Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.9 CNY [2][3]. Core Views - The company's performance has shown continuous improvement on a quarterly basis, with a focus on high-quality development and sustainable profitability. The revenue for 2023 was 29.661 billion CNY, a year-on-year decrease of 12.15%, while the net profit attributable to the parent company was 1.471 billion CNY, down 54.48% year-on-year [2][3]. - The company is optimizing its business structure and expanding into high-growth product areas such as HPC, Chiplet, and automotive electronics, which is expected to enhance its long-term growth potential [3]. - The customer base is increasingly diversified, with over 70% of revenue coming from outside mainland China, benefiting from domestic substitution opportunities. The revenue distribution across application areas in 2023 was 43.9% for communications, 25.2% for consumer electronics, 14.2% for computing, 8.8% for industrial and medical, and 7.9% for automotive, indicating a strategic shift towards high-value markets [3]. Financial Summary - For 2023, the total revenue was 29.661 billion CNY, with a year-on-year growth rate of -12.1%. The net profit attributable to the parent company was 1.471 billion CNY, with a year-on-year growth rate of -54.5% [4]. - The earnings per share (EPS) for 2023 was 0.82 CNY, with projected EPS of 1.17 CNY for 2024, 1.73 CNY for 2025, and 2.24 CNY for 2026 [4]. - The company is expected to see a recovery in net profit, with forecasts adjusted to 2.1 billion CNY for 2024 and 3.087 billion CNY for 2025, reflecting a year-on-year growth of 42.8% and 47.0% respectively [3][4].

[Table_Page] 年报点评|半导体 证券研究报告 [长Table_电Title] 科技（600584.SH） [公Tab司le_I评nves级t] 买入 当前价格 24.54元 23 年经营业绩逐季回暖，深化先进封装/存储封测布局 合理价值 38.81元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-22 ⚫ 23Q4营收重回同比增长，经营业绩逐季回暖。公司发布23年报。23 [相Tab对le_P市icQ场uote表] 现 年，公司营收约 296.61 亿元，yoy-12.15%；归母净利润为 14.71 亿 元，yoy-54.48%；毛利率13.65%，yoy-3.38pct；净利率4.96%， 2% -6%04/23 06/23 08/23 10/23 12/23 02/24 04/24 yoy-4.61pct。2023年，全球终端市场需求疲软，半导体行业处于下行 -15% 周期，导致客户需求下降，产能利用率降低。同时，受价格承压影响， -23% 整体利润下降。23Q4，公司营收92.31亿元，yoy+2.75%，qoq+11.8%； -32% 归母 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨长电科技（ ） 600584.SH [东Ta风b徐le_来T，itl巨e]龙展翼——长电科技 2023 年年报 点评 报告要点 [2T0a2b4le年_S4um月m1a8ry日] ，长电科技公告《江苏长电科技股份有限公司2023年年度报告》，2023年 公司实现营业收入296.61亿元，同比-12.15%，实现归母净利润14.71亿元，同比-54.48%。 ...

