证券代码：600584 证券简称：长电科技 公告编号：临 2024-072 江苏长电科技股份有限公司 关于公司董事长、董事辞职的公告 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。 江苏长电科技股份有限公司（以下简称"公司"）股东国家集成电路产业投 资基金股份有限公司和芯电半导体（上海）有限公司转让给磐石润企（深圳）信 息管理有限公司（以下简称"磐石润企"）的公司股份于 2024 年 11 月 12 日完成 股份过户，磐石润企成为公司股东，持有股份占公司总股本的 22.53%。根据交 易双方签署的股权转让协议约定，拟对公司董事会进行改组。 2024 年 11 月 13 日，公司董事会收到董事/董事长高永岗先生、董事彭进先 生的书面辞职报告，根据公司董事会改组及工作需要，董事/董事长高永岗先生 辞去公司第八届董事会董事、董事长及董事会下设专门委员会相关职务，辞职后 不再担任公司任何职务；董事彭进先生辞去公司第八届董事会董事及董事会下设 专门委员会相关职务，辞职后不再担任公司任何职务。 2024 年 11 月 13 日，公司董事会 ...

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。 证券代码：600584 证券简称：长电科技 公告编号：临 2024-071 江苏长电科技股份有限公司 关于股东协议转让公司股份完成过户登记的公告 截至本公告日，本次股份转让已取得上海证券交易所出具的《上海证券交易 所上市公司股份协议转让确认表》，并在中国证券登记结算有限责任公司上海分 公司办理完毕股份协议转让过户登记手续，过户日期为 2024 年 11 月 12 日。 本次股份转让过户登记已完成，磐石润企持有公司 403,122,922 股股份，占 公司总股本的 22.53%。在各方按照《股份转让协议》完成公司董事会改组后，磐 石润企将成为公司控股股东，中国华润有限公司将成为公司实际控制人。 一、本次股份转让的基本情况 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"）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 ...

基于独立判断的立场，我们认为： 八届九次临时董事会文件 独立意见 江苏长电科技股份有限公司 独立董事关于改选公司部分董事的独立意见 根据中国证监会《上市公司独立董事管理办法》、《江苏长电科技股份有限公 司章程》（以下简称《公司章程》）和《江苏长电科技股份有限公司独立董事工作 制度》等法律、法规、规范性文件的有关规定，作为江苏长电科技股份有限公司 （以下简称"公司"）的独立董事，我们审阅了公司提供的相关资料，认真了解 情况，基于客观、独立判断的立场，对改选公司部分董事的事项发表独立意见如 下： 我们认真审阅了公司提供的相关资料，并与公司有关人员进行必要沟通。 1、公司第八届董事会非独立董事候选人全华强先生、陈荣先生、梁征先生 的提名、资格审查和表决程序符合《公司章程》及有关法律法规的规定，是合法、 有效的。 2、经审阅上述 3 名非独立董事候选人的教育背景、工作经历、专业资格等 相关资料，我们认为其符合有关法律、法规和《公司章程》关于董事任职资格的 规定，具备担任公司董事的资格和能力，未发现有《中华人民共和国公司法》、 《公司章程》及有关法律法规规定的不得任职的情形。 综上，我们同意全华强先生、陈荣先生、梁征先 ...

长电科技 2024 年第三季度业绩说明会记录 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日 （星期四）15:00-16:30 通过进门财经电话会议、上证路演中心网络文字互动方 式召开了 2024 年第三季度业绩说明会，公司董事/首席执行长（CEO）郑力先 生、独立董事李建新女士、首席财务长徐阳先生、董事会秘书吴宏鲲先生等相 关人员就公司 2024 年第三季度经营成果及财务具体情况与近 210 位机构及个人 投资者进行了交流和沟通，并在有效时间内就投资者普遍关注的问题进行了回 答。 本次会议投资者提出的问题及公司回复情况如下： 1. 公司营收创出了新高，不过第三季度单季毛利率环比有一些下滑，是否 能稍微展开介绍，有多少是因为客户占比提高所导致的。另外除了我们部分产 品毛利率比较低的这个因素之外，其他的部分毛利率大概是一个什么样的变化 状态。然后我们现在在旺季产能利用比较高的情况下的这个季度的毛利率是不 是对未来是有一定的参考性。 第三季度毛利率环比有所下降，主要有几个原因：第一个原因是公司先进 的高密度系统封装模组的出货量显著的增加。我们通讯，智能手机市场收入占 比大幅提升。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][12]. Core Views - The company achieved a revenue of 24.978 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.26%. The net profit attributable to shareholders was 1.076 billion yuan, with a year-on-year increase of 36.73% for the non-recurring net profit [1]. - The company focuses on high-performance advanced packaging, which is expected to drive continuous growth in performance. The XDFOI Chiplet technology has entered stable mass production, enhancing the company's competitiveness in the global memory packaging market [1][2]. - The acquisition of 80% of Shengdie Semiconductor is expected to strengthen the company's position in the memory packaging sector and enhance strategic partnerships with clients [2]. Financial Performance Summary - For the third quarter of 2024, the company reported a single-quarter revenue of 9.491 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%. The net profit for the quarter was 457 million yuan, a year-on-year decrease of 4.39% [1]. - The gross margin for the first three quarters of 2024 was 12.93%, a decrease of 0.94% year-on-year. The net margin was 4.29%, down 0.48% year-on-year [1][10]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with net profits forecasted at 1.611 billion yuan [2][9]. Market Position and Growth Potential - The company has seen a recovery in various application sectors, with double-digit revenue growth in communications, consumer electronics, computing, and automotive electronics [1]. - The report anticipates a gradual recovery in downstream demand, although the pace may be slower than expected, leading to a downward adjustment in profit forecasts for 2024-2026 [2][9]. - The company is expected to benefit from the semiconductor industry's recovery, which may lead to sustained performance growth in the coming periods [1][2].

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 in the next six months [1][15]. Core Views - The company achieved a revenue of 24.978 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.26%. The net profit attributable to shareholders was 1.076 billion yuan, showing a year-on-year increase of 36.73% when excluding non-recurring items [1]. - The company focuses on high-performance advanced packaging, which is expected to drive continuous growth in performance. The XDFOI Chiplet technology has entered stable mass production, catering to sectors such as AI, 5G, and automotive electronics [1][3]. - The acquisition of 80% of Chengdi Semiconductor is expected to enhance the company's competitiveness in the global memory packaging market, establishing closer strategic partnerships with clients [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a record quarterly revenue of 9.491 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%. The net profit for the quarter was 457 million yuan, a year-on-year decrease of 4.39% [1]. - The gross margin for the first three quarters of 2024 was 12.93%, down 0.94% year-on-year, while the net margin was 4.29%, down 0.48% year-on-year [1]. Revenue and Profit Forecast - The company’s revenue is projected to be 33.262 billion yuan in 2024, with a growth rate of 12.14%. The net profit is expected to be 1.611 billion yuan, reflecting a growth rate of 9.55% [4]. - The earnings per share (EPS) are forecasted to be 0.90 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 43.15, 28.22, and 23.10 for the years 2024, 2025, and 2026 respectively [4][12]. Market Position and Strategy - The company has seen a recovery in production capacity utilization across its factories since the beginning of 2024, with double-digit revenue growth in key application sectors such as communications and automotive electronics [1][3]. - The report emphasizes the importance of continuous innovation and upgrading in advanced packaging technology, which is expected to support sustained performance growth as the semiconductor industry recovers [1].

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- ...