证券代码：600584 证券简称：长电科技 公告编号：临 2025-025 江苏长电科技股份有限公司 关于股东大会开设网络投票提示服务的公告 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"）已于 2025 年 4 月 21 日披露了 关于召开 2024 年年度股东大会的通知，公司拟于 2025 年 5 月 15 日 10:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式，具体内容详 见公司在上海证券交易所网站披露的公告《江苏长电科技股份有限公司关于召开 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、及 时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的股东 大会提醒服务，委托上证信息根据股权登记日的股东名册主动提醒股东参会投票，通 过发送智能短信等形式，向每一位投资者主动推送股东大会参会邀请、议案情况等信 息。投资者在收到智能短信后，可根据使用手册（下载链接： https://vote.sseinfo.co ...

证券代码：600584 证券简称：长电科技 公告编号：临 2025-025 江苏长电科技股份有限公司 关于股东大会开设网络投票提示服务的公告 江苏长电科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 21 日披露了 关于召开 2024 年年度股东大会的通知，公司拟于 2025 年 5 月 15 日 10:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式，具体内容详 见公司在上海证券交易所网站披露的公告《江苏长电科技股份有限公司关于召开 2024 年年度股东大会的通知》（公告编号：临 2025-019）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、及 时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的股东 大会提醒服务，委托上证信息根据股权登记日的股东名册主动提醒股东参会投票，通 过发送智能短信等形式，向每一位投资者主动推送股东大会参会邀请、议案情况等信 息 。 投 资 者 在 收 到 智 能 短 信 后 ， 可 根 据 使 用 手 册 （ 下 载 链 接 ： https://vote.sseinfo.com/i/y ...

Core Viewpoint - The semiconductor industry index in China has shown a positive trend over the past month, with a notable increase of 12.38% [1] Group 1: Index Performance - The Zhonghua Trading Service Semiconductor Chip Industry Index closed at 8834.95 points, down 0.58% on the day, with a trading volume of 31.44 billion [1] - Over the past three months, the index has increased by 1.16%, and year-to-date, it has risen by 5.84% [1] Group 2: Index Composition - The index tracks the overall performance of publicly listed companies in the semiconductor chip industry, covering areas such as materials, equipment, design, manufacturing, packaging, and testing [1] - The index's top ten holdings include: SMIC (9.44%), Cambricon (7.74%), Northern Huachuang (7.54%), Haiguang Information (7.16%), Weir Shares (5.9%), Lanke Technology (4.69%), Zhaoyi Innovation (4.47%), Zhongwei Company (4.37%), Changdian Technology (2.59%), and Unisoc (2.37%) [1] Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 77.30% of the index's holdings, while the Shenzhen Stock Exchange represents 22.70% [1] - In terms of industry composition, integrated circuits make up 70.34%, semiconductor materials and equipment account for 21.26%, discrete devices represent 3.97%, optoelectronics comprise 2.32%, and electronic terminals and components hold 2.10% [2] Group 4: Related Funds - Public funds tracking the Zhonghua Semiconductor Chip Index include: Guotai CES Semiconductor Chip Industry ETF Link A, Guotai CES Semiconductor Chip Industry ETF Link C, Huaan CES Semiconductor Chip Industry A, Huaan CES Semiconductor Chip Industry C, Western Lide CES Semiconductor Chip Industry Index Enhanced A, Western Lide CES Semiconductor Chip Industry Index Enhanced C, and Guotai CES Semiconductor Chip ETF [2]

