Core Viewpoint - The company reported a significant increase in both revenue and profit for Q3 2025, driven by a recovering global semiconductor industry and strong demand in key application areas such as AI, cloud computing, and automotive electronics [1][2]. Financial Performance - Q3 2025 revenue reached 10.064 billion yuan, marking a year-on-year increase of 6.03% and a quarter-on-quarter increase of 8.56% [1]. - Gross margin stood at 14.25%, with a year-on-year increase of 2.02 percentage points, but a slight quarter-on-quarter decrease of 0.06 percentage points [1]. - Net profit attributable to shareholders was 483 million yuan, reflecting a year-on-year increase of 5.66% and a substantial quarter-on-quarter increase of 80.60% [1]. - The net profit after deducting non-recurring items was 346 million yuan, showing a year-on-year decrease of 21.27% but a quarter-on-quarter increase of 41.56% [1]. Business Growth - The company achieved record-high revenue for the same period, with Q3 revenue driven by substantial growth in operational electronics, industrial and medical electronics, and automotive electronics, which increased by 69.5%, 40.7%, and 31.3% year-on-year, respectively [2]. - Cumulative revenue for the first three quarters reached 28.67 billion yuan, a year-on-year increase of 14.8% [2]. Operational Efficiency - The company is experiencing improved profitability due to increased capacity utilization, particularly in advanced packaging for memory and AI chips, with production lines nearing full capacity [2]. - The company is actively addressing cost pressures from international commodity price fluctuations and initial investments in new production lines through supply chain optimization and improved process yields [2]. R&D and Strategic Acquisitions - R&D investment increased by 24.7% year-on-year to 1.54 billion yuan, focusing on advanced packaging technologies such as optical-electrical co-packaging and high-density system-level packaging [3]. - The company completed the signing of an agreement for the acquisition of 80% of Shengdie Semiconductor, a major player in flash memory packaging, which will enhance its strategic position in the storage packaging sector [3]. Investment Outlook - The ongoing recovery in the industry cycle and the company's focus on key application areas suggest stable revenue growth, although initial profit pressures from new production lines are anticipated [3]. - The profit forecasts for 2025-2027 have been adjusted, with net profit estimates of 1.543 billion, 2.206 billion, and 2.666 billion yuan, respectively, corresponding to EPS of 0.86, 1.23, and 1.49 yuan [3].

前三季度累计实现收入286.7亿元，同比增长14.8%，创历史同期新高；实现归母净利润9.5亿元，同比 下降11.4%。同期，公司多个业务板块收入实现显著同比增长，其中运算电子、工业及医疗电子、汽车 电子业务收入同比分别增长69.5%、40.7%和31.3%。中经记者 李玉洋 上海报道 【长电科技Q3营收创历史新高】10月23日，国内半导体封测龙头长电科技（600584.SH）发布2025年三 季度报告。财报显示，公司第三季度实现营业收入100.6亿元，环比增长8.6%；归母净利润4.8亿元，环 比大增80.6%。两项核心指标均创下历史同期新高。 ...

公司前三季度归母净利下滑，主要系新建工厂尚处于产品导入期和产能爬坡期，未形成大规模量产收 入，叠加公司持续加大相关投入，25Q1—Q3期间费用率为10%，同比增加1.7%，短期内影响部分利润 表现。同时也受国际大宗商品价格波动影响，部分原材料成本仍对毛利率构成较大压力。 中经记者 李玉洋 上海报道 10月23日，国内半导体封测龙头长电科技（600584.SH）发布2025年三季度报告。财报显示，公司第三 季度实现营业收入100.6亿元，环比增长8.6%；归母净利润4.8亿元，环比大增80.6%。两项核心指标均 创下历史同期新高。 前三季度累计实现收入286.7亿元，同比增长14.8%，创历史同期新高；实现归母净利润9.5亿元，同比 下降11.4%。同期，公司多个业务板块收入实现显著同比增长，其中运算电子、工业及医疗电子、汽车 电子业务收入同比分别增长69.5%、40.7%和31.3%。 长电科技持续开展先进封装技术的探索与创新，2025年前三季度研发费用同比增长24.7%至15.4亿元， 并在光电合封（CPO）、玻璃基板、大尺寸FCBGA封装、高密度系统级封装（SiP）等关键技术领域取 得新的突破性进展。 （ ...

