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]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-070 江苏长电科技股份有限公司 关于收到国务院国资委批复暨公司控制权拟发生 变更的进展公告 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。 一、本次权益变动基本情况 江苏长电科技股份有限公司（以下简称"公司"或"长电科技"）股东国家集成 电路产业投资基金股份有限公司（以下简称"大基金"）、芯电半导体（上海）有限 公司（以下简称"芯电半导体"，与大基金合称"转让方"）分别于 2024 年 3 月 26 日与磐石香港有限公司（以下简称"磐石香港"）签订了《股份转让协议》，大基金 将其持有的 174,288,926 股公司股份（占公司总股本的 9.74%）转让给磐石香港 或其关联方；芯电半导体将其持有的 228,833,996 股公司股份（占公司总股本的 12.79%，与大基金拟转让的公司 9.74%的股份合称"标的股份"）转让给磐石香港 或其关联方（以下简称"本次交易"）。具体内容详见公司于 2024 年 3 月 27 日在 上海证券交易所网站（www.sse. ...

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- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved a record high quarterly revenue of 94.9 billion yuan in Q3 2024, with a year-over-year growth of 14.9% and a quarter-over-quarter growth of 9.8% [3] - The acquisition of 80% of Shengdi Semiconductor (Shanghai) is expected to enhance the company's long-term profitability and expand its capabilities in high-performance computing and storage markets [4] - The semiconductor industry is still in a weak recovery phase, leading to a downward revision of the company's profit forecasts for 2024-2026 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 249.8 billion yuan, representing a year-over-year increase of 22.3% [3] - The net profit attributable to shareholders for Q3 2024 was 4.57 billion yuan, a decrease of 4.39% year-over-year and 5.57% quarter-over-quarter [3] - The company's gross margin for Q3 2024 was 12.23%, down 2.14 percentage points year-over-year [3] - The earnings per share (EPS) for 2024 is projected to be 0.95 yuan, with subsequent years expected to be 1.44 yuan in 2025 and 1.75 yuan in 2026 [3][5] Market Position and Growth Potential - The company is positioned as a leader in the domestic packaging and testing sector, with a focus on high-value markets such as AI, automotive electronics, and 5G communications [4] - The successful acquisition of Shengdi is anticipated to strengthen the company's packaging capabilities in the storage sector, aligning with the increasing demand driven by AI terminals and the traditional peak season for consumer electronics [4]

Investment Rating - The investment rating for the company is "Buy - A" and is maintained [1][3]. Core Insights - The company achieved a record high revenue of 9.49 billion yuan in Q3 2024, representing a year-on-year increase of 14.9% and a quarter-on-quarter increase of 9.8% [1]. - The net profit attributable to shareholders for Q3 2024 was 460 million yuan, a decrease of 4.39% year-on-year, while the net profit excluding non-recurring items was 440 million yuan, an increase of 19.5% year-on-year [1]. - Cumulative revenue for the first three quarters of 2024 reached 24.98 billion yuan, a year-on-year increase of 22.3%, marking a historical high for the same period [1]. - The company is expanding its automotive electronics segment, capitalizing on new opportunities in the semiconductor industry, particularly in the context of increasing demand for chips in smart vehicles [1][3]. - The acquisition of 80% of Shengdi Semiconductor has been completed, enhancing the company's market share in the storage and computing sectors [1][3]. Financial Performance - Revenue for 2024 is projected to be 33.069 billion yuan, with growth rates of 11.5%, 15.8%, and 7.9% expected for 2024, 2025, and 2026 respectively [4]. - The net profit attributable to shareholders is adjusted to 1.628 billion yuan for 2024, with growth rates of 10.7%, 65.0%, and 28.0% for the subsequent years [4]. - The company's gross margin is expected to be 13.6% in 2024, improving to 16.4% by 2026 [4][5]. Market Position and Strategy - The company has established itself as a leader in the semiconductor packaging and testing solutions, particularly for automotive applications, and has received international quality certifications [1][3]. - The company is focusing on enhancing its international presence and operational capabilities to strengthen its brand recognition and market influence [1][3]. - The introduction of advanced packaging technologies, such as the XDFOI™ series, is expected to meet the growing demand in computing, storage, and automotive markets [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a record high quarterly revenue of 9.49 billion yuan in Q3 2024, representing a year-on-year increase of 14.9% and a quarter-on-quarter increase of 9.8% [1] - The net profit attributable to the parent company for Q3 2024 was 460 million yuan, a year-on-year decrease of 4.4% and a quarter-on-quarter decrease of 5.6% [1] - The company is focusing on high-performance advanced packaging, which presents new growth opportunities, particularly with major players like TSMC and Intel increasing their investments in advanced packaging [1] - The acquisition of 80% of Shengdi Semiconductor is expected to enhance the company's market share in the storage and computing electronics sector [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 24.98 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to the parent company of 1.08 billion yuan, a year-on-year increase of 10.55% [1] - The gross margin for Q3 2024 was 12.2%, down 2.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, primarily affected by the increase in SIP business volume and foreign exchange factors [1] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.64 billion yuan, 2.52 billion yuan, and 3.03 billion yuan respectively, with corresponding EPS of 0.92 yuan, 1.41 yuan, and 1.69 yuan [1][2]