2024年04月21日 公司研究●证券研究报告 长电科技（ ） 公司快报 600584.SH 电子 | 集成电路Ⅲ 23Q4 营收创单季新高，关键领域研发持续投入 投资评级 买入-A(维持) 股价(2024-04-19) 24.54元 投资要点 营收/归母净利润均呈逐季改善，汽车相关业务营收同比增长超60%。公司2023 交易数据 全年实现营业收入296.6亿元，全年实现归母净利润14.71亿元；Q1-Q4营收分别 总市值（百万元） 43,902.94 为58.60/63.13/82.57/92.31亿元，归母净利润分别为1.10/3.86/4.78/4.97亿元， 流通市值（百万元） 43,902.94 其中四季度营收重回同比增长并创历史单季度新高。公司在以高密度系统级封装、 总股本（百万股） 1,789.04 大尺寸倒装封装、晶圆级封装为主的高性能先进封装领域不断创新突破，相关收入 流通股本（百万股） 1,789.04 在2023年总收入中占比超过2/3。公司强化面向应用场景整体解决方案能力和配 12个月价格区间 35.30/21.73 套产能建设，在高端通信、工业电子、第三代半导体等领域，与全球客户共 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 29.661 billion yuan for 2023, a year-on-year decrease of 12.15%, with a net profit attributable to shareholders of 1.471 billion yuan, down 54.48% year-on-year. However, in Q4 2023, the company achieved a revenue of 9.231 billion yuan, representing a year-on-year increase of 2.75% and a quarter-on-quarter increase of 11.8% [3] - The semiconductor testing industry is gradually recovering, and the company is expected to benefit from this recovery along with the growth in AI demand. The profit forecasts for 2024, 2025, and 2026 are maintained at 2.872 billion yuan, 3.947 billion yuan, and 4.685 billion yuan respectively, with corresponding EPS of 1.61 yuan, 2.21 yuan, and 2.62 yuan [3] - The company is focusing on high-growth product areas and has made significant progress in advanced packaging technology, particularly in automotive electronics, 5G communication, and high-performance computing [4] Financial Summary - For 2023, the company’s revenue by application area was as follows: Communications electronics accounted for 43.9% (down 4.1 percentage points), Consumer electronics 25.2% (down 4.1 percentage points), Computing electronics 14.2% (down 3.2 percentage points), Industrial and medical electronics 8.8% (down 0.8 percentage points), and Automotive electronics 7.9% (up 3.5 percentage points) [4] - The company plans to invest 6 billion yuan in fixed assets in 2024, focusing on high-performance computing, storage applications, edge AI, power devices, and energy systems [4] - The company’s financial metrics for 2024E include a revenue forecast of 34.217 billion yuan, a net profit of 2.872 billion yuan, and an EPS of 1.61 yuan, with a P/E ratio of 15.3 [5][9]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-035 江苏长电科技股份有限公司 关于召开 2023 年度、2024 年第一季度业绩 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 4 月 26 日（星期五）上午 10:00-11:30 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/Ak37N） 会议召开方式：进门财经电话会议、上证路演中心转播及网络文字互动 投资者可于 2024 年 4 月 25 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。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日在《上 海证券报》、《证券时报》及上海证券交易所网站（www.sse. ...

上 市 公 司 电子 2024 年04月 19 日 长电科技 (600584) 公 司 研 究 ——逆周期加码汽车和先进封装，收购晟碟强化算力/存 公 司 力布局 点 评 报告原因：有信息公布需要点评 买入 事件：公司发布2023年报，营业收入296.61亿元，YoY-12.15%；归母净利润为14.71亿元， （维持） YoY-54.5%；扣非净利润为13.23亿元，YoY-53.26%，符合公司年报预告。 投资要点： 证 券  传统封装受半导体景气度下滑影响，多数因消费类产品订单不足稼动率低。根据年报，分 市场数据： 2024年04月18日 研 工厂来看，1）星科金朋：实现收入16.19亿美元，YoY-17.66%，实现净利润1.21亿美 收盘价（元） 25.55 究 一年内最高/最低（元） 37.08/19.95 元，YoY-55.66%；2）长电韩国：实现收入17.32亿美元，YoY-6.33%，实现净利润0.35 报 市净率 1.8 告 息率（分红/股价） - 亿美元，YoY-42.55%；3）长电先进：实现收入12.47亿元，YoY-25.84%，实现净利润 流通A股市值（百万元） 45710 ...

长电科技：23 年景气低迷业绩承压，内生+外延把握24 年增长机遇 长电科技(600584.SH)/电子 证券研究报告/公司点评 2024年4月19日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：25.55元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 33,762 29,661 34,407 39,224 43,930 分析师：王芳 增长率yoy% 11% -12% 16% 14% 12% 执业证书编号：S0740521120002 净利润（百万元） 3,231 1,471 2,648 3,799 4,601 Email：wangfang02@zts.com.cn 增长率yoy% 9% -54% 80% 43% 21% 每股收益（元） 1.81 0.82 1.48 2.12 2.57 分析师：杨旭 每股现金流量 3.36 2.48 3.39 3.54 3.62 执业证书编号：S0740521120001 净资产收益率 13% 6% 9% 12% 13% Emai ...