[Table_Info1] 长电科技(600584) 电子 [Table_Title] 证券研究报告 / 公司点评报告 风物长宜放眼量，先进封装技术领先 事件： [Table_Date] 发布时间：2025-10-24 [Table_Summary] 长电科技发布 2025 年第三季度报告，公司 2025 年前三季度实现营业收 入 286.69 亿元，同比+14.78%；归母净利润 9.54 亿元，同比-11.39%；扣 非归母净利润 7.84 亿元，同比-23.25%。 点评： 运算/汽车业务同比高增，短期利润受投入与宏观环境影响。公司 2025Q3 营业收入为 100.64 亿元，同比+6.03%；公司 2025Q3 归母净利润为 4.83 亿元，同比+5.66%。公司前三季度整体收入增加，其中运算电子、工业 及医疗电子、汽车电子业务收入同比分别增长 69.5%、40.7%和 31.3%。 同时，受国际大宗商品价格波动影响，部分原材料成本仍对毛利率构成 较大压力，叠加新建工厂尚处于产品导入期和产能爬坡期，未形成大规 模量产收入，加之财务费用有所上升，短期内影响了部分利润表现。 存储业务布局历史悠久，子公司 ...

⑤寒武纪、台积电和ASML的三季报数据显示半导体行业仍处于上行周期，AI成为行业成长的重要动 力。 相关产品，及截至发稿涨跌幅： 全市场规模最大的芯片行业ETF：芯片ETF(159995)，最新规模高达286亿元，近20日净流入28.86亿元， 覆盖芯片设计、制造、封测、设备全产业链，如中芯国际、寒武纪、长电科技、北方华创等行业龙头 股。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，近20日合计净流入31.3亿元，成份股涵盖中 微公司（刻蚀设备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅 片）、天岳先进（碳化硅衬底）。 MACD金叉信号形成，这些股涨势不错！ 格隆汇10月24日｜今日A股市场半导体股全线走强，其中，普冉股份20CM涨停，神工股份涨超11%， 华虹公司涨超10%，汇顶科技10CM涨停，带动科创半导体ETF、芯片ETF分别涨3.82%和3.7%。 ①"十五五"规划将科技自立自强水平大幅提高，提出"引领发展新质生产力"，并且明确要求"抢占科技 发展制高点"。 ②科技部部长阴和俊在今日新闻会上表示，加快人工智能等数智技术创新，强化算力、算法、数据等高 ...

Group 1 - The integrated circuit ETF has seen a turnover of 6.11% during trading, with a transaction volume of 7.787 million yuan, and has attracted a total of 29.8883 million yuan over the past 16 trading days [2] - As of October 23, the integrated circuit ETF has achieved a net value increase of 54.14% over the past year, ranking 173 out of 3078 index equity funds, placing it in the top 5.62% [2] - The highest monthly return since the inception of the integrated circuit ETF was 31.86%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 58.99%, averaging a monthly return of 9.89% during rising months [2] Group 2 - The top ten weighted stocks in the CSI All-Share Integrated Circuit Total Return Index as of September 30, 2025, include SMIC, Cambricon, Haiguang Information, Lanke Technology, Zhaoyi Innovation, OmniVision, Chipone, Changdian Technology, Unisoc, and Tongfu Microelectronics, collectively accounting for 55.71% of the index [2] - The stock performance of key companies includes SMIC with a 2.34% increase and a weight of 9.96%, Haiguang Information with a 2.33% increase and a weight of 7.45%, and Cambricon with a 1.78% increase and a weight of 7.13% [4] - The AI-driven "super cycle" is characterized by structural features that drive rapid growth in data center storage demand, alongside increased penetration of smart terminals, fostering innovation in storage technology and market expansion [4] Group 3 - The domestic advanced production lines are expected to have continuous expansion needs in the context of the AI wave and domestic substitution, with semiconductor equipment being a cornerstone for wafer foundry expansion and an important aspect of achieving self-controllable industrial chains [5] - Domestic semiconductor equipment manufacturers are poised for development opportunities as their R&D and technology improve, allowing them to gradually penetrate the high-end equipment sector [5] - Investors without stock accounts can still access investment opportunities in the sector through the integrated circuit ETF linked fund (022350) [5]

长电科技升2.3%，三季度净利润同比增长5.7%。 ...

