Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [5] - The demand for advanced packaging is increasing due to the AI wave and high demand for HPC chips, with the global AI market expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4% [6] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [6] - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] Company Overview - The company is a global leader in integrated circuit packaging and testing, with a 10.3% market share in the global OSAT market, ranking third globally [12] - The company has a strong global presence with eight production bases and two R&D centers, focusing on advanced packaging technologies such as FIWLP, FOWLP, TSV, and SiP [14] - The company's revenue for 2023 was RMB 29.661 billion, with an operating profit of RMB 1.52 billion [12] Advanced Packaging - Advanced packaging is becoming a major growth driver in the packaging and testing market, with the global advanced packaging market expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] - The company has been actively investing in advanced packaging technologies, with R&D expenses of RMB 1.44 billion in 2023 and 2,897 R&D personnel [6] - The company's advanced packaging technologies include FIWLP, FOWLP, TSV, eWLB, SiP, and FCBGA, among others [6] Financial Performance - The company's revenue for Q2 2024 reached RMB 8.645 billion, a record high for the second quarter, with a gross margin of 14.28%, up 2.08 percentage points quarter-on-quarter [6] - The company's net profit for 2023 was RMB 1.471 billion, a decrease of 54.5% year-on-year, but is expected to recover to RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026 [7] - The company's free cash flow has been positive for four consecutive years (2020-2023), with a free cash flow of RMB 1.37 billion in 2023 [45] Industry Trends - The global semiconductor packaging market is recovering, driven by stable consumer demand, a rebound in the memory market, and the rise of AI and HPC applications [34] - The global AI market is expected to reach $27404.6 billion by 2032, growing at a CAGR of over 20.4%, driving demand for advanced packaging [6] - The global advanced packaging market is expected to reach $72.4 billion by 2028, growing at a CAGR of 8.7% [19] Valuation and Forecast - The company's revenue is expected to grow to RMB 31.391 billion in 2024, RMB 36.569 billion in 2025, and RMB 42.513 billion in 2026, with a CAGR of 16.25% [49] - The company's net profit is expected to reach RMB 1.992 billion in 2024, RMB 2.756 billion in 2025, and RMB 3.519 billion in 2026, with a PE ratio of 26.0x, 18.8x, and 14.7x respectively [50] - The company's gross margin is expected to improve to 17.0% in 2024, 18.0% in 2025, and 18.5% in 2026 [49]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-062 江苏长电科技股份有限公司 关于 2022 年员工持股计划 第二个锁定期届满的提示性公告 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。 重要内容提示： 公司 2022 年员工持股计划第二个锁定期届满时间：2024 年 9 月 15 日 江苏长电科技股份有限公司（以下简称"公司"）于 2022 年 4 月 13 日召开 第七届董事会第十四次临时会议和第七届监事会第四次临时会议，于 2022 年 4 月 29 日召开的 2022 年第二次临时股东大会，审议通过了《江苏长电科技股份有 限公司 2022 年员工持股计划（草案）及其摘要的议案》等相关议案，具体内容 详见公司于 2022 年 4 月 14 日、2022 年 4 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 公司于 2024 年 4 月 24 日召开第八届董事会第七次临时会议审议通过了《关 于 2022 年员工持股计划第二个解锁期解锁条件未成就的议案》,具体内容 ...

2024 年第二次临时股东大会 会议资料 江苏长电科技股份有限公司 2024 年第二次临时股东大会会议资料 2024 年 9 月 19 日 2024 年第二次临时股东大会 会议资料 目 录 | 江苏长电科技股份有限公司 | 2024 年第二次临时股东大会议程 ·····························3 | | --- | --- | | 江苏长电科技股份有限公司 | 2024 年第二次临时股东大会会议规则 ·······················4 | | 议案 | 1：关于向银行申请并购贷款及对全资子公司长电管理公司增加担保的议案 ····6 | | 议案 2：关于补选公司董事的议案 | ·································································8 | 2024 年第二次临时股东大会 会议资料 江苏长电科技股份有限公司 2024 年第二次临时股东大会议程 会议时间：现场会议时间：2024 年 9 月 19 日 14:00 网络投票时间：本次网络投票采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间 ...

