公司报告 | 半年报点评 24H1 营收净利双增显著，版图扩张展雄图，技术智能双飞跃 事件：公司发布 2024 半年度报告，完成营业收入 154.87 亿元，同比增长 27.22%。公司实现归属母公司净利润 6.19 亿元， 同比增长 24.96%。扣非归属母公司净利润 5.81 亿元，同比增长 53.46%。 点评：24H1营收净利双增显著，三大电子领域高增长，研发投入持续加大。24H1 公司业绩增长主要因 2024 年全球半导体 市场重归增长态势，公司上半年部分业务收入上升，产能利用率实现明显提升。其中通讯电子、运算电子及消费电子领域 的业务收入分别实现了 48%、23%及 33%的同比增长。公司核心生产线加速设备投资步伐以扩大产能规模，持续深化先进封 装技术的研发力度，上半年研发投入高达 8.2 亿元，较去年同期增长 22.4%。 长电科技控制权拟变更，华润集团间接掌舵，半导体版图再扩张。2024 年 8 月，江苏长电科技股份有限公司公告宣布控制 权拟发生变更进展。磐石润企确定为受让方，承接大基金与芯电半导体所持股份，交易后成为公司主要股东，实际控制人 变更为华润集团。磐石润企与华润集团间的股权关系，使 ...

证券代码：600584 证券简称：长电科技 公告编号：临 2024-061 江苏长电科技股份有限公司 关于召开 2024 年半年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 9 月 9 日（星期一）下午 15:00-16:30 会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com/）、 进门财经（网址：https://s.comein.cn/AHpAC） 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 9 月 5 日（星期四）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。 （1）网络参会方式： 本次会议为报名参会模式，请提前扫码报名。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 8 月 24 日在《上 海证券报》、《 ...

Q2 业绩环比大增，龙头地位持续巩固 买入 （维持） 核心观点 ⚫ 事件：公司发布 2024 年半年报。 ⚫ 下游逐步回暖，Q2 营收同比大增。24H1 公司实现营业收入 154.9 亿元（yoy +27%），实现归母净利润 6.2亿元（ yoy +25%）；单 Q2 来看，实现营业收入 86.4 亿元（yoy +37%），实现归母净利润 4.8 亿元（yoy +26%）。公司业绩增长主要得 益于下游市场需求回暖，公司产能利用率有所提升，同时公司聚焦高性能先进封 装，强化创新升级，产品结构不断优化。盈利能力方面，公司 24H1 综合毛利率为 13.4%，同比-0.2pct，净利率为 4.0%，同比-0.1pct；单 Q2 毛利率为 14.3%，同比 变动-0.8pct，净利率为 5.6%，同比变动-0.5pct，盈利水平仍有所承压。 ⚫ 聚焦高附加值市场，各下游业务均明显增长。公司持续聚焦高性能封装技术高附加 值应用，加速对汽车电子、高性能计算、存储、5G 通信等高附加值市场的战略布 局，进一步提升核心竞争力。分下游来看，24H1 通讯电子/消费电子/运算电子/工业 与医疗电子/汽车电子营收占比分别为 41% ...

长电科技（600584.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|--------------------------------|-----------| | 24Q2 | | | | 258% | | ，布局汽车/存储领域助力成长 | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 33,762 | 29,661 | 33,983 | 41,323 | 45,455 | 股票信息 | | | 增长率 yoy（%） | 10.7 | -12.1 | 14.6 | 21.6 | 10.0 | | | | 归母净利润（百万元） | 3,231 | 1,471 | 2,111 | 2,948 | 3,565 | 行业 | 电子 | | 增长率 yoy（%） | 9.2 | -54.5 | 43.5 | 39 ...

[Table_Title] 24Q2 业绩进一步回暖，各领域业务拓展顺 利 [Table_StockName] ——长电科技（600584）点评报告 [Table_ReportDate] 2024 年 08 月 27 日 [Table_Summary] 报告关键要素: 公司披露 2024 年半年度报告。2024 年上半年，公司实现营业总收入 154.87 亿元，同比+27.22%；实现归母净利润 6.19 亿元，同比+24.96%； 实现扣非归母净利润 5.81 亿元，同比+53.46%。 投资要点: ⚫ 24Q2 营收、归母净利润均实现同比、环比增长，业绩加速回暖：营收 端，从单季度来看，2024Q2 公司实现营业总收入 86.45 亿元，环比增 长 26.35%，同比增长 36.94%，且同比增幅相对 Q1（+16.75%）有所扩 大。归母净利润方面，2024Q2 公司实现归母净利润 4.84 亿元，同比增 长 25.51%，环比增长约 258%，业绩加速回暖，主要是下游需求逐步复 苏，部分客户业务量持续上升，同时公司大力拓展先进封装业务，聚焦 新兴应用领域，积极进行产能利用率调控，盈利能力有所增强。扣非 ...

