长电科技 20250507 摘要 • 长电科技 2024 年营收达 359.6 亿元，同比增长 21.2%，四季度营收突破 100 亿元。剔除圣迭半导体并表影响，营收同比增长 18.5%。全年研发投 入 17.2 亿元，同比增长 19.3%，显示公司对技术创新的重视。 • 2025 年第一季度营收 93.4 亿元，同比增长 36.4%，创历史同期新高。 订单持续增长，圣迭半导体并表推动运算电子收入同比大幅增长 92.9%， 汽车电子收入增长 66%，工业和医疗电子收入增长 45.8%。 • 公司毛利率在 2024 年为 13.1%，同比下降 0.6 个百分点，主要受国内市 场价格压力和原材料成本波动影响。但 2025 年第一季度毛利率回升至 12.6%，同比增长 0.4 个百分点，产能利用率提升至 67%左右。 • 面对地缘政治及关税影响，长电科技采取海内外双供应链策略，优化全球 布局。2025 年计划资本开支 85 亿元，同比增加 40%，强化区域供应链 韧性，构建可持续的双循环供应链体系。 • 公司在先进封装领域持续投入，特别是在运算电子和汽车电子领域。预计 汽车电子业务未来几年将超过公司营收的 20%， ...

证券研究报告|电子 [Table_Title] 2024Q4 营收规模超百亿，先进封装盈利能 力有望提升 投资要点: ⚫ 2024Q4 单季度营收超百亿，再创单季度营收新高：2024 年第四季度， 营收方面，公司实现单季度营业收入 109.84 亿元，同比+18.99%，环比 +15.73%；毛利率方面，2024Q4 单季度毛利率为 13.34%，同比+0.17pct， 环比+1.11pct；营收再创单季度历史新高，毛利率有所提升，主要系下 游需求持续复苏，产能利用率提升。期间费用方面，2024Q4 销售费用 率 / 管 理 费 用 率 / 研 发 费 用 率 / 财 务 费 用 率 分 别 为 0.60%/3.58%/4.43%/0.32%，同比分别+0.05pct/+1.25pct/+0.55pct/- 0.93pct，期间费用整体同比+0.92pct；净利率方面，2024Q4 单季度净 利率为 4.93%，同比-0.45pct，环比+0.15pct，毛利率上升但净利率下 降，主要系费用率增长所致。归母净利润方面，2024Q4 公司实现归母 净利润 5.33 亿元，同比+7.28%，环比+16.63%。现 ...

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, and a net profit attributable to the parent company of 1.610 billion yuan, up 9.44% year-on-year [1] - The global semiconductor market is returning to a growth trajectory, with the company actively positioning itself in high-growth product areas and continuously optimizing its business structure [2] - The company has made significant advancements in technology innovation, with R&D investment reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year [3] Financial Performance - The company's revenue for 2024 is projected to be 35.962 billion yuan, with a growth rate of 21.24% compared to 2023 [5] - The net profit attributable to the parent company for 2024 is expected to be 1.610 billion yuan, reflecting a 9.44% increase from the previous year [5] - The company has forecasted net profits of 2.238 billion yuan and 2.779 billion yuan for 2025 and 2026, respectively [4] Business Structure and Market Position - The company has optimized its business structure, with revenue contributions from various segments: Communication Electronics (44.8%), Consumer Electronics (24.1%), Computing Electronics (16.2%), Automotive Electronics (7.9%), and Industrial & Medical Electronics (7.0%) [2] - The computing electronics segment saw a revenue increase of 38.1%, while the automotive business grew by 20.5%, both outperforming market averages [2] Strategic Developments - The acquisition of 80% of Shengdi Semiconductor is expected to bring new opportunities for the company, with financial consolidation starting in Q4 2024 [4] - The company is enhancing its capital expenditure and advancing its technology layout, particularly in the automotive electronics sector, with new manufacturing facilities expected to come online in 2025 [3][4]

长电科技（ [Table_StockNameRptType] 600584） 公司点评 聚集高性能封装，加速运算电子、汽车电子布局 | | | | | | | [Table_BaseData] 收盘价（元） | 33.43 | | --- | --- | | 近 12 个月最高/最低（元） | 47.92/24.01 | | 总股本（百万股） | 1,789 | | 流通股本（百万股） | 1,789 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 598 | | 流通市值（亿元） | 598 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% 6% 35% 63% 91% 4/24 7/24 10/24 1/25 长电科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_CompanyReport] 相关报告 1.单季度收入历史新高，聚焦高性能 先进封 ...