长电科技 2024 年半年度业绩说明会记录 稳，公司前期的布局开始贡献增量。 通过在高密度封装领先技术布局，公司能力更为符合客户的需求，使得我 们在通信及消费电子实现了收入的同比大幅成长和在高端市场份额的持续提升， 对应长电韩国也受益此趋势。在运算市场，公司把握传统计算类及存储市场需 求成长机遇，在面向数据中心及云计算的高密度电源管理，数据管理及传输连 接类的 AI 周边订单保持旺盛。汽车智能化趋势持续推进公司份额的增长，带动 公司汽车业务早于市场复苏。 下半年通信类客户旺季，叠加高性能先进封装和新型应用的布局进一步展 开。对于 2025 年，预计半导体市场将持续复苏，推动公司业务进一步成长，为 此公司正不断加大研发投入和产能扩张，推进新工厂的建设，做好相应的准备。 2、看到公司中报提到 XDFOI Chiplet 已经稳定量产，上半年这一部分做贡 献的收入量级，以及未来的展望及应用方向？ 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日（星 期一）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 年半年度业绩说明会，公司董事/首席执行长 ...

长电科技 (600584.SH) 买入（首次评级） 国内龙头平台型封测厂，全球化多品 电子组 分析师：樊志远（执业 S1130518070003） fanzhiyuan@gizq.com.cn 公司是全球第三大、中国第一大封测厂。受益于半导体景气度回 暖，公司 24H1 实现收入 154.87 亿元，同比+27.2%。其中，通讯电 子占 41.3%，消费电子占 27.2%，运算电子占 15.7%，工业及医疗 占 7.5%，汽车电子占比达 8.3%。大基金持股比例降低，华润集团 或将成为公司实际控制人。 投资逻辑 半导体景气度提升，公司业绩逐渐回暖。封测厂营收与半导体销 售额呈高度拟合关系。据 WSTS，24H1 全球半导体销售额为 286 0.2 亿美元，同比增长 17.6%。部分国内芯片设计公司 24Q2 库存周 转率同比向好。展望未来，受益于 AI 赋能消费电子及消费电子 新品发布，下游需求有望重回增长态势。看好 AI 驱动消费电子 新品拉货带动新一轮半导体周期。 先进封装空间广阔，XDFOI® Chiplet 工艺量产驱动公司持续成 长。AI 浪潮下算力芯片需求旺盛，CoWoS 及 HBM 产能紧缺成为 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3] Core Views - The company reported significant growth in both revenue and net profit for the first half of 2024, with revenue reaching 15.487 billion yuan, a year-on-year increase of 27.22%, and net profit attributable to the parent company at 619 million yuan, up 24.96% [1] - The growth is attributed to the recovery of the global semiconductor market, with notable increases in revenue from communication electronics, computing electronics, and consumer electronics, achieving year-on-year growth rates of 48%, 23%, and 33% respectively [1] - The company is expanding its semiconductor footprint through a change in control to China Resources Group, which will enhance its competitive position in the industry [1] - The acquisition of 80% of Shengdie Semiconductor is expected to strengthen the company's market share in storage and computing electronics [1] - The company is advancing in high-density packaging technology and has made significant investments in automotive electronics and high-performance computing [1] Financial Summary - For 2024, the company expects to achieve a net profit attributable to the parent company of 2.134 billion yuan, down from previous estimates of 3.353 billion yuan for 2024 and 4.004 billion yuan for 2025 [1] - The company has a total A-share market capitalization of 55.49 billion yuan and a total A-share equity of 1.789 billion shares [3] - The projected revenue for 2024 is 33.072 billion yuan, with a growth rate of 11.50% [2][9] - The company has a net profit margin of 6.45% for 2024, with an expected EPS of 1.19 yuan [9]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-061 江苏长电科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 9 月 9 日（星期一）下午 15:00-16:30 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/AHpAC） 会议召开方式：进门财经电话会议、上证路演中心网络文字互动 投资者可于 2024 年 9 月 5 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。 （1）网络参会方式： 本次会议为报名参会模式，请提前扫码报名。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 8 月 24 日在《上 海证券报》、《 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.07 CNY based on a 39x PE valuation for 2024 [2][6][4] Core Insights - The company reported significant revenue growth in Q2 2024, achieving 86.4 billion CNY in revenue, a year-on-year increase of 37%, and a net profit of 4.8 billion CNY, up 26% year-on-year [1] - The growth is attributed to a recovery in downstream market demand, improved capacity utilization, and a focus on high-performance advanced packaging [1] - The company is strategically expanding into high-value markets such as automotive electronics, high-performance computing, storage, and 5G communications, with notable revenue increases across all downstream sectors [1] Financial Performance Summary - For H1 2024, the company achieved a total revenue of 154.9 billion CNY, a 27% increase year-on-year, and a net profit of 6.2 billion CNY, up 25% year-on-year [1] - The comprehensive gross margin for H1 2024 was 13.4%, a slight decrease of 0.2 percentage points year-on-year, while the net margin was 4.0%, down 0.1 percentage points [1] - The company forecasts net profits of 20.2 billion CNY, 29.5 billion CNY, and 