5][6]. Financial Performance Summary - For 2024, the company expects revenues to reach 3.241 billion yuan, with a projected net profit of 447 million yuan, reflecting a year-on-year growth of 101.2% [1][6]. - The gross margin for the first three quarters of 2024 was 46.45%, an increase of 10.67 percentage points year-on-year, while the net margin was 19.46%, up 7.76 percentage points year-on-year [2][3]. - The company achieved a record high in sales for its CMP polishing pad business, with Q3 sales reaching 225 million yuan, a 90% increase year-on-year [3][4]. Business Segment Insights - The CMP polishing pad segment generated 523 million yuan in revenue for the first three quarters of 2024, marking a 95% increase year-on-year [3]. - The semiconductor materials and chip business is expected to continue its growth trajectory, supported by positive market feedback and ongoing product development [4][5]. - The company is focusing on three key segments within the semiconductor innovation materials field, which are expected to drive further revenue growth [6].

Investment Rating - The investment rating for Dinglong Co., Ltd. is "Outperform the Market" and is maintained [2][8]. Core Views - Dinglong Co., Ltd. has achieved record high operating profits in Q3 2024, with significant growth in its semiconductor business [3][4]. - The company's revenue for Q3 2024 reached 907 million yuan, a year-on-year increase of 27.17% and a quarter-on-quarter increase of 11.85% [3]. - The semiconductor business has become a key driver of revenue and profit growth, with its revenue share increasing from 32% in 2023 to 45% in the first three quarters of 2024 [3][6]. Financial Performance Summary - In Q3 2024, the net profit attributable to the parent company was 158 million yuan, a year-on-year increase of 97.15% and a quarter-on-quarter increase of 16.30% [3]. - The cumulative revenue for the first three quarters of 2024 was 2.426 billion yuan, a year-on-year increase of 29.54% [3]. - The company expects revenues for 2024E-2026E to be 3.418 billion yuan, 4.274 billion yuan, and 5.133 billion yuan, respectively, with year-on-year growth rates of 28.2%, 25.1%, and 20.1% [5][7]. Business Segment Analysis - The semiconductor materials and chip business is projected to generate revenues of 1.562 billion yuan, 2.359 billion yuan, and 3.159 billion yuan for 2024E-2026E, with respective year-on-year growth rates of 82.36%, 50.98%, and 33.93% [6][7]. - The CMP polishing pad business achieved a record monthly sales volume of over 30,000 pieces in September 2024, with Q3 2024 sales revenue of 225 million yuan, a year-on-year increase of 90% [3][6]. - The semiconductor display materials business reported sales revenue of 115 million yuan in Q3 2024, a year-on-year increase of 110% [4]. Valuation and Market Outlook - The estimated price-to-earnings (PE) ratio for Dinglong Co., Ltd. is projected to be between 55x and 60x for 2024E, corresponding to a reasonable market capitalization range of 28.474 billion yuan to 31.062 billion yuan [4][8]. - The reasonable value per share is estimated to be between 30.35 yuan and 33.11 yuan [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][5]. Core Insights - The company has experienced significant revenue growth in its semiconductor materials segment, with a total revenue of 2.426 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.5%. The net profit attributable to shareholders reached 376 million yuan, up 113.5% year-on-year [1][2]. - The semiconductor materials business, including integrated circuit chip design and application, generated approximately 1.089 billion yuan in revenue, marking an 88% increase year-on-year. Notably, CMP polishing pads achieved revenue of about 524 million yuan, a 95% increase [2]. - The company plans to issue convertible bonds to raise up to 920 million yuan to enhance its semiconductor materials platform, with specific projects aimed at increasing production capacity and localizing key raw materials [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 907 million yuan, a 27.2% increase year-on-year and an 11.9% increase quarter-on-quarter. The net profit for the quarter was 158 million yuan, reflecting a 97.2% year-on-year increase [1][2]. - The overall gross margin for the first three quarters of 2024 was approximately 46.5%, an increase of 10.7 percentage points year-on-year [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised upwards, with expected net profits of 511 million yuan (up 16.9%), 662 million yuan (up 15.4%), and 922 million yuan (up 15.6%) respectively [2].

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月26日 电子 鼎龙股份(300054.SZ) 半导体业务占比持续提升，带动公司盈利能力显著增强 推荐 ( 维持) 事项： 公司公布2024年三季报，2024年前三季度公司实现营收24.26亿元，同比增长 29.54%；归属上市公司股东净利润3.76亿元，同比增长113.51%。 平安观点： ■ 股价:27.83元 主要数据 | --- | --- | |------------------------------------|-----------------| | 行业 | 电子 | | 公司网址 | www.dl-kg.com | | 大股东 / 持股 | 朱双全 /14.84% | | 实际控制人 | 朱双全 , 朱顺全 | | 总股本 ( 百万股 ) | 938 | | 流通 A 股 ( 百万股 ) | 728 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 261 | | 流通 A 股市值 ( 亿元 ) | 203 | | 每股净资产 ( 元 ) 资产负债率 (%) | 4.6 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a total revenue of 2.426 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.54%, and a net profit attributable to shareholders of 376 million yuan, up 113.51% year-on-year [1]. - The semiconductor business has significantly increased its contribution to revenue and profit, with a revenue of 1.086 billion yuan in the semiconductor segment for the first three quarters, marking a 93% year-on-year increase and accounting for 45% of total revenue [1]. - The CMP polishing pad business reached a record monthly sales volume of over 30,000 pieces in September 2024, with a total revenue of 523 million yuan for the first three quarters, up 95% year-on-year [1]. - The company is expanding its production capacity for CMP polishing pads, with plans to achieve a monthly production of 40,000 pieces by the first quarter of 2025 [1]. - The advanced display materials segment also showed strong growth, with a revenue of 282 million yuan in the first three quarters, up 168% year-on-year [1]. Financial Forecasts - The company is projected to achieve revenues of 3.345 billion yuan in 2024, 4.012 billion yuan in 2025, and 4.845 billion yuan in 2026, with growth rates of 25.4%, 19.9%, and 20.8% respectively [2][4]. - The net profit attributable to shareholders is expected to be 519 million yuan in 2024, 698 million yuan in 2025, and 922 million yuan in 2026, with growth rates of 133.7%, 34.5%, and 32.2% respectively [2][4]. - The earnings per share are forecasted to be 0.55 yuan in 2024, 0.74 yuan in 2025, and 0.98 yuan in 2026 [2][4]. - The price-to-earnings (PE) ratio is projected to decrease from 50 in 2024 to 28 in 2026, indicating improving valuation [2][4].