公司最新总资产周转率为0.17次，在已披露的同业公司中排名第13，较去年同期总资产周转率增加0.02 次，实现2年连续上涨，同比较去年同期上涨10.64%。最新存货周转率为2.21次，在已披露的同业公司 中排名第5，较去年同期存货周转率增加0.33次，实现2年连续上涨，同比较去年同期上涨17.79%。 公司股东户数为32.35万户，前十大股东持股数量为6.62亿股，占总股本比例为36.97%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 磐石润企(深圳)信息管理有限公司 | 22.53% | | 2 | 香港中央结算有限公司 | 4.89% | | 3 | 国家集成电路产业投资基金股份有限公司 | 3.50% | | ব | 中国建设银行股份有限公司-华夏国证半导体芯片交易型开放式指数证券投资基 | 1.38% | | 5 | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金 | 1.29% | | 6 | 中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基 | 0.92% | | 7 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company reported a revenue of 9.335 billion RMB in Q1 2025, representing a year-on-year growth of 36.44% but a quarter-on-quarter decline of 15.01%. The gross margin was 12.63%, up 0.43 percentage points year-on-year but down 0.71 percentage points quarter-on-quarter. The net profit attributable to shareholders was 203 million RMB, a year-on-year increase of 50.39% but a quarter-on-quarter decrease of 61.86% [1][2] - The growth in revenue and profit is primarily attributed to the consolidation of Shengdi Semiconductor and an increase in orders from the advanced packaging market both domestically and internationally. The company is optimistic about future performance driven by new capacity releases and the ramp-up of advanced packaging business [1][2][3] Summary by Sections Financial Performance - In Q1 2025, the company focused on advanced technologies and key application markets, achieving significant revenue growth in computing electronics (92.9%), automotive electronics (66.0%), and industrial and medical electronics (45.8%). This optimization in business structure contributed to a gross margin increase [2] - The company completed the acquisition of Shengdi Semiconductor, which reported a revenue of 799 million RMB and a net profit of 94 million RMB in Q4 2024. The consolidation of Shengdi has positively impacted the company's Q1 2025 performance [2] Market Outlook - The global semiconductor market is expected to grow by 19% to 627 billion USD in 2024, which will drive an 8% growth in the global packaging and testing market to 82 billion USD. The report is optimistic about the recovery of the semiconductor market and structural growth in AI-related fields [3] - The company is actively expanding its production capacity, with a new automotive electronics packaging production base in Shanghai expected to commence operations in the second half of 2025. The company is also set to benefit from high-performance computing, AI, and automotive electronics demand [3] Valuation Metrics - The report forecasts net profits for 2025, 2026, and 2027 to be 2.04 billion RMB, 2.38 billion RMB, and 2.90 billion RMB respectively, with corresponding EPS of 1.14 RMB, 1.33 RMB, and 1.62 RMB. The company is assigned a 2025 PE ratio of 41.0x, which is a premium compared to the industry average of 33.5x due to its leading position in advanced packaging technologies [4][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is the third-largest OSAT manufacturer globally and the largest in China, with significant growth in revenue and profit driven by the consolidation of Shengdi Semiconductor [1][5] - The company is expected to see increased revenue contributions from Shengdi in 2025, with a planned fixed asset investment of 8.5 billion RMB to enhance production capacity [5] - The company has established strong partnerships with leading clients in various sectors, including automotive electronics and high-performance computing, indicating a positive growth trajectory [5] Financial Performance Summary - In 2024, the company reported revenue of 35.962 billion RMB, a year-on-year increase of 21.24%, and a net profit of 1.610 billion RMB, up 9.44% year-on-year [5][11] - For Q1 2025, revenue reached 9.335 billion RMB, reflecting a year-on-year growth of 36.4%, while net profit was 203 million RMB, up 50.4% year-on-year [5] - The company’s revenue projections for 2025-2027 are 41.89 billion RMB, 47.08 billion RMB, and 51.90 billion RMB, respectively, with corresponding net profits of 2.013 billion RMB, 2.371 billion RMB, and 2.732 billion RMB [5][11] Market Demand and Client Segmentation - The demand from downstream clients is showing varied trends, with significant growth in computing and automotive electronics, both exceeding 50% year-on-year in Q1 2025 [5] - The revenue breakdown for 2024 indicates that communication electronics accounted for 44.8%, consumer electronics 24.1%, and computing electronics 16.2% [5] Investment Recommendations - The company is positioned as a leader in the domestic packaging and testing sector, with ongoing investments in new facilities and acquisitions to strengthen its market position [5] - The expected earnings per share (EPS) for 2025-2027 are projected at 1.12 RMB, 1.33 RMB, and 1.53 RMB, with price-to-earnings (PE) ratios of 29.1, 24.7, and 21.4, respectively [5][11]

事件描述 2025 年4 月20 日，长电科技公告《江苏长电科技股份有限公司2024 年年度报告》，2024 年公司实现营 业收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%。 事件评论 全球经济复苏及国际形势变化延续，公司以产品结构优化和全球化布局保持良好增长。一方面是半导体 行业整体保持回暖，驱动公司收入上行，另一方面下游应用增长的结构性差异长电科技也以产品结构优 化应对，使得公司整体业务进一步维持稳健的增长动能。通过在AI、汽车电子等领域持续加大技投入 和产能建设，以及在存储领域完成对晟碟半导体80%股权的收购扩大市场份额，2024 年公司实现营业 收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%，其中2024Q4 实现营业收入 109.84 亿元，同比+18.99%，环比+15.72%，实现归母净利润5.33 亿元，同比+7.28%，环比+16.66%。 在产品结构持续高端化的驱动下，公司2024Q4 毛利率达13.34%，环比+1.12pct，净利率继续上行，达 4.93%，环比+0.14pct。值得重视的是，公 ...

证券代码：600584 证券简称：长电科技 公告编号：临 2025-022 江苏长电科技股份有限公司 第八届监事会第九次临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 江苏长电科技股份有限公司（以下简称"公司"）第八届监事会第九次临时 会议于 2025 年 4 月 23 日以通讯方式发出会议通知，于 2025 年 4 月 28 日以通讯 表决的方式召开，本次会议表决截止时间为 2025 年 4 月 28 日下午 2 时。会议应 参加表决的监事 3 人，实际表决的监事 3 人。会议的召集和召开符合《中华人民 共和国公司法》《中华人民共和国证券法》及《公司章程》的规定。 二、监事会会议审议情况 本次会议表决通过了相关议案，形成决议如下： （一）审议通过了《江苏长电科技股份有限公司 2025 年第一季度报告》 公司监事会根据《上海证券交易所上市公司自律监管指南第 1 号——公告格 式第五十二号 上市公司季度报告》等有关规定，对公司 2025 年第一季度报告进 行了认真的审核，一致认为： 1、 ...