36.7 billion CNY for 2024, 2025, and 2026 respectively, reflecting adjustments in revenue and cost estimates [2][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in Q2 2024, with a 258% increase in net profit attributable to shareholders compared to the previous quarter, driven by its expansion into the automotive and storage sectors [2] - The company is positioned as a leading player in the global semiconductor packaging and testing industry, actively expanding its presence in storage, automotive, and high-performance computing sectors [2] - The expected net profit attributable to shareholders for 2024, 2025, and 2026 is projected to be 2.11 billion, 2.95 billion, and 3.57 billion yuan respectively, with corresponding P/E ratios of 25.9, 18.6, and 15.3 [2] Financial Summary - For the first half of 2024, the company reported revenue of 15.49 billion yuan, a year-on-year increase of 27.22%, and a net profit of 619 million yuan, up 24.96% year-on-year [9] - In Q2 2024, the company achieved revenue of 8.64 billion yuan, a quarter-on-quarter increase of 26.34%, and a net profit of 484 million yuan, a quarter-on-quarter increase of 257.96% [7][10] - The company's gross margin improved to 14.28% in Q2 2024, reflecting a 2.08 percentage point increase from the previous quarter [7] Revenue Breakdown - The telecommunications sector remains the largest revenue contributor, accounting for 41.30% of total revenue in H1 2024, with a year-on-year growth of 48.43% [2] - The consumer electronics sector contributed 27.20% of revenue, growing by 32.58% year-on-year, while the computing electronics sector accounted for 15.70% of revenue, with a growth of 21.79% [2] - The automotive electronics sector saw a significant quarter-on-quarter revenue increase of over 50% in Q2 2024 [2] Strategic Initiatives - The company is actively establishing a production facility for automotive electronics in Shanghai and a pilot line for automotive chip packaging in Jiangyin [2] - The acquisition of 80% of the shares in Shengdie Semiconductor from Western Digital for $624 million is aimed at enhancing the company's storage chip capabilities and customer loyalty [2]

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company reported a significant recovery in performance for Q2 2024, with total revenue reaching 86.45 billion yuan, a year-on-year increase of 36.94% and a quarter-on-quarter increase of 26.35% [4]. - The net profit attributable to shareholders for Q2 2024 was 4.84 billion yuan, reflecting a year-on-year growth of 25.51% and a substantial quarter-on-quarter increase of approximately 258% [4]. - The company is focusing on high-value-added sectors such as automotive electronics and advanced packaging technologies, which are expected to enhance its core competitiveness [11]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 154.87 billion yuan, up 27.22% year-on-year, and a net profit of 6.19 billion yuan, up 24.96% year-on-year [3]. - The company generated a net cash flow from operating activities of 30.3 billion yuan, with a free cash flow of 11.6 billion yuan after deducting capital expenditures [4]. Cost Management - The company maintained good cost control, with selling expenses at 0.76% of revenue, management expenses at 2.79%, and R&D expenses at 5.29% [4]. - Gross margin for H1 2024 was 13.36%, and net margin was 3.98%, both showing slight year-on-year declines [4]. Market Segmentation - Revenue distribution by application sectors in H1 2024 was as follows: communication electronics (41.3%), consumer electronics (27.2%), computing electronics (15.7%), industrial and medical electronics (7.5%), and automotive electronics (8.3%) [4]. - The communication electronics sector saw revenue growth exceeding 40% year-on-year, while the consumer electronics sector also experienced significant growth [11]. Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 332.34 billion yuan, 365.83 billion yuan, and 401.03 billion yuan, representing year-on-year growth rates of 12.05%, 10.08%, and 9.62% respectively [11]. - The net profit forecasts for the same period are 18.75 billion yuan, 26.12 billion yuan, and 30.45 billion yuan, with growth rates of 27.50%, 39.27%, and 16.59% respectively [11].