证券研究报告 | 2024年10月27日 长电科技（600584.SH） 优于大市 三季度收入创季度新高，晟碟半导体完成交割 前三季度收入同比增长 22%，3Q24 创季度新高。公司 2024 年前三季度实现 收入 249.78 亿元(YoY +22.26%)，归母净利润 10.76 亿元(YoY +10.55%)， 扣非归母净利润 10.21 亿元(YoY +36.73%)，净利率同比下降 0.5pct 至 4.29%。其中 3Q24 实现收入 94.91 亿元(YoY +14.95%，QoQ +9.80%)，创季 度新高，主要得益于部分客户业务上升，产能利用率提高；实现归母净利润 4.57 亿元(YoY -4.39%，QoQ -5.57%)，扣非归母净利润 4.40 亿元(YoY +19.50%，QoQ -7.21%)，净利率为 4.78%(YoY -1.0pct，QoQ -0.8pct)。 三季度毛利率和期间费率均同环比下降。公司 2024 年前三季度毛利率为 12.93%，相比去年同期下降 0.9pct，其中 3Q24 毛利率为 12.23%，同比下降 2.1pct，环比下降 2.1ct。期间费用方面 ...

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 39.09 | | 一年内最高/最低（元） | 42.00/19.95 | | 市净率 | 2.6 | | 息率（分红/股价） | 0.26 | | 流通 A 股市值（百万元） | 69,948 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 14.99 | | 资产负债率 % | 46.89 | | 总股本/流通 A 股（百万） | 1,789/1,789 | | 流通 B 股/H 股（百万） | -/- | ...