Summary of JCET (600584.SS) 3Q25 Earnings Call Company Overview - **Company**: JCET (Jiangsu Changjiang Electronics Technology Co., Ltd.) - **Industry**: Semiconductor packaging and testing services - **Period**: 3Q25 Key Financial Highlights - **Revenue**: Rmb10 billion, up 6% YoY and 9% QoQ, but 6% below estimates [1][2] - **Gross Profit**: Rmb1.434 billion, with a gross margin of 14.3%, reflecting a 2 percentage point increase YoY [3] - **Operating Income**: Rmb508 million, with an operating margin of 5.0% [3] - **Net Income**: Rmb483 million, showing a strong recovery with 6% YoY growth and 81% QoQ growth [2][3] - **R&D Expenses**: Remained high, indicating a strategic shift towards high-value-added business [1][2] Segment Performance - **Segment Growth**: - Computing: +69.5% YoY - Industrial: +40.7% YoY - Medical: +31.3% YoY - Automotive: Significant growth noted [1] Management Insights - **Utilization Rate**: Continuous recovery observed in utilization rates, particularly in Wafer-Level Packaging (WLP), power devices, and Power Management Integrated Circuit (PMIC) packaging [1] - **Product Mix Upgrade**: Transitioning from consumer electronics to higher-value segments such as computing, industrial, automotive, and medical products [2] - **Long-term Outlook**: Positive outlook due to market leadership in OSAT (Outsourced Semiconductor Assembly and Test) in China and ongoing product mix upgrades [1] Earnings Revisions - **2025E Net Income**: Revised down by 9% due to lower-than-expected revenues and higher operating expenses [7] - **2025E Revenue**: Adjusted to Rmb40.639 billion, a 4% decrease from previous estimates [8] - **2026E and 2027E Estimates**: Largely unchanged [7] Valuation and Price Target - **Target Price**: Maintained at Rmb44.9, based on a target P/E of 26.5x for 2026E earnings [1][14] - **Current Trading P/E**: 23.5x for 2026E, indicating modest upside potential [1] Risks and Considerations - **Key Risks**: - Variability in semiconductor capital expenditure in China - Uncertainty in technology development timelines - Fluctuations in shipments of advanced packaging [15] Conclusion - JCET's 3Q25 results reflect a solid recovery in net income and revenue growth, driven by strategic shifts in product focus and improved utilization rates. The company maintains a neutral rating with a stable price target, while potential risks remain in the semiconductor market landscape.

证券时报记者 臧晓松 10月23日晚间，长电科技（600584）公布了2025年三季度报告。财报显示，长电科技今年第三季度实现营业收入 100.6亿元，环比增长8.6%，创历史同期新高；同期实现归母净利润4.8亿元，环比增长80.6%，利润总额6.1亿元， 同比增长29.3%。前三季度累计实现收入286.7亿元，同比增长14.8%，创历史同期新高；实现归母净利润9.5亿元。 今年以来，长电科技加快先进封装业务升级和产能建设步伐，推动前沿技术创新及应用落地，并加大全球化与本 地化的多元客户拓展。一至三季度，公司整体产能利用率持续提升，其中晶圆级封装、功率器件封装及电源管理 芯片封装等产线接近满产。同期，公司多个业务板块收入实现显著同比增长，其中运算电子、工业及医疗电子、 汽车电子业务收入同比分别增长69.5%、40.7%和31.3%。公司正处于加速转型阶段，依托在高附加值领域的持续投 入，不断推动新产品导入与量产。随着需求复苏和产能利用率提升，公司将进一步优化产品结构，优先保障高毛 利产品的产能分配，持续提升盈利能力。 长电科技持续开展先进封装技术的探索与创新，2025年前三季度研发费用同比增长24.7%至15 ...

（编辑 任世碧） 证券日报网讯 10月23日晚间，长电科技发布2025年第三季度报告称，2025年第三季度公司实现营业收 入10，063，748，622.38元，同比增长6.03%；归属于上市公司股东的净利润为482，963，225.04元， 同比增长5.66%。 ...