Investment Rating - The report maintains an "Outperform" rating for Changdian Technology (600584.SH) [1][3] Core Views - In Q3 2024, the company achieved a record quarterly revenue of 94.91 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%, driven by increased customer demand and improved capacity utilization [1] - The acquisition of 80% of Shengdie Semiconductor enhances the company's competitiveness in the storage chip sector and strengthens its partnership with Western Digital [1] - The company has adjusted its net profit forecasts for 2024-2026 due to weak recovery in downstream demand, projecting net profits of 17.16 billion yuan, 25.96 billion yuan, and 31.33 billion yuan for the respective years [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit of 10.76 billion yuan, up 10.55% year-on-year [1] - The gross margin for the first three quarters of 2024 was 12.93%, down 0.9 percentage points from the previous year, with Q3 2024 gross margin at 12.23%, a decline of 2.1 percentage points year-on-year [1] - Research and development expenses increased by 13.85% year-on-year to 12.32 billion yuan, with the R&D expense ratio decreasing to 4.93% [1][2] Revenue and Profit Forecasts - The company forecasts revenues of 35.05 billion yuan, 42.38 billion yuan, and 45.98 billion yuan for 2024E, 2025E, and 2026E respectively, reflecting growth rates of 18.2%, 20.9%, and 8.5% [2] - The projected net profits for the same years are 1.716 billion yuan, 2.596 billion yuan, and 3.133 billion yuan, with growth rates of 16.7%, 51.3%, and 20.7% respectively [2] Key Financial Metrics - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 40.8x, 26.9x, and 22.3x respectively [2] - The return on equity (ROE) is expected to improve from 6.2% in 2024E to 9.6% in 2026E [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a record high revenue of 24.978 billion yuan in Q3 2024, representing a year-over-year increase of 22.26%. The net profit attributable to shareholders was 1.076 billion yuan, up 10.55% year-over-year [4] - The report highlights significant foreign exchange losses impacting profit expectations, with a gross margin of 12.23% in Q3 2024, down 2.05 percentage points quarter-over-quarter [4] - The company is focusing on high-value strategic areas such as automotive electronics, storage, and high-performance computing (HPC) [4] - The acquisition of Western Digital's factory for $624 million aims to enhance the company's position in the storage chip packaging and testing market [4] - The profit forecast has been adjusted, with expected net profits for 2024-2026 revised to 1.684 billion, 2.578 billion, and 3.091 billion yuan respectively [4] Summary by Sections Market Data - Closing price: 39.09 yuan - One-year high/low: 42.00/19.95 yuan - Market capitalization: 69,948 million yuan [2] Financial Data - Net asset per share: 14.99 yuan - Debt-to-asset ratio: 46.89% - Total shares: 1,789 million [3] Revenue and Profit Forecast - Total revenue for 2024E is projected at 33.208 billion yuan, with a year-over-year growth rate of 12.0% [5] - Net profit for 2024E is expected to be 1.684 billion yuan, reflecting a year-over-year increase of 14.5% [5] - Earnings per share for 2024E is estimated at 0.94 yuan [5] Historical Performance - The company reported total revenue of 29.661 billion yuan in 2023, down 12.2% year-over-year [6] - The net profit for 2023 was 1.471 billion yuan, a decrease of 54.5% compared to the previous year [6]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-069 江苏长电科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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：2024 年 10 月 31 日（星期四）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/AK3wc） 会议召开方式：进门财经电话会议、上证路演中心网络文字互动 投资者可于 2024 年 10 月 29 日（星期二）16:00 前登录上证路演中心网 站首页点击"提问预征集"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。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日在《上 海证券报》、《证券时报》及上海证券交易所网站（www.sse.c ...