Core Viewpoint - Jiangsu Changdian Technology Co., Ltd. is set to hold an investor briefing on May 7, 2025, to discuss its 2024 annual performance and the first quarter of 2025, including cash dividend distribution [2][3][6] Group 1: Meeting Details - The investor briefing will take place on May 7, 2025, from 15:00 to 16:30 [3][4] - The meeting will be conducted via a telephone conference and online text interaction, with a video interpretation of the performance available on the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions in advance through the Shanghai Stock Exchange Roadshow Center or via email to the company [2][3] Group 2: Participants - Key participants in the meeting will include the CEO Zheng Li, CFO Liang Zheng, board secretary Yuan Yan, and vice president Wu Hongkun, among others [5] Group 3: Contact Information - For inquiries, investors can contact the company's board office at phone number 0510-86856061 or via email at IR@jcetglobal.com [6]

证券代码：600584 证券简称：长电科技 公告编号：临 2025-020 江苏长电科技股份有限公司 关于召开 2024 年度、2025 年第一季度业绩 暨现金分红说明会的公告 本公司董事会及全体董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。 重要内容提示： 会议召开时间：2025 年 5 月 7 日（星期三）下午 15:00-16:30 会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/）、 进门财经（网址：https://s.comein.cn/hwduii9g） 上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：进门财经电话会议（易董价值在线平台同步转播）、上证 路演中心网络文字互动 投资者可于 2025 年 4 月 30 日（星期三）16:00 前登录上证路演中心网站 首页点击"预征集问答"栏目或将需要了解的情况和关注的问题发送至公司邮箱 IR@jcetglobal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏长电科技股 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [20]. Core Views - The company achieved a record revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-on-year [4][9]. - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth sectors such as communications, consumer electronics, computing, and automotive electronics [9][10]. - The company has significantly increased its R&D investment, reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year, and has applied for 587 new patents, totaling 3,030 patents by the end of 2024 [9][10]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 13.06%, a slight decrease of 0.59% year-on-year, while the net margin was 4.48%, down 0.48% year-on-year. The fourth quarter of 2024 saw a revenue of 10.984 billion yuan, with a net profit of 533 million yuan [4][9]. - The company expects revenues of 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]. Business Strategy - The company is enhancing its presence in the automotive electronics sector, with a 20.5% year-on-year revenue growth, significantly above the industry average. It is also establishing strategic partnerships with leading international firms [9][10]. - The company is advancing its Shanghai automotive electronics packaging production base, expected to commence operations in the second half of 2025, gradually increasing production capacity [9][10]. Technological Innovation - The company is recognized for its leading semiconductor advanced packaging technologies, including SiP, WL-CSP, FC, eWLB, PiP, PoP, and XDFOI® series, providing tailored solutions for high-performance computing, AI, 5G, and automotive electronics [9][10]. - The company has successfully launched its encapsulated power modules for the new energy sector, addressing industry challenges such as heat dissipation and warping, thereby enhancing product performance [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year increase of 21.24%, and a net profit of 1.610 billion yuan, up 9.44% year-on-year [4][9] - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth product areas such as communications, consumer electronics, computing, and automotive electronics [9][10] - The company has maintained stable profitability with a gross margin of 13.06% in 2024, despite a slight year-on-year decline [9][10] Summary by Relevant Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72% [4] - The company’s R&D investment reached 1.72 billion yuan in 2024, a year-on-year increase of 19.3%, with 587 new patents filed [9][10] Business Strategy - The company is deepening its focus on four core application areas: communications (44.8% revenue share), consumer electronics (24.1%), computing (16.2%), and automotive electronics (7.9%) [9][10] - The company is expanding its market share in the storage and computing electronics sectors through strategic acquisitions, including an 80% stake in Shengdie Semiconductor [9][10] Technology and Innovation - The company is committed to advanced packaging technology innovation, with industry-leading solutions such as SiP, WL-CSP, and XDFOI® [9][10] - The XDFOI® technology has been successfully mass-produced and is applied in high-performance computing, AI, 5G, and automotive electronics [10] Future Outlook - Revenue projections for 2025-2027 are 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan, respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]

Core Viewpoint - The event organized by Changjiang Electronics Technology Co., Ltd. (长电科技) on World Earth Day aims to promote ecological restoration and species protection in the Yangtze River through scientific release activities and online donation projects [1][2]. Group 1: Event Details - The event involved the release of 422 Chinese sturgeons and 16,000 longfin gizzard shad into the Yangtze River, specifically in the Jiangyin section [1]. - The scientific release emphasizes ecosystem balance and the adaptability of native species, adhering to rigorous technical standards and operational norms [1]. Group 2: Corporate Responsibility - Changjiang Electronics Technology Co., Ltd. is committed to "green development and responsibility," integrating environmental protection into its ESG strategy and actively participating in ecological civilization construction and social welfare [2]. - The company has established special charitable funds focusing on environmental protection, health, and education, promoting volunteer services and social contributions while developing its business [2]. Group 3: Future Initiatives - The company plans to continue collaborating with social organizations like the Wuxi Charity Federation and Jiangyin Charity Federation to deepen the implementation of the "Guarding the Beautiful Yangtze" project and support more exemplary ecological public welfare projects [2].

