天风证券-鼎龙股份-300054-鼎龙股份: 打印耗材有望反转,CMP、PI等半导体材料平台雏形初现【公众号研报】-210924

　　Hubei Dinglong (300054 CH) 打印耗材有望反转，CMP、PI半导体材料平台雏形初现 Initiating coverage: dialing back printing consumables business as new semiconductor materials platform rises TP:RMB34.83 BUY(Initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 鼎龙股份是国际国内知名的光电半导体材料及打印复印通用耗材方案解决综合供应商。公司成立于2000年，2010年于创业板上市，目前主营业务主要包括两大板块：（1）打印复印通用耗材是公司传统优势业务，公司上市前以电荷调节剂为核心产品，上市后通过外延收购、投资，完成产业链一体化布局。（2）公司近年重点布局光电半导体工艺材料，主要产品包括化学机械CMP抛光垫、清洗液及柔性显示基材PI浆料。 Dinglong is a well-known supplier of comprehensive optoelectronic semiconductor materials and general consumables solutions for the printing and copying industry in China and abroad. It was established in 2000 and was listed on the Growth Enterprise Market in 2010. It has two major segments. (1) Printing and copying general consumables are its traditional business, where it holds a competitive advantage. Before it was listed, Dinglong’s core product was charge regulators. After listing, it expanded via acquisition and investment and built up an integrated supply chain network. (2) In recent years, it has been building a business in optoelectronic semiconductor process materials. The main products include chemical mechanical planarization (CMP) polishing pads, cleaning fluids and flexible display substrate PI slurry. 21H1，公司打印复印通用耗材业务实现营收9.8亿元，YoY+ 27.27%。耗材上游芯片业务增长明显，彩色碳粉优势稳定，显影辊业务积极调整；成品端墨盒产品优势稳定，硒鼓市场竞争依旧激烈。展望未来，公司不仅将受益于全产业链布局带来的高效优势，也将受益于国产打印机产业发展带来的转型机遇，打印耗材业务板块有望实现持续稳定增长。 In 1H21, Dinglong’s printing and copying general consumables business achieved revenue of RMB980m, up 27.27% yoy. Its upstream chip business in consumables has grown significantly and, segmentally, color toners are stable, rollers are growing, ink cartridge finished products are stable and competitive, while competition in toner cartridges market is fierce. Looking ahead, we expect the company to not only benefit from high efficiency via its complete supply chain advantages, but also from transformational opportunities with the development of the domestic printer industry. The printing consumables business segment would likely experience sustained and stable growth. （1）公司是产品体系最全、技术跨度最大的打印复印通用耗材龙头企业，将持续受益于全产业链一体化带来的高效优势。（2）国产打印机型匹配的耗材市场存在潜在的增长空间，国产打印机行业发展，公司有望从打印复印通用耗材供应商成长为国产打印机配套原装耗材OEM，获得新增长机遇。 (1) Dinglong is a market leader in printing and copying general consumables. It has the most comprehensive product matrix and largest technology span. We expect it will continue to benefit from the efficiency lift with the integration of the entire supply chain. (2) We see growth potential in the domestic printer-related consumables market. With the development of the domestic printer industry, we expect it to grow from being a supplier of general printing and copying consumables to an OEM of original consumables for domestic printers, as it gains growth opportunities. 重点推荐/Recommendation 投资建议：我们预计鼎龙股份2021-2023年营收分别为23.9/33.0/42.5亿元，21-23年净利润为2.9/4.5/6.4亿元。采用分部估值法，打印复印耗材业务对应市值84亿元，光电半导体工艺材料业务市值243亿元；总市值约为327亿元，对应目标价34.83元/股，首次覆盖，予以“买入”评级。 We expect Dinglong's revenue will be RMB2.39bn/3.3bn/4.25bn and net profit will be RMB290m/450m/640m in 2021/22/23E. Using the sum-of-the-parts valuation method, we estimate its printing and copying consumables business has a market value of RMB8.4bn, while its optoelectronic semiconductor process materials business has a market value of RMB24.3bn; this gives a total market value of ~RMB32.7bn. We Initiate coverage with a BUY rating and a target price of RMB34.83. 风险提示：宏观经济环境变化；产业竞争加剧；项目进展不及预期；新业务发展不及预期。 Risks include: changes in the macroeconomic environment; intensifying competition; project progress falling below expectations; and new business developments less than expected. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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