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]

长电科技（ [Table_StockNameRptType] 600584） 公司点评 聚集高性能封装，加速运算电子、汽车电子布局 | | | | | | | [Table_BaseData] 收盘价（元） | 33.43 | | --- | --- | | 近 12 个月最高/最低（元） | 47.92/24.01 | | 总股本（百万股） | 1,789 | | 流通股本（百万股） | 1,789 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 598 | | 流通市值（亿元） | 598 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% 6% 35% 63% 91% 4/24 7/24 10/24 1/25 长电科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_CompanyReport] 相关报告 1.单季度收入历史新高，聚焦高性能 先进封 ...

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%， ...

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing opportunities driven by the ongoing US-China technology competition and signs of recovery in Q1, with expectations for growth momentum in Q2 [14][15] - The wafer foundry sector is seeing high capacity utilization rates, with leading domestic companies like Huahong Semiconductor exceeding 100% utilization in some plants, and SMIC operating at 85%-95% [15][19] - In the packaging and testing segment, leading firms are expanding advanced packaging capabilities, with capacity utilization rates for major domestic players increasing by 5%-10% year-on-year [15][20] - The memory sector anticipates a significant increase in contract prices for DRAM/NAND in Q2 2025, with expected month-on-month growth of 3-8% [16][23] - The System on Chip (SoC) market is seeing strong performance from leading companies, with notable revenue growth driven by increased demand for AI applications and automotive electronics [17][39] - The equipment and materials sector is benefiting from mergers and acquisitions, enhancing global competitiveness, with leading firms like Northern Huachuang reporting a 37.9% year-on-year revenue increase [18][40] Summary by Sections Wafer Foundry - High capacity utilization rates are observed, with Huahong Semiconductor exceeding 100% and SMIC at 85%-95% [15][19] - Price increases are expected as leading foundries reach full capacity [15] Packaging and Testing - Major domestic players are expanding advanced packaging capabilities, with capacity utilization rates increasing by 5%-10% year-on-year [15][20] - Optimistic outlook for Q2 orders and performance trends [15] Memory - Anticipated increase in contract prices for DRAM/NAND in Q2 2025, with month-on-month growth expected at 3-8% [16][23] - AI server demand is driving HBM requirements, with significant growth in DRAM capacity [16][25] System on Chip (SoC) - Strong Q1 performance from leading firms, with revenue growth driven by AI demand and automotive electronics [17][39] - Expectations for continued growth in Q2 and beyond, particularly in AI-related applications [17][40] Equipment and Materials - Leading firms are experiencing significant revenue growth, with Northern Huachuang reporting a 37.9% increase [18][40] - The sector is undergoing consolidation, enhancing competitiveness and resource optimization [18][40]