证券研究报告 非金融公司|公司点评|长电科技（600584） 2024 年 Q2 收入创历史第二季度新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司发布了 2024 年半年报，2024 年上半年实现营业收入 154.87 亿元，同比增速 27.22%；实 现归母净利润 6.19 亿元，同比增速 24.96%；实现扣非后归母净利润 5.81 亿元，同比增速 53.46%。2024 年上半年受益于手机、IoT 等终端需求触底反弹，公司通讯电子收入同比增长 超过 40.0%，消费电子收入同比增长超过 30.0%，成为公司业绩复苏的主要驱动力。 |分析师及联系人 熊军 王晔 SAC：S0590522040001 SAC：S0590521070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 长电科技(600584) 2024 年 Q2 收入创历史第二季度新高 | --- | --- | |------------|-------------| | 行 业： | 电子/半导体 ...

聚焦高附加值应用，先进封装产能利用率/净利润上升 投资要点 持续聚焦高性能封装技术，24Q2 各应用分类收入环比均实现双位数增长。随着消 费市场需求趋于稳定、存储器市场回暖、人工智能与高性能计算等热点应用领域带 动等因素作用，2024 年全球半导体市场重回增长轨道。长电科技聚焦关键应用领 域，在高算力及对应存储和连接、AI 端侧、功率与能源、汽车和工业等重要领域拥 有行业领先的半导体先进封装技术（如 SiP、WL-CSP、FC、eWLB、PiP、PoP 及 XDFOI®系列等）以及混合信号/射频集成电路测试和资源优势，并实现规模量产， 能够为市场和客户提供量身定制的技术解决方案。2024H1 公司实现营业收入人民 币 154.9 亿元，同比增长 27.2%；归母净利润 6.2 亿元，同比增长 25.0%。其中二 季度实现营业收入 86.4 亿元，同比增长 36.9%，创历史同期新高；归母净利润 4.8 亿元，同比增长 25.5%，环比增长 258%。按市场应用领域划分情况：通讯电子占 比 41.3 %、消费电子占比 27.2 %、运算电子占比 15.7 %、工业及医疗电子占比 7.5 %、汽车电子占比 8.3 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with an updated target price of 50.30 CNY [7][8]. Core Views - The company benefits from downstream market recovery and advanced packaging layout, leading to significant profit improvements. The company is a leader in the domestic packaging and testing industry, with a strong position in various sectors including communication electronics, consumer electronics, and high-performance computing [7][8]. - The report highlights a substantial increase in the company's performance for the first half of 2024, with a revenue of 15.487 billion CNY, representing a year-on-year growth of 27.22%. The net profit attributable to the parent company reached 581 million CNY, a year-on-year increase of 53.46% [8]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to be 38.918 billion CNY in 2024, 48.091 billion CNY in 2025, and 56.407 billion CNY in 2026, reflecting growth rates of 31.2%, 23.6%, and 17.3% respectively [6][11]. - **Net Profit**: The net profit attributable to the parent company is expected to be 2.101 billion CNY in 2024, 3.007 billion CNY in 2025, and 3.975 billion CNY in 2026, with growth rates of 42.9%, 43.1%, and 32.2% respectively [6][11]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.17 CNY in 2024, 1.68 CNY in 2025, and 2.22 CNY in 2026 [6][11]. - **Valuation Metrics**: The report assigns a price-to-earnings (P/E) ratio of 43 times for 2024, leading to the target price of 50.30 CNY based on the company's leading position in the semiconductor packaging and testing sector [8].

