证券研究报告 非金融公司|公司点评|长电科技（600584） 2024 年 Q2 收入创历史第二季度新高 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司发布了 2024 年半年报，2024 年上半年实现营业收入 154.87 亿元，同比增速 27.22%；实 现归母净利润 6.19 亿元，同比增速 24.96%；实现扣非后归母净利润 5.81 亿元，同比增速 53.46%。2024 年上半年受益于手机、IoT 等终端需求触底反弹，公司通讯电子收入同比增长 超过 40.0%，消费电子收入同比增长超过 30.0%，成为公司业绩复苏的主要驱动力。 |分析师及联系人 熊军 王晔 SAC：S0590522040001 SAC：S0590521070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 长电科技(600584) 2024 年 Q2 收入创历史第二季度新高 | --- | --- | |------------|-------------| | 行 业： | 电子/半导体 ...

Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company focuses on high-value applications, with significant revenue growth across various segments in Q2 2024, driven by stable consumer demand, a recovery in the memory market, and growth in AI and high-performance computing sectors [2][3] - The company achieved a revenue of 15.49 billion yuan in H1 2024, a year-on-year increase of 27.2%, and a net profit of 620 million yuan, up 25.0% [2] - The company is expanding its advanced packaging capabilities and enhancing its strategic partnerships to build a more efficient automotive chip ecosystem [3][4] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 8.64 billion yuan, a 36.9% year-on-year increase, and a net profit of 480 million yuan, reflecting a 25.5% year-on-year growth and a 258% quarter-on-quarter increase [2] - The revenue breakdown by application for Q2 2024 shows: Communications Electronics at 41.3%, Consumer Electronics at 27.2%, Computing Electronics at 15.7%, Industrial and Medical Electronics at 7.5%, and Automotive Electronics at 8.3% [2] Market Trends - The global semiconductor market is expected to return to growth in 2024, supported by demand recovery in consumer electronics, communications, and computing sectors [2][4] - The company is leveraging its advanced packaging technologies to cater to key application areas, including AI, automotive, and industrial sectors [3] Strategic Initiatives - The company is increasing its R&D investments and focusing on high-value applications, with significant improvements in capacity utilization and net profit margins [3] - The company is actively pursuing strategic acquisitions to enhance its market share in the storage and computing electronics sectors [3][4] Future Projections - Revenue projections for 2024 to 2026 are estimated at 33.07 billion yuan, 38.30 billion yuan, and 41.31 billion yuan, with growth rates of 11.5%, 15.8%, and 7.9% respectively [6] - The net profit projections for the same period are 2.40 billion yuan, 3.00 billion yuan, and 3.51 billion yuan, with growth rates of 63.4%, 25.1%, and 16.7% respectively [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company, with an updated target price of 50.30 CNY [7][8]. Core Views - The company benefits from downstream market recovery and advanced packaging layout, leading to significant profit improvements. The company is a leader in the domestic packaging and testing industry, with a strong position in various sectors including communication electronics, consumer electronics, and high-performance computing [7][8]. - The report highlights a substantial increase in the company's performance for the first half of 2024, with a revenue of 15.487 billion CNY, representing a year-on-year growth of 27.22%. The net profit attributable to the parent company reached 581 million CNY, a year-on-year increase of 53.46% [8]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to be 38.918 billion CNY in 2024, 48.091 billion CNY in 2025, and 56.407 billion CNY in 2026, reflecting growth rates of 31.2%, 23.6%, and 17.3% respectively [6][11]. - **Net Profit**: The net profit attributable to the parent company is expected to be 2.101 billion CNY in 2024, 3.007 billion CNY in 2025, and 3.975 billion CNY in 2026, with growth rates of 42.9%, 43.1%, and 32.2% respectively [6][11]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.17 CNY in 2024, 1.68 CNY in 2025, and 2.22 CNY in 2026 [6][11]. - **Valuation Metrics**: The report assigns a price-to-earnings (P/E) ratio of 43 times for 2024, leading to the target price of 50.30 CNY based on the company's leading position in the semiconductor packaging and testing sector [8].