Financial Performance - Revenue for the third quarter reached RMB 9.49 billion, a year-on-year increase of 14.95%[2] - Net profit attributable to shareholders of the listed company was RMB 457.08 million, a year-on-year decrease of 4.39%[2] - Non-recurring net profit attributable to shareholders of the listed company increased by 36.73% year-on-year, driven by improved capacity utilization and increased customer business[5] - Basic earnings per share for the third quarter were RMB 0.25, a year-on-year decrease of 3.85%[3] - Weighted average return on equity (ROE) for the first three quarters was 4.07%, an increase of 0.21 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached 24.98 billion RMB, a 22.3% increase compared to 20.43 billion RMB in the same period of 2023[18] - Operating profit for the first three quarters of 2024 was 1.17 billion RMB, up 6.9% from 1.10 billion RMB in the same period of 2023[20] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 1.08 billion RMB, a 10.5% increase compared to 973.66 million RMB in the same period of 2023[21] - Basic earnings per share for the first three quarters of 2024 were 0.60 RMB, an 11.1% increase compared to 0.54 RMB in the same period of 2023[21] - Operating costs for the first three quarters of 2024 were 23.86 billion RMB, a 22.2% increase compared to 19.53 billion RMB in the same period of 2023[20] - Interest income for the first three quarters of 2024 was 210.01 million RMB, a 198.7% increase compared to 70.31 million RMB in the same period of 2023[20] Cash Flow - Operating cash flow for the first three quarters reached RMB 3.93 billion, a year-on-year increase of 29.70%[2] - Sales of goods and services received cash of RMB 25.6 billion, a 23.5% increase compared to RMB 20.74 billion in the same period last year[22] - Net cash flow from operating activities increased to RMB 3.93 billion, up 29.7% from RMB 3.03 billion in the previous year[22] - Cash received from tax refunds rose to RMB 336.81 million, a 26% increase from RMB 267.39 million in 2023[22] - Cash paid for goods and services increased to RMB 17.99 billion, up 25.9% from RMB 14.29 billion in the same period last year[22] - Cash received from investment returns decreased to RMB 29.67 million, a 56% drop from RMB 67.48 million in 2023[22] - Cash used for investment activities increased to RMB 16.96 billion, up 24.7% from RMB 13.59 billion in the previous year[23] - Net cash flow from financing activities surged to RMB 2.31 billion, a 245% increase from RMB 670.72 million in 2023[23] - Cash and cash equivalents at the end of the period reached RMB 9.26 billion, a 98.1% increase from RMB 4.67 billion in the previous year[23] - Cash paid for employee compensation increased to RMB 3.45 billion, up 16% from RMB 2.97 billion in 2023[22] - Cash received from investments rose to RMB 12.65 billion, a 6.5% increase from RMB 11.88 billion in the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 53.62 billion, a year-on-year increase of 25.93%[3] - The company's total assets increased to RMB 53,619,263,430.36 as of September 30, 2024, up from RMB 42,579,471,835.65 at the end of 2023[15][16] - The company's monetary funds increased to RMB 9,256,847,158.64 as of September 30, 2024, up from RMB 7,324,897,851.86 at the end of 2023[15] - Accounts receivable increased to RMB 5,915,986,764.21 as of September 30, 2024, up from RMB 4,184,804,015.74 at the end of 2023[15] - Inventory increased to RMB 4,739,758,469.67 as of September 30, 2024, up from RMB 3,195,516,876.32 at the end of 2023[15] - Fixed assets increased to RMB 21,430,745,097.48 as of September 30, 2024, up from RMB 18,744,196,607.40 at the end of 2023[15] - Construction in progress increased to RMB 2,728,356,199.91 as of September 30, 2024, up from RMB 1,053,272,069.42 at the end of 2023[15] - Total current liabilities increased to RMB 15,611,438,857.37 as of September 30, 2024, up from RMB 9,682,164,726.64 at the end of 2023[16] - Total liabilities as of the end of Q3 2024 were 25.14 billion RMB, a 53.0% increase compared to 16.43 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 26.82 billion RMB, a 2.9% increase from 26.07 billion RMB at the end of Q3 2023[17] - Total assets as of the end of Q3 2024 were 53.62 billion RMB, a 25.9% increase compared to 42.58 billion RMB at the end of Q3 2023[17] Shareholder Information - The top shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., holds 13.24% of the company's shares[6] - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 236,897,906 unrestricted shares, accounting for a significant portion of the company's equity[9] - Core Semiconductor (Shanghai) Co., Ltd. holds 228,833,996 unrestricted shares, making it the second-largest shareholder[9] - Hong Kong Securities Clearing Company Ltd. holds 107,390,000 unrestricted shares[9] - China Construction Bank - Huaxia Semiconductor Chip ETF holds 31,783,151 shares, representing 1.78% of the total shares[10] - Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF holds 27,900,881 shares, representing 1.56% of the total shares[10] - Guotai Junan Securities - Guolian Annuity CSI Semiconductor ETF holds 22,040,696 shares, representing 1.23% of the total shares[10] - China Construction Bank - E Fund CSI 300 ETF holds 18,287,932 shares, representing 1.02% of the total shares[10] - The company has no controlling shareholder, with the top two shareholders not having any concerted action relationship[9] - The company's controlling shareholder will change to Pan Shi Hong Kong Limited, which will hold 403,122,922 shares, accounting for 22.53% of the total shares[13] - The National Integrated Circuit Industry Investment Fund transferred 174,288,926 shares (9.74% of total shares) at RMB 29.00 per share[13] - Core Semiconductor transferred 228,833,996 shares (12.79% of total shares) at RMB 29.00 per share[13] Acquisitions and Investments - The company completed the acquisition of 80% equity of Sandisk Semiconductor (Shanghai) Co., Ltd. on September 28, 2024, and included it in the consolidated scope[3] - The company completed the acquisition of 80% equity in Sandisk Semiconductor (Shanghai) Co., Ltd. for approximately $667.79 million after adjustments[11][12] - The first installment of the acquisition payment for Sandisk Semiconductor (Shanghai) Co., Ltd. was $262.19 million[11][12] Government Subsidies - The company received government subsidies totaling RMB 43.31 million during the reporting period, classified as recurring income under new regulations[5] R&D Expenses - R&D expenses for the first three quarters of 2024 amounted to 1.23 billion RMB, a 13.9% increase from 1.08 billion RMB in the same period of 2023[20]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 48.6 RMB [1] Core Views - The company is a global leader in semiconductor packaging and testing, with a comprehensive layout in advanced packaging, which is expected to drive revenue growth [1] - The semiconductor industry is recovering, and the demand for advanced packaging is accelerating due to high bandwidth requirements driven by HPC and AI [1] - The company's technological platform and high-quality customer resources position it to benefit from the upcoming AI smartphone replacement cycle [1] - The acquisition of 80% equity in Shindeng Semiconductor strengthens the company's strategic ties with Western Digital and enhances its position in the storage sector [1] Financial Projections - Revenue forecasts for 2024-2026 are revised upward to 35.413 billion RMB, 43.874 billion RMB, and 48.253 billion RMB, respectively [1] - Net profit attributable to the parent company is projected to be 2.053 billion RMB, 3.106 billion RMB, and 3.881 billion RMB for 2024-2026, with EPS of 1.15 RMB, 1.74 RMB, and 2.17 RMB, respectively [1] - The company is valued at 28x PE for 2025, leading to the target price of 48.6 RMB [1] Industry Analysis - The semiconductor packaging and testing industry is capital and labor-intensive, with profitability highly dependent on capacity utilization [1] - The advanced packaging market is expected to grow rapidly, driven by high bandwidth demands from AI, HPC, and 5G applications [1] - The global advanced packaging market is highly concentrated, with OSAT (Outsourced Semiconductor Assembly and Test) players like ASE, Amkor, and the company dominating the market [1] Company Strengths - The company has a comprehensive technological platform covering mainstream packaging technologies, including WLP, 2.5D/3D, SiP, and Flip Chip [1] - It has established strong relationships with global leading customers, including Western Digital, Qualcomm, SK Hynix, and TI [1] - The company is accelerating its strategic layout in high-value markets such as automotive electronics, 5G communications, and high-performance computing [1] Growth Drivers - The recovery of the semiconductor cycle and the increasing demand for advanced packaging are expected to drive the company's revenue and profit growth [1] - The company's focus on key application areas, such as AI, HPC, and automotive electronics, will further enhance its market position [1] - The acquisition of Shindeng Semiconductor is expected to strengthen the company's capabilities in the storage sector and contribute to future growth [1] Technological Advancements - The company is actively developing 2.5D/3D packaging technologies and Chiplet solutions, which are expected to become key growth areas in the future [1] - It has made significant progress in high-density heterogeneous integration and advanced packaging technologies, which are critical for next-generation semiconductor applications [1] Market Position - The company is the third-largest OSAT player globally and the largest in mainland China, with a strong competitive position in the advanced packaging market [1] - Its market share and technological leadership in advanced packaging are expected to strengthen further as the industry evolves [1]

