【Market Survey Indicator】This leading semiconductor materials company achieved high growth in Q1, with the continuous advancement of new products such as high-end photoresists!

People’s Finance News, April 3, Dinglong Shares (300054) said on April 2 at a performance briefing that its CMP polishing materials are a core consumables business for semiconductors. In 2026, the company plans to maintain a rapid revenue growth momentum, driven by three key factors: continuing to increase its share among leading domestic wafer-fabrication customers, массов batch onboarding of full-process products, and gradually expanding into overseas markets. In the first quarter of 2026, Dinglong Shares expects attributable net profit of RMB 240 million to RMB 260 million, a year-on-year increase of 70% to 84%.

The company’s 2026 net profit is guided primarily by equity incentive performance targets: based on attributable net profit in 2023, the target net profit growth rate is 350% (i.e., the 2026 attributable net profit target is about RMB 1.0 billion). In 2025, both the number of new customers added for the company’s semiconductor materials and the quantities of verified products transitioning to mass production achieved steady growth. Multiple core products have completed certification at several wafer fabs and panel fabs and started bulk supply.

Regarding expansion plans, the company is advancing the “Optoelectronic Semiconductor Materials Research and Manufacturing Center Project.” The project includes supporting capacities such as an annual production of 400k large silicon wafers polishing pads, 4,000 tons of prepolymers, and 200 tons of micro-sphere foaming, among other auxiliary production. After the project goes into operation, it will further improve the CMP materials full-industry-chain layout and meet demand in new areas such as large silicon wafers and third-generation semiconductors. In the future, the company will dynamically optimize the timing of capacity release based on market demand.

For photoresists, the main factory buildings and supporting facilities for its second-phase annual 300-ton KrF/ArF advanced wafer photoresist mass-production line have already been completed, making it the first domestic advanced wafer photoresist mass-production line with a full process covering “organic synthesis–polymer synthesis–refining purification–photoresist compounding.” In addition, for its ArF and KrF photoresist products, three products have entered a stable bulk supply stage, and more than 12 products have entered the gallon-sample testing stage, with validation progress going smoothly. This year, the company will continue to do a good job in market promotion and scaling up production for its high-end KrF/ArF photoresist business, striving to drive revenue growth for high-end photoresist products.

Kaiyuan Securities said that the continuation of semiconductor market conditions supports material companies’ performance growth. Dinglong Shares’ semiconductor business line is accelerating expansion and capacity release, with multiple business lines expanding in parallel. It benefits from the localization of the industrial chain plus the downstream expansion cycle. After years of deep cultivation, the company has grown into a platform-type semiconductor materials supplier. As advanced process and advanced memory production successively enter an upward expansion cycle, it may continue to benefit.