Summary of Changdian Technology Conference Call Company Overview - **Company**: Changdian Technology - **Industry**: Semiconductor Packaging Key Financial Performance - **2024 Revenue**: 35.96 billion RMB, a year-on-year increase of 21.2%, with Q4 revenue surpassing 10 billion RMB [2][5] - **2025 Q1 Revenue**: 9.34 billion RMB, a year-on-year increase of 36.4%, marking a historical high for the same period [2][6] - **R&D Investment**: 1.72 billion RMB in 2024, a year-on-year increase of 19.3%, indicating a strong focus on technological innovation [2][5] - **Gross Margin**: 13.1% in 2024, a decrease of 0.6 percentage points due to domestic market price pressures and raw material cost fluctuations; however, it rebounded to 12.6% in Q1 2025 [2][7] Business Segments Performance - **Computing Electronics Revenue Growth**: 92.9% year-on-year in Q1 2025, driven by the consolidation of Saintde Semiconductor [2][6] - **Automotive Electronics Revenue Growth**: 66% year-on-year in Q1 2025 [2][7] - **Industrial and Medical Electronics Revenue Growth**: 45.8% year-on-year in Q1 2025 [2][7] - **Cash Flow**: 5.83 billion RMB net cash flow from operating activities in 2024, a 31.5% increase year-on-year; Q1 2025 cash flow reached 10.49 billion RMB [3][12] Strategic Initiatives - **Dual Supply Chain Strategy**: In response to geopolitical and tariff impacts, the company is optimizing its global layout with a dual supply chain strategy [2][4] - **Capital Expenditure Plans**: 8.5 billion RMB planned for 2025, a 40% increase year-on-year, aimed at enhancing supply chain resilience [2][4][18] - **Focus on Advanced Packaging**: Continuous investment in advanced packaging, particularly in computing and automotive electronics, with expectations that automotive electronics will exceed 20% of total revenue in the coming years [2][14] Market Outlook - **2025 Market Sentiment**: Despite uncertainties from tariffs, the overall market outlook remains optimistic, with AI driving semiconductor market growth and recovery in storage, communication, and automotive sectors [2][8] - **China for China Trend**: Increased discussions with international clients regarding automotive electronics and high-end storage, indicating a shift towards localized production [2][20] Operational Insights - **Production Capacity Utilization**: Overall capacity utilization improved significantly in Q1 2025, with specific lines experiencing capacity shortages [2][16] - **Investment in Automation**: The company is implementing advanced automation projects to ensure high-quality production for automotive products [2][21] Challenges and Responses - **Geopolitical and Tariff Challenges**: The company is closely monitoring tariff impacts and adjusting its overseas and domestic production strategies accordingly [2][16][20] - **Supply Chain Resilience**: Ongoing efforts to strengthen supply chain resilience through strategic partnerships and resource optimization [2][16][24] Conclusion Changdian Technology demonstrates robust financial performance and strategic initiatives aimed at capitalizing on growth opportunities in the semiconductor packaging industry, while effectively navigating geopolitical challenges and market dynamics.

证券研究报告|电子 [Table_Title] 2024Q4 营收规模超百亿，先进封装盈利能 力有望提升 投资要点: ⚫ 2024Q4 单季度营收超百亿，再创单季度营收新高：2024 年第四季度， 营收方面，公司实现单季度营业收入 109.84 亿元，同比+18.99%，环比 +15.73%；毛利率方面，2024Q4 单季度毛利率为 13.34%，同比+0.17pct， 环比+1.11pct；营收再创单季度历史新高，毛利率有所提升，主要系下 游需求持续复苏，产能利用率提升。期间费用方面，2024Q4 销售费用 率 / 管 理 费 用 率 / 研 发 费 用 率 / 财 务 费 用 率 分 别 为 0.60%/3.58%/4.43%/0.32%，同比分别+0.05pct/+1.25pct/+0.55pct/- 0.93pct，期间费用整体同比+0.92pct；净利率方面，2024Q4 单季度净 利率为 4.93%，同比-0.45pct，环比+0.15pct，毛利率上升但净利率下 降，主要系费用率增长所致。归母净利润方面，2024Q4 公司实现归母 净利润 5.33 亿元，同比+7.28%，环比+16.63%。现 ...