证 券 研 究 报 告 长电科技（600584）深度研究报告 强推（维持） 国内封测龙头，全面布局先进封装加速成长 目标价：48.6 元 公司是全球领先的半导体封测厂商，布局先进封装实现业务稳步扩张。公司自 其前身 1972 年成立以来，专注于半导体封装测试行业，目前是中国大陆第一、 全球第三大封测厂商。公司内生外延持续进行国际化布局，目前在全球拥有八 大集成电路成品生产基地，分别位于江阴滨江、江阴城东、滁州、宿迁、新加 坡和韩国，实现主流封测技术全覆盖。公司着力先进封装业务，目前已覆盖 WLP、2.5D/3D、SiP、高性能 Flip Chip 等市场主流封装工艺，并加速从消费 类向市场需求快速增长的汽车电子、5G 通信、高性能计算、存储等高附加值 市场的战略布局。未来公司持续拓展先进封装业务，有望为营收提供增长动力， 规模效应下公司利润弹性有望加速释放。 行业周期回暖驱动封测需求复苏，高带宽推动先进封装市场加速增长。目前全 球下游终端智能手机销售情况已同比回正，上游 IC 设计公司库存调整接近尾 声，参考历史周期规律，我们认为半导体行业景气度已开始逐步回暖。集成电 路封测属于重资产行业，具有资本密集与人员 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|-------------------------|----------------------| | 2024 年 10 月 13 日 \n长电科技（ 600584.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 预计 24Q3 营收同环比双增，晟碟完成交割扩大 | 投资评级 | | 买入 | -A(维持) | | 存储优势 | 股价 | (2024-10-11) | | 36.55 元 | | 投资要点 | 交易数据 | 总市值（百万元） | | 65,403.10 | | 下游需求复苏带动公司产 ...