Core Viewpoint - Longji Technology has achieved a turnaround in its operating performance in 2024, with both revenue and net profit showing significant growth compared to the previous year [1][2]. Financial Performance - In 2024, Longji Technology reported revenue of 35.962 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% from the previous year [2][4]. - The company's revenue and net profit had declined in 2023, with figures of 29.661 billion yuan and 1.471 billion yuan, respectively, representing decreases of 12.15% and 54.48% [2][5]. Business Strategy and Market Position - Longji Technology focuses on four core application areas: communications, consumer electronics, computing, and automotive electronics, adapting its business strategy to market changes [4][6]. - The company has strengthened its global layout, with overseas sales revenue reaching 29.096 billion yuan, accounting for 80.91% of total revenue, and showing a year-on-year growth of 25.15% [6][7]. - Longji Technology ranks third among the top ten OSAT manufacturers globally, with an estimated revenue of 34.6 billion yuan [7][8]. Research and Development - In 2024, Longji Technology invested 1.718 billion yuan in R&D, a year-on-year increase of approximately 19.31%, with cumulative R&D investment over nine years reaching 10 billion yuan [1][8]. - The company holds a diverse portfolio of patents, with 3,030 patents granted by the end of 2024, including 2,498 invention patents [8].

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's revenue for 2024 is projected to reach 35.962 billion RMB, representing a year-on-year growth of 21.24%, driven by the overall recovery in the global semiconductor industry, particularly in the AI-driven high-performance computing (HPC) sector [1][2] - The company is expected to benefit from the release of new production capacity and the ramp-up of advanced packaging business, which will contribute to future performance growth [1][4] Summary by Sections Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.610 billion RMB, a year-on-year increase of 9.44% [1] - The fourth quarter of 2024 saw revenues of 10.984 billion RMB, up 18.99% year-on-year and 15.72% quarter-on-quarter [1] - The company's operational electronic business revenue grew by 38.1% year-on-year, contributing 16.2% to total revenue [2] Market Demand and Business Strategy - The recovery in the global semiconductor market, particularly in high-performance computing chips and storage chips, has led to increased capacity utilization and revenue growth for the company [2] - The company is strategically expanding into high-value markets such as automotive electronics, HPC, storage, and 5G communications, with automotive electronics revenue increasing by 20.5% year-on-year [2][3] Capacity Expansion and Technological Development - The company is actively advancing new production lines and high-value process platforms, with a new automotive electronics packaging production base expected to commence operations in the second half of 2025 [3] - The company has completed the acquisition of 80% of Shengdi Semiconductor, enhancing its market share in the storage and operational electronics sectors [3] Valuation and Earnings Forecast - The report projects a decrease in net profit forecasts for 2025 and 2026 by 22% and 24% respectively, estimating net profits of 2.036 billion RMB and 2.375 billion RMB for those years [4][6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.14 RMB, 1.33 RMB, and 1.62 RMB respectively [4][6]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3]. Core Views - The company is expected to achieve a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, with a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [1][4]. - The fourth quarter of 2024 saw record high quarterly revenue of 10.984 billion yuan, a year-on-year increase of 19.0% and a quarter-on-quarter increase of 15.7% [1][2]. - The company is focusing on high-growth product areas, increasing R&D investments in advanced packaging technologies, particularly in high-performance computing and automotive electronics [2][3]. Financial Performance and Forecast - The company’s revenue is projected to grow from 29.661 billion yuan in 2023 to 49.504 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][27]. - The net profit attributable to shareholders is forecasted to increase from 1.471 billion yuan in 2023 to 3.241 billion yuan in 2027, reflecting a significant growth trajectory [4][27]. - The gross margin is expected to stabilize around 14% in the coming years, with a slight decrease to 13.06% in 2024 [1][4]. Market Segmentation - In 2024, the revenue breakdown by segment shows that communication electronics account for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0% [2][3]. - The computing electronics segment is projected to grow by 38.1% year-on-year, while the automotive electronics segment is expected to grow by 20.5% year-on-year, both outperforming market averages [2][3]. R&D and Strategic Initiatives - The company is intensifying its R&D efforts in advanced packaging technologies, aiming for breakthroughs in high-end 3D packaging and other innovative applications [2][3]. - The establishment of a new automotive electronics packaging production base in Shanghai is expected to commence operations in the second half of 2025, which will enhance production capacity in the automotive sector [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders reached 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant investments in high-performance computing and next-generation system-level packaging [5] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4] Financial Summary - In 2024, the company achieved a gross margin of 13.1%, with a net profit margin of 4.5% [3][7] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 [7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-growth areas such as advanced packaging and automotive electronics [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant growth in the computing, communication, and automotive sectors [5][4] - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4][7] Financial Performance - In 2024, the company achieved a gross margin of 13.1%, slightly down by 0.6 percentage points year-over-year. The net profit margin was 4.5% [3][7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-performance computing advanced packaging and high-reliability automotive electronics [5][4] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 times [7][4] Market Position and Growth Drivers - The company has successfully developed a range of high-performance, high-reliability power module products for automotive applications, achieving certification from a well-known European automotive parts supplier [5][4] - The revenue from the computing and automotive sectors in 2024 was 5.8 billion yuan and 2.8 billion yuan respectively, with year-over-year growth rates of 38% and 21% [5][4] - The company aims to establish a full range of automotive electronic product supply capabilities, targeting various applications including smart cockpits and advanced driver-assistance systems (ADAS) [5][4]