"2025第二届高算力芯片开发者论坛暨芯片热管理技术交流会" 将于 5月22-23日 在 北 京 举办。本次论坛由 车乾信息&热设计网 主办，论坛重点探讨：国产AI芯片进程、AI芯 片安全、芯片封装Chiplet技术、先进封装材料与封装基板、AI 芯片热力设计、芯片直冷 技术、3DVC均温技术等。届时将安排 20+ 演讲，预计将超过 300+ 行业专家参会！ 1.参会学习，包含服务：参会学习+会后资料+会议专属社群，费用：2500元/人 芯片热管理难题,车乾信息&热设计网继首届成功举办后,再度携手举办 "2025第二届高算力芯片开发者论坛暨芯片热管理技术交流会"。本次论坛 将于5月22-23日在北京举办,汇聚AI芯片领域的开发者、研究人员、企业 代表和专家学者,共同探讨前沿动态、创新应用和未来发展趋势。 会议概览 第一天上午 Al 芯片关键技术及发展趋势 第一天下午 AI芯片封装技术 AI芯片高效散热技术 第二天上午 企业参观 演讲信息 | 确认及确认中演讲单位 | 演讲话题 | | --- | --- | | 清华大学 | 电子系统的跨尺度热管理 | | 中兴通讯有限公司 | 浅谈高功率芯片散热 | | 芯 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company reported a revenue of 9.335 billion RMB in Q1 2025, representing a year-on-year growth of 36.44% but a quarter-on-quarter decline of 15.01%. The gross margin was 12.63%, up 0.43 percentage points year-on-year but down 0.71 percentage points quarter-on-quarter. The net profit attributable to shareholders was 203 million RMB, a year-on-year increase of 50.39% but a quarter-on-quarter decrease of 61.86% [1][2] - The growth in revenue and profit is primarily attributed to the consolidation of Shengdi Semiconductor and an increase in orders from the advanced packaging market both domestically and internationally. The company is optimistic about future performance driven by new capacity releases and the ramp-up of advanced packaging business [1][2][3] Summary by Sections Financial Performance - In Q1 2025, the company focused on advanced technologies and key application markets, achieving significant revenue growth in computing electronics (92.9%), automotive electronics (66.0%), and industrial and medical electronics (45.8%). This optimization in business structure contributed to a gross margin increase [2] - The company completed the acquisition of Shengdi Semiconductor, which reported a revenue of 799 million RMB and a net profit of 94 million RMB in Q4 2024. The consolidation of Shengdi has positively impacted the company's Q1 2025 performance [2] Market Outlook - The global semiconductor market is expected to grow by 19% to 627 billion USD in 2024, which will drive an 8% growth in the global packaging and testing market to 82 billion USD. The report is optimistic about the recovery of the semiconductor market and structural growth in AI-related fields [3] - The company is actively expanding its production capacity, with a new automotive electronics packaging production base in Shanghai expected to commence operations in the second half of 2025. The company is also set to benefit from high-performance computing, AI, and automotive electronics demand [3] Valuation Metrics - The report forecasts net profits for 2025, 2026, and 2027 to be 2.04 billion RMB, 2.38 billion RMB, and 2.90 billion RMB respectively, with corresponding EPS of 1.14 RMB, 1.33 RMB, and 1.62 RMB. The company is assigned a 2025 PE ratio of 41.0x, which is a premium compared to the industry average of 33.5x due to its leading position in advanced packaging technologies [4][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is the third-largest OSAT manufacturer globally and the largest in China, with significant growth in revenue and profit driven by the consolidation of Shengdi Semiconductor [1][5] - The company is expected to see increased revenue contributions from Shengdi in 2025, with a planned fixed asset investment of 8.5 billion RMB to enhance production capacity [5] - The company has established strong partnerships with leading clients in various sectors, including automotive electronics and high-performance computing, indicating a positive growth trajectory [5] Financial Performance Summary - In 2024, the company reported revenue of 35.962 billion RMB, a year-on-year increase of 21.24%, and a net profit of 1.610 billion RMB, up 9.44% year-on-year [5][11] - For Q1 2025, revenue reached 9.335 billion RMB, reflecting a year-on-year growth of 36.4%, while net profit was 203 million RMB, up 50.4% year-on-year [5] - The company’s revenue projections for 2025-2027 are 41.89 billion RMB, 47.08 billion RMB, and 51.90 billion RMB, respectively, with corresponding net profits of 2.013 billion RMB, 2.371 billion RMB, and 2.732 billion RMB [5][11] Market Demand and Client Segmentation - The demand from downstream clients is showing varied trends, with significant growth in computing and automotive electronics, both exceeding 50% year-on-year in Q1 2025 [5] - The revenue breakdown for 2024 indicates that communication electronics accounted for 44.8%, consumer electronics 24.1%, and computing electronics 16.2% [5] Investment Recommendations - The company is positioned as a leader in the domestic packaging and testing sector, with ongoing investments in new facilities and acquisitions to strengthen its market position [5] - The expected earnings per share (EPS) for 2025-2027 are projected at 1.12 RMB, 1.33 RMB, and 1.53 RMB, with price-to-earnings (PE) ratios of 29.1, 24.7, and 21.4, respectively [5][11]

事件描述 2025 年4 月20 日，长电科技公告《江苏长电科技股份有限公司2024 年年度报告》，2024 年公司实现营 业收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%。 事件评论 全球经济复苏及国际形势变化延续，公司以产品结构优化和全球化布局保持良好增长。一方面是半导体 行业整体保持回暖，驱动公司收入上行，另一方面下游应用增长的结构性差异长电科技也以产品结构优 化应对，使得公司整体业务进一步维持稳健的增长动能。通过在AI、汽车电子等领域持续加大技投入 和产能建设，以及在存储领域完成对晟碟半导体80%股权的收购扩大市场份额，2024 年公司实现营业 收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%，其中2024Q4 实现营业收入 109.84 亿元，同比+18.99%，环比+15.72%，实现归母净利润5.33 亿元，同比+7.28%，环比+16.66%。 在产品结构持续高端化的驱动下，公司2024Q4 毛利率达13.34%，环比+1.12pct，净利率继续上行，达 4.93%，环比+0.14pct。值得重视的是，公 ...