证券研究报告 每股未分配利润（元）： 4.85 公司近一年市场表现 投资要点： 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 收购晟碟半导体，强化存储封测能力与布局。2024 年 3 月 4 日，长电科 资料来源：最闻 技发布公告，拟以现金方式收购晟碟半导体 80%的股权（2024 年 9 月 28 日 完成交割）。晟碟半导体是西部数据公司下属全资子公司，西部数据是全球第 四大 NAND Flash 厂商。收购晟碟半导体，有助于强化存储封测能力与布局， 并直接扩大公司在存储封测领域的市场份额，可以使公司分享 AI 时代 NAND 需求高速成长的红利。本次交易后，西部数据仍将持有晟碟半导体剩余 20% 股权，WD 在一段时间内将持续作为标的公司的主要或者唯一的客户。交易 使公司与西部数据建立起更紧密的战略合作关系，增强了客户黏性。 集成电路 长电科技（600584.SH） 买入-A(首次) 加速从消费转向高附加值领域，并购晟碟强化存储封测能力 2024 年 10 月 1 ...

F熄证券 电子/半导体 公 司 研 究 Q3 营收同环比增长，完成收购晟碟助力先进封装 长电科技（600584.SH） 2024 年 10 月 10 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/10 | | 当前股价 ( 元 ) | 38.17 | | 一年最高最低 ( 元 ) | 42.00/19.95 | | 总市值 ( 亿元 ) | 683.02 | | 流通市值 ( 亿元 ) | 683.02 | | 总股本 ( 亿股 ) | 17.89 | | 流通股本 ( 亿股 ) | 17.89 | | 近 3 个月换手率 (%) | 133.89 | 股价走势图 -48% -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 2024-10 长电科技 沪深300 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比高增，多领域布 局助力长期成长—公司信息更新报 告》-2024.8.25 《2024Q1 业绩同比高增， ...

[Table_Industry] [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 33,762 29,661 35,110 42,942 47,801 增长率 yoy% 11% -12% 18% 22% 11% 净利润（百万元） 3,231 1,471 2,012 3,060 3,405 增长率 yoy% 9% -54% 37% 52% 11% 每股收益（元） 1.81 0.82 1.12 1.71 1.90 每股现金流量 3.36 2.48 3.12 3.12 3.02 净资产收益率 13% 6% 7% 10% 10% P/E 19.6 43.0 31.4 20.7 18.6 P/B 2.6 2.4 2.3 2.1 1.9 备注：每股指标按照最新股本数全面摊薄，股价按 9 月 30 日收盘价进行计算 [Table_Profit] 基本状况 总股本(百万股) 1,789 流通股本(百万股) 1,789 市价(元) 35.33 市值(百万元) 63,220 流通市值(百万元) 63,220 长电科技(600584.SH ...

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 集成电路封测 ＃investSuggestion 增持 ＃ ( ＃ investS uggesti onChan ge＃ 维持 ） 深 度 研 究 报 告 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 28.96 | | 总股本（百万股） | 1789.41 | | 流通股本（百万股） | 1789.41 | | 净资产（百万元） | 26546.11 | | 总资产（百万元） | 45968.54 | | 每股净资产 ( 元 ) | 14.84 | ＃相关报告 relatedReport＃ 《【兴证电子】长电科技 2023 中 报点评：业绩超预期，先进封装 进展顺利》2023-09-01 ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 仇文妍 qiuwenyan@x ...