Financial Performance - The company reported a revenue of 1.2 billion yuan for the first half of 2024, representing a year-on-year increase of 15%[9] - The net profit attributable to shareholders was 200 million yuan, up 10% compared to the same period last year[9] - The company's operating revenue for the first half of 2024 reached ¥15.49 billion, a 27.22% increase compared to ¥12.17 billion in the same period last year[15] - Net profit attributable to shareholders was ¥619.28 million, up 24.96% from ¥495.59 million year-on-year[15] - The net cash flow from operating activities was ¥3.03 billion, reflecting a 25.04% increase from ¥2.42 billion in the previous year[15] - The basic earnings per share increased to ¥0.35, a 25.00% rise from ¥0.28 in the same period last year[16] - The company reported a significant growth in revenue from automotive electronics, with a quarter-on-quarter increase exceeding 50.0%[20] - The company reported a total profit of CNY 701,558,565.58 for the first half of 2024, compared to CNY 545,960,018.55 in the same period of 2023, representing an increase of approximately 28.5%[107] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[9] - New product launches are expected to contribute an additional 300 million yuan in revenue by the end of 2024[9] - The company has outlined a strategic plan to enhance operational efficiency, aiming for a 10% reduction in operational costs by 2025[9] - The company is focusing on market expansion and new product development strategies to sustain growth momentum in the upcoming quarters[105] Research and Development - The company is investing 100 million yuan in R&D for new semiconductor technologies[9] - R&D expenses increased by 22.38% to ¥818,937,030.44 compared to ¥669,175,789.54 in the previous period[35] - The company has established two major R&D centers in China and South Korea, enhancing its engineering capabilities and competitive advantage[29] Operational Efficiency - The company achieved a gross margin of 30%, which is a slight improvement from 28% in the previous year[9] - The company has established eight production bases and two R&D centers across China, South Korea, and Singapore, enhancing its global operational capabilities[19] - The company is committed to investing in high-performance and advanced packaging technologies, particularly in the automotive electronics, industrial electronics, and high-performance computing sectors[51] Environmental Compliance - The company has disclosed its environmental protection measures, including proper disposal of hazardous waste and compliance with semiconductor industry pollutant discharge standards[58] - The company’s wastewater and exhaust emissions are treated to meet the relevant environmental standards, ensuring compliance with regulations[58] - The company has implemented emergency response plans for environmental incidents, ensuring compliance with national guidelines and conducting annual training for employees[68] Financial Position - Total assets at the end of the reporting period were ¥45.97 billion, a 7.96% increase from ¥42.58 billion at the end of the previous year[15] - The company’s net assets attributable to shareholders increased to ¥26.55 billion, reflecting a 1.84% growth from ¥26.07 billion at the end of the previous year[15] - The total liabilities of the company are approximately RMB 1.79 billion, reflecting a manageable debt level[116] Shareholder Information - The company has not proposed any profit distribution or capital reserve transfer for the reporting period, maintaining a distribution of zero shares and zero dividends per 10 shares[55] - The company has allocated RMB 178.94 million for profit distribution, indicating a focus on returning value to shareholders[115] - The total number of shares issued by the company as of June 30, 2024, is 1,789,414,570 shares[122] Risks and Challenges - The company faces market risks due to the cyclical nature of the semiconductor industry, which may be affected by global economic downturns and changes in international trade policies[50] - The company faces significant operational risks due to international trade tensions, with overseas revenue accounting for a large proportion of its main business income[51] - The semiconductor packaging and testing industry in China is experiencing intensified competition, potentially leading to a decline in average prices and profit margins[51] Investment and Acquisitions - The company completed the acquisition of 80% of Shengdie Semiconductor, enhancing its market share in the storage and computing electronics sectors[31] - The company has invested a total of RMB 2.1 billion in the acquisition of 80% equity in Shengdie Semiconductor, with all funds deposited in a special account for fundraising[42] Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[125] - The financial report is prepared based on the assumption of going concern, indicating the company’s ability to continue its operations[124] - The company’s financial statements are presented in RMB, with all amounts stated in yuan[128]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-058 本次增加的日常关联交易无需提交股东大会审议。 江苏长电科技股份有限公司 关于增加 2024 年度日常关联交易的公告 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： 本次增加的日常关联交易均按照公平、公正、自愿、诚信的原则进行， 不会对公司的独立性产生影响，不会对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、公司第八届董事会第六次会议于 2024 年 8 月 22 日召开，会议应到董事 8 名，实到董事 8 名。会议逐项审议通过了《关于公司增加 2024 年度日常关联 交易事项的议案》：关于增加 2024 年度与长电集成电路（绍兴）有限公司的日常 关联交易，关联董事郑力先生回避表决，其余董事一致表决通过；关于增加 2024 年度与宁波施捷电子有限公司的日常关联交易，关联董事石瑛女士回避表决，其 余董事一致表决通过；关于增加 2024 年度与中芯国际集成电路制造（天津）有 限公司的日常关联交易，关联董事高 ...