证券时报e公司讯，11月29日晚间公告精选：长电科技实控人变更为中国华润有限公司；*ST红阳实控 人拟变更为曲靖高新区管委会；四川省投资集团与四川省能源投资集团筹划战略重组；山高环能拟1.37 亿元收购郑州绿源100%股权；宁波建工拟作价15.27亿元购买宁波交工100%股权；威龙股份控股股东拟 1000万至2000万元增持股份；阿特斯拟5亿元至10亿元回购公司股份予以注销；亿田智能子公司签订 1.13亿元算力服务项目合同；东杰智能签订约5.84亿元设备集成销售合同；星源卓镁收到国内某汽车零 部件厂商项目定点通知；海优新材拟约2.5亿元投建光伏封装胶膜西南生产基地；瑞华泰拟6.53亿元投建 高速通讯柔性基材与功能聚酰亚胺薄膜项目；中国建筑子公司拟投资北京朝阳区房地产开发项目；厦门 象屿控股股东拟整体受让公司对江苏德龙债权；云南白药拟50亿元参投中医药大健康创新基金。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company has shown robust growth in various downstream sectors, enhancing its overall competitiveness. It has made significant progress in communications electronics, consumer electronics, computing electronics, and automotive electronics [4] - The company has a strong cash position with 9.257 billion yuan on its balance sheet and a net operating cash inflow of 3.934 billion yuan in the first three quarters [4] - Continuous growth in R&D investment, with R&D expenses amounting to 1.232 billion yuan in the first three quarters, focusing on advanced packaging technologies [4] - The company is expected to see substantial improvements in profitability as downstream customer demand increases in the coming year [3][4] Financial Summary - For 2024, the company is projected to achieve a revenue of 31.391 billion yuan, representing a year-on-year growth of 5.8% [2] - The net profit attributable to the parent company is expected to reach 1.992 billion yuan in 2024, with a significant year-on-year growth of 35.5% [2] - The gross margin is forecasted to improve to 17.0% in 2024, up from 13.7% in 2023 [2] - The return on equity (ROE) is anticipated to rise to 7.1% in 2024, compared to 5.6% in 2023 [2] - Earnings per share (EPS) is projected to be 1.11 yuan in 2024, with a price-to-earnings (PE) ratio of 36.6 [2][4]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装，提升存储器封测 全球竞争力 ——长电科技(600584)季报点评 | --- | --- | --- | |----------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 季报点 ...

分析师:邹臣 基记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装,提升存 长电科技(600584)季报点评 | --- | --- | --- | |-----------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告-季报点评 | 买入(维持) | | 市场数据(2024-11-04) | | 发布日期: 2024年11月05日 | ...

Investment Rating - The investment rating for the company is "Add" [4] Core Insights - The company achieved a record high revenue of 94.91 billion yuan in Q3 2024, representing a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.79%. This growth was driven by increased business from certain clients and improved capacity utilization [2] - The gross margin for Q3 2024 was 12.23%, down 2.13 percentage points year-on-year and 2.05 percentage points quarter-on-quarter, primarily due to slow recovery in demand from automotive electronics and industrial sectors, adjustments in customer structure, and rising raw material costs [2] - The net profit margin for Q3 2024 was 4.78%, down 1.01 percentage points year-on-year and 0.81 percentage points quarter-on-quarter, with overall expense control remaining good [2] - The acquisition of 80% of Shengdian Semiconductor has been completed, which is expected to enhance the company's annual performance and strengthen its competitiveness in the storage packaging and testing sector [2] - The company forecasts revenue of 340.37 billion yuan for 2024, with a projected net profit of 16.72 billion yuan, corresponding to a PE ratio of 41.30x [7] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to shareholders of 10.76 billion yuan, up 10.55% year-on-year [1] - The company’s Q3 2024 net profit attributable to shareholders was 4.57 billion yuan, down 4.39% year-on-year and 5.57% quarter-on-quarter [2] Expense Management - The management expense ratio for the first three quarters was 2.13%, down 0.49 percentage points year-on-year, indicating effective expense control [2] - Financial expenses increased to 0.43% due to exchange losses from the appreciation of the RMB [2] Acquisition Impact - The acquisition of Shengdian Semiconductor is expected to significantly boost the company's annual performance and market share in the storage and computing electronics sector [2] Forecasts - The company anticipates revenue growth of 14.75% in 2024, with further increases projected for 2025 and 2026 [3][7]