八届五次董事会文件 独立意见 江苏长电科技股份有限公司 独立董事关于对公司第八届董事会第五次会议 相关事项的独立意见 公司拟以 2023 年 12 月 31 日总股本 1,788,827,976 股为基数，向全体股东每 10 股派发现金红利 1 元（含税），共分配红利 178,882,797.60 元，分配后公司未 分配利润结余转入下一年度。2023 年度，公司不进行资本公积金转增股本，不 送红股。 我们查阅了公司提供的相关资料，并与有关人员进行必要沟通，了解公司未 来发展战略、资金需求、投融资安排，并综合考量行业发展趋势等因素。 基于独立判断的立场，我们认为： 二、关于公司 2023 年度内部控制评价报告的独立意见 我们认真审阅了《公司 2023 年度内部控制评价报告》，会计师出具的《内部 控制审计报告》，公司内部审计工作报告，并与公司有关人员进行了必要的沟通。 1 1、公司 2023 年度利润分配预案符合公司中期发展战略，兼顾了行业特性、 发展阶段、资金需求等因素，有利于公司持续、稳定、健康发展。 2、公司本次利润分配预案符合《上市公司监管指引第 3 号——上市公司现 金分红》、《上海证券交易所上市公司自 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥29.66 billion, a decrease of 12.15% compared to ¥33.76 billion in 2022[17]. - Net profit attributable to shareholders for 2023 was approximately ¥1.47 billion, down 54.48% from ¥3.23 billion in 2022[17]. - The basic earnings per share for 2023 was ¥0.82, reflecting a decline of 54.95% compared to ¥1.82 in 2022[18]. - The company reported a net cash flow from operating activities of approximately ¥4.44 billion, a decrease of 26.21% from ¥6.01 billion in 2022[17]. - Non-recurring gains for 2023 totaled approximately ¥148.13 million, significantly lower than ¥401.12 million in 2022[20]. - The weighted average return on net assets for 2023 was 5.81%, down 8.38 percentage points from 14.19% in 2022[18]. - The company's operating cost was CNY 25.61 billion, down 8.56% compared to the previous year[34]. - The gross profit margin for the electronic components segment was 13.49%, a decrease of 3.41 percentage points year-on-year[37]. Dividend and Capital Management - The company plans to distribute a cash dividend of 1 CNY per 10 shares, totaling 178,882,797.60 CNY, based on a total share capital of 1,788,827,976 shares[4]. - The company does not plan to increase capital reserves or issue bonus shares for the 2023 fiscal year[4]. - The company has not reported any changes in share capital due to stock incentive grants or other matters[4]. - The company has not made any adjustments to its profit distribution policy during the reporting period[103]. - The total cash dividend amount is consistent with the company's commitment to returning value to shareholders while maintaining a healthy profit margin[106]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[3]. - The company has stated that there are no issues with the authenticity and completeness of the annual report[5]. - The company has established a risk and compliance management committee to strengthen risk control[74]. - The company strictly adhered to information disclosure regulations, ensuring timely and accurate reporting[74]. - The audit report confirms that the financial statements are prepared in accordance with accounting standards and fairly present the company's financial status[173]. Market and Industry Outlook - The global semiconductor market is projected to decline by 9.4% in 2023, with an estimated market size of USD 520 billion[23]. - The semiconductor market is expected to recover in 2024, driven primarily by the memory market, which is forecasted to grow by 44.8% year-on-year[23]. - The company is focusing on high-performance advanced packaging technology in key markets such as automotive electronics and 5G communications, aiming to enhance production capacity and efficiency[65]. - The advanced packaging market is projected to grow from $43.9 billion in 2023 to $49.2 billion in 2024, reflecting a year-on-year increase of 12.3%[65]. Research and Development - Research and development expenses increased by 9.66% to CNY 1.44 billion[34]. - The total R&D investment amounted to RMB 1,439,915,230.18, representing 4.85% of the operating revenue[43]. - The company aims to enhance its capabilities in high-performance computing and automotive electronics, focusing on next-generation packaging technologies and high-power modules[46]. - The company has launched the "Core Talent Training Camp" to ensure talent support for its long-term development[22]. Environmental and Social Responsibility - The company invested ¥15,738.33 million in environmental protection during the reporting period[112]. - The company has established comprehensive pollution prevention facilities, ensuring compliance with environmental regulations and maintaining normal operation of pollution control systems[123]. - Total charitable contributions amounted to 3.68 million RMB, with significant donations directed towards environmental and health initiatives[131]. - The company has committed to environmental impact assessments for construction projects and has obtained necessary environmental permits[124]. Corporate Governance - The company has no controlling shareholder or actual controller, ensuring independent operations[75]. - The company held 2 shareholder meetings during the reporting period[74]. - The company’s board of directors has approved the reappointment of Ernst & Young as the auditor for the 2023 fiscal year[95]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 32.9863 million[86]. Strategic Initiatives - The company plans to enhance its focus on high-performance advanced packaging products and optimize its business structure to adapt to market changes[18]. - The company is actively expanding its presence in high-value markets such as automotive electronics, high-performance computing, and 5G communications[33]. - The company plans to invest RMB 6 billion in fixed assets in 2024, funded by self-raised capital, with projects implemented in batches based on market conditions[68]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the semiconductor sector[84].