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, and a net profit attributable to the parent company of 1.610 billion yuan, up 9.44% year-on-year [1] - The global semiconductor market is returning to a growth trajectory, with the company actively positioning itself in high-growth product areas and continuously optimizing its business structure [2] - The company has made significant advancements in technology innovation, with R&D investment reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year [3] Financial Performance - The company's revenue for 2024 is projected to be 35.962 billion yuan, with a growth rate of 21.24% compared to 2023 [5] - The net profit attributable to the parent company for 2024 is expected to be 1.610 billion yuan, reflecting a 9.44% increase from the previous year [5] - The company has forecasted net profits of 2.238 billion yuan and 2.779 billion yuan for 2025 and 2026, respectively [4] Business Structure and Market Position - The company has optimized its business structure, with revenue contributions from various segments: Communication Electronics (44.8%), Consumer Electronics (24.1%), Computing Electronics (16.2%), Automotive Electronics (7.9%), and Industrial & Medical Electronics (7.0%) [2] - The computing electronics segment saw a revenue increase of 38.1%, while the automotive business grew by 20.5%, both outperforming market averages [2] Strategic Developments - The acquisition of 80% of Shengdi Semiconductor is expected to bring new opportunities for the company, with financial consolidation starting in Q4 2024 [4] - The company is enhancing its capital expenditure and advancing its technology layout, particularly in the automotive electronics sector, with new manufacturing facilities expected to come online in 2025 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 20.8 billion, 25.9 billion, and 29.9 billion respectively, corresponding to EPS of 1.16, 1.45, and 1.67 [6][8]. Core Insights - The company reported a record high quarterly revenue of 93.4 billion in Q1 2025, representing a year-on-year growth of 36.4%, with net profit attributable to shareholders reaching 2.0 billion, up 50.4% year-on-year [5][6]. - The company is focusing on high-performance packaging technology and expanding into high-value markets such as automotive electronics, high-performance computing, storage, and 5G communications, enhancing its core competitiveness [6]. - Revenue distribution for 2024 shows that communication electronics accounted for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0%, with all markets except industrial showing double-digit growth [6]. Financial Performance - The company’s revenue and profit growth in Q1 2025 was driven by a focus on advanced technologies and key application markets, with significant contributions from the acquisition of Shengdie Semiconductor [6][8]. - The company’s revenue from computing electronics grew by 38.1% year-on-year, while automotive electronics saw a growth of 20.5%, both outperforming market averages [6]. - The financial projections for 2024-2027 indicate a steady increase in revenue and net profit, with revenue expected to grow from 35.96 billion in 2024 to 50.60 billion in 2027, and net profit from 1.61 billion to 2.99 billion [8][9]. Market Position and Strategy - The company has established itself as a leader in semiconductor advanced packaging technology, with over a decade of experience in large FCBGA packaging and testing technology [6]. - The company has launched the XDFOI chiplet high-density multi-dimensional heterogeneous integration series process, which is now in mass production and is applicable in high-performance computing, AI, 5G, and automotive electronics [6]. - The company is actively involved in the automotive electronics sector, being the first packaging and testing enterprise from mainland China to join the international AEC automotive electronics committee [6].

公司最新总资产周转率为0.17次，在已披露的同业公司中排名第13，较去年同期总资产周转率增加0.02 次，实现2年连续上涨，同比较去年同期上涨10.64%。最新存货周转率为2.21次，在已披露的同业公司 中排名第5，较去年同期存货周转率增加0.33次，实现2年连续上涨，同比较去年同期上涨17.79%。 公司股东户数为32.35万户，前十大股东持股数量为6.62亿股，占总股本比例为36.97%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 磐石润企(深圳)信息管理有限公司 | 22.53% | | 2 | 香港中央结算有限公司 | 4.89% | | 3 | 国家集成电路产业投资基金股份有限公司 | 3.50% | | ব | 中国建设银行股份有限公司-华夏国证半导体芯片交易型开放式指数证券投资基 | 1.38% | | 5 | 中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金 | 1.29% | | 6 | 中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基 | 0.92% | | 7 ...

点击招商研究小程序查看PDF报告原文 长电科技是全球第三/国内第一的OSAT厂商，在中国/韩国/新加坡拥有八大生产基地和两大生产中心。 长电科技发布2024年年报和2025年一季报，结合公告信息，点评如下： 长电科技25Q1营收受晟碟并表影响同比高增长，单季利润率同比相对稳定。 2024年：营收359.62亿 元，同比+21.24%，晟碟在24Q4已并表贡献收入，归母净利润16.1亿元，同比+9.44%，毛利率13.06%， 同比-0.59pct，净利率4.48%，同比-0.48pct。25Q1：营收93.35亿元，同比+36.4%/环比-15%，同比高增 长部分系晟碟并表贡献，归母净利润2.03亿元，同比+50.4%/环比-61.9%，毛利率12.63%，同比+0.43pct/ 环比-0.71pct，净利率2.18%，同比+0.23pct/环比-2.74pct。 子公司方面，星科金朋、长电韩国、江阴长电为公司2024年利润核心贡献点。 1）星科金朋：24年营收 121亿元，同比+5.8%，净利润2.6亿美元，同比+118%，订单量增加，产能利用率有所提升；2）长电韩 国：24年营收157亿元，同比+27%， ...