鼎龙股份(300054)2022年年报点评:全年业绩高增 材料平台化布局渐入佳境

Dinglong Co., Ltd. (300054) 2022 Annual Report Review: Annual Performance Increased, Material Platform-based Layout Gradually Improved

民生證券 ·  04/11  · Researches

Event: on April 11, Dinglong released its 2022 annual report that the company's annual revenue was 2.721 billion yuan, up 15.52% over the same period last year; the net profit was 390 million yuan, up 82.66% over the same period last year; and 348 million yuan was deducted from the non-return net profit, an increase of 68.47% over the same period last year.

With the rapid development of semiconductor materials, the profitability has been significantly improved. 4Q22, the company realized revenue of 766 million yuan, an increase of 8.72% over the same period last year, a net profit of 95 million yuan, an increase of 51.37% over the same period last year, and a net profit of 79 million yuan, an increase of 38.04% over the same period last year. In 2022, the steady growth of the company's revenue is mainly due to the substantial increase in sales revenue of CMP polishing pad products compared with the same period last year, and the volume of CMP polishing fluid, cleaning fluid products and flexible display materials YPI, PSPI products began to increase. 4Q22 gross profit margin fell 1.48pct to 37.63% month-on-month. For the whole year, the gross profit margin reached 38.09%, an increase of 4.65pct over the same period last year, mainly due to the substantial increase in profits of the CMP polishing pad and consumables sector with revenue growth and the impact of exchange rate fluctuations. It is expected that with the rapid release of CMP polishing fluid, cleaning fluid and semiconductor display materials, the company's performance is expected to achieve further improvement in 2023.

The domestic leading position of CMP material is established, and the leading advantage of domestic substitution is obvious. In 22 years, the company's revenue of polishing pad reached 457 million yuan, an increase of 51.32% over the same period last year, and continued rapid growth. The company's polishing pad products in most of the domestic mainstream customers have become the first supplier, domestic polishing pad leading position has been established. The expansion project of 200,000 pieces / year of Qianjiang Phase III polishing mat and its core supporting raw materials has been officially put into production by 3Q22 and will be gradually expanded in the future. In the past 22 years, the revenue of CMP polishing fluid and cleaning fluid has reached 17.89 million yuan, among which the polishing fluid based on alumina abrasives, dielectric material polishing fluid and tungsten polishing fluid products have entered the stage of purchasing or batch sales and gradual volume expansion.

At present, Wuhan's fully automated annual production capacity of 5000 tons of polishing liquid production line, annual capacity of 2000 tons of cleaning liquid production line stable supply, Xiantao annual capacity of 10,000 tons of CMP cleaning fluid expansion project, the annual output of 20,000 tons of CMP polishing fluid expansion project and grinding particles supporting expansion project is expected to be completed in 2023.

Display panel materials continue to grow, and the verification of advanced packaging materials is advancing rapidly. In 22 years, the company showed that the revenue of YPI and PSPI products was 47.28 million yuan, an increase of 439% over the same period last year, and a significant quarter-on-quarter increase.

Flexible display substrate YPI product sales continue to grow, and has become part of the mainstream panel customers of the first supplier; PSPI as the only domestic supplier from 3Q22 shipments, capacity, Wuhan production base has achieved an annual output of 200tons of OLED PSPI, Dinglong (Xiantao) Optoelectronic Semiconductor material Industrial Park annual capacity of 1000 tons of PSPI phase II expansion project is expected to achieve mass production in mid-2023. The pilot-scale process route of temporary bonding adhesive and packaging photoresist (PSPI) has been opened, in which the temporary bonding adhesive products have completed the sample delivery of a domestic mainstream wafer factory, and the mass production product introduction work is in progress; packaging photoresist (PSPI) has completed the client-side sample delivery of a large packaging factory, and the verification work is progressing steadily.

Investment suggestion: we are optimistic about the business growth of the company's CMP materials and semiconductor display materials, and are expected to achieve a net profit of 5.05 million yuan in 23-24-25, corresponding to the current share price PE of 50-36-28, maintaining the "recommended" rating.

Risk hint: the construction of production expansion project is not as expected, and the customer expansion of polishing liquid products is not as expected.

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