Industry and Company Overview * **Industry**: Semiconductor industry, specifically focusing on advanced packaging and semiconductor manufacturing. * **Company**: ChangHong Technology, a leading semiconductor manufacturer specializing in advanced packaging and semiconductor manufacturing. Key Points and Arguments 1. **Market Recovery and Growth**: The global semiconductor market is experiencing a recovery after facing challenges, with growth in various sectors, particularly driven by AI. [doc id='1'] 2. **Revenue Growth**: ChangHong Technology achieved a revenue growth of 50% in the third quarter, with a total revenue of 9.5 billion RMB for the first three quarters, reaching a historical high. [doc id='2'] 3. **Profitability**: Net profit increased by 20% in the third quarter, with a total net profit of 10.8 billion RMB for the first three quarters. [doc id='7] 4. **Advanced Packaging**: ChangHong Technology is actively investing in advanced packaging technology, with its main factory and Shengdie advanced packaging factory entering production stages. [doc id='3'] 5. **Automotive Electronics**: The company's automotive electronics business is performing well, with a revenue growth of 50% in the third quarter. [doc id='5] 6. **Market Outlook**: The company is optimistic about the market outlook for 2025, driven by AI demand and growth in industrial and automotive electronics. [doc id='5] Other Important Points * **Product Mix**: The company's product mix includes communication electronics, consumer electronics, computing, automotive electronics, and industrial electronics. [doc id='17'] * **Investment in R&D**: ChangHong Technology allocated 1.23 billion RMB for R&D in the first three quarters, a 13.9% increase from the previous year. [doc id='7] * **Financial Position**: The company has a strong financial position with ample cash reserves and a healthy balance sheet. [doc id='8] * **Free Cash Flow**: The company generated positive free cash flow of 850 million RMB in the first three quarters, a 16.5% increase from the previous year. [doc id='10] Analyst and Investor Questions * **Growth in Communication Electronics**: The growth in communication electronics is attributed to increased market share in innovative products and the expansion of the smartphone market. [doc id='15'] * **Automotive Electronics**: The growth in automotive electronics is driven by the transition to 48V power systems and the increasing demand for chips in new energy vehicles. [doc id='15'] * **Advanced Packaging**: ChangHong Technology's advantage in advanced packaging lies in its scale, capacity, and customer diversity. [doc id='20] * **Storage**: The company is actively expanding its storage capacity and expects to meet the growing demand from customers. [doc id='22] * **Semiconductor Cycle**: The company is optimistic about the semiconductor cycle in both domestic and overseas markets, with a focus on AI and industrial electronics. [doc id='24] * **Capacity Utilization**: The company's capacity utilization is gradually increasing, with advanced packaging and high-end testing reaching full capacity. [doc id='25] * **Capital Expenditure**: The company plans to continue increasing its capital expenditure to expand its advanced packaging technology and capacity. [doc id='26] * **M&A**: The company is actively exploring opportunities for M&A to expand its business and enhance its competitive advantage. [doc id='26] * **Stakeholder Returns**: The company aims to increase shareholder returns through dividends and cash distributions. [doc id='27]

长电科技（600584.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 报告摘要 24Q3 营收创历史新高 【24Q1-Q3】公司实现营收 249.78 亿元，同比+22.26%；归母净利 10.76 亿元，同比 10.55%；扣非归母净利 10.21 亿元，同比+36.73%；毛利率 12.93%，同比-0.94pcts；净 利率 4.31%，同比-0.46pcts。 【24Q3】公司实现营收 94.91 亿元，同比+14.95%，环比+9.8%；归母净利 4.57 亿元， 同比-4.39%，环比-5.57%；扣非归母净利 4.4 亿元，同比+19.5%，环比-7.21%；毛利率 12.23%，同比-2.13pcts，环比-2.05pcts；净利率 4.82%，同比- ...

H鼎证券 公 司 研 究 电子/半导体 Q3 营收单季度历史新高，并表晟碟助力先进封装 长电科技（600584.SH） 2024 年 10 月 28 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 39.09 | | 一年最高最低 ( 元 ) | 42.00/19.95 | | 总市值 ( 亿元 ) | 699.48 | | 流通市值 ( 亿元 ) | 699.48 | | 总股本 ( 亿股 ) | 17.89 | | 流通股本 ( 亿股 ) | 17.89 | | 近 3 个月换手率 (%) | 141.74 | 股价走势图 -48% -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 长电科技 沪深300 数据来源：聚源 相关研究报告 《Q3 营收同环比增长，完成收购晟碟 助力先进封装—公司信息更新报告》 -2024.10.10 《2024Q2 业绩同环比高增，多领域布 局助力长 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|-----------------|---------------------------------------------|-------------------------|----------------| | 2024 年 10 月 28 日 \n长电科技（ 600584.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 营收创单季新高，前期布局开始贡献增量 | 投资评级 | | 买入 -A( | 维持) | | 投资要点 | 股价 | (2024-10-25) | | 39.09 元 | | 24Q3 营收创单季历史新高，前三季度各应用板块业务均实现复苏企稳。 2024Q3 | 交易数据 | | | | | 长电科技实现营收 94.9 亿元，同比增长 ...

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