证券代码：600584 证券简称：长电科技 公告编号：2024-060 江苏长电科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 2024 年第二次临时股东大会 召开的日期时间：2024 年 9 月 19 日 14 点 00 分 召开地点：江苏长电科技股份有限公司 D3 二楼会议室（江阴市长山路 78 号） (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年9月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 网络投票起止时间：自 2024 年 9 月 19 日 至 2024 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投 ...

根据公司实际经营情况与业务发展需要及 2024 年上半年日常关联交易执行 情况，公司拟在年初预计的 2024 年度日常关联交易金额的基础上增加部分交易 金额。 我们认真审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 司增加 2024 年度日常关联交易事项的背景与内容。 基于独立判断的立场，我们认为： 1、公司本次增加的日常关联交易金额是在 2024 年上半年实际经营情况及日 常关联交易执行情况的基础上进行的合理预计，是公司正常开展生产经营业务所 需，遵循了公平、自愿、合理的交易原则，符合公司和全体股东的利益，不存在 损害股东利益的情形。 八届六次董事会文件 独立意见 江苏长电科技股份有限公司 独立董事关于公司第八届董事会第六次会议相关事项的 独立意见 根据中国证监会《上市公司独立董事管理办法》、《公司章程》和《公司独立 董事工作制度》等法律、法规、规范性文件的有关规定，作为江苏长电科技股份 有限公司（以下简称"公司"）的独立董事，我们审阅了公司提供的相关资料， 认真了解情况，基于客观、独立判断的立场，对公司第八届董事会第六次会议相 关事项发表独立意见如下： 一、关于公司增加 2024 年度日常关联 ...

Financial Performance - The company reported a revenue of 1.2 billion yuan for the first half of 2024, representing a year-on-year increase of 15%[9] - The net profit attributable to shareholders was 200 million yuan, up 10% compared to the same period last year[9] - The company's operating revenue for the first half of 2024 reached ¥15.49 billion, a 27.22% increase compared to ¥12.17 billion in the same period last year[15] - Net profit attributable to shareholders was ¥619.28 million, up 24.96% from ¥495.59 million year-on-year[15] - The net cash flow from operating activities was ¥3.03 billion, reflecting a 25.04% increase from ¥2.42 billion in the previous year[15] - The basic earnings per share increased to ¥0.35, a 25.00% rise from ¥0.28 in the same period last year[16] - The company reported a significant growth in revenue from automotive electronics, with a quarter-on-quarter increase exceeding 50.0%[20] - The company reported a total profit of CNY 701,558,565.58 for the first half of 2024, compared to CNY 545,960,018.55 in the same period of 2023, representing an increase of approximately 28.5%[107] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[9] - New product launches are expected to contribute an additional 300 million yuan in revenue by the end of 2024[9] - The company has outlined a strategic plan to enhance operational efficiency, aiming for a 10% reduction in operational costs by 2025[9] - The company is focusing on market expansion and new product development strategies to sustain growth momentum in the upcoming quarters[105] Research and Development - The company is investing 100 million yuan in R&D for new semiconductor technologies[9] - R&D expenses increased by 22.38% to ¥818,937,030.44 compared to ¥669,175,789.54 in the previous period[35] - The company has established two major R&D centers in China and South Korea, enhancing its engineering capabilities and competitive advantage[29] Operational Efficiency - The company achieved a gross margin of 30%, which is a slight improvement from 28% in the previous year[9] - The company has established eight production bases and two R&D centers across China, South Korea, and Singapore, enhancing its global operational capabilities[19] - The company is committed to investing in high-performance and advanced packaging technologies, particularly in the automotive electronics, industrial electronics, and high-performance computing sectors[51] Environmental Compliance - The company has disclosed its environmental protection measures, including proper disposal of hazardous waste and compliance with semiconductor industry pollutant discharge standards[58] - The company’s wastewater and exhaust emissions are treated to meet the relevant environmental standards, ensuring compliance with regulations[58] - The company has implemented emergency response plans for environmental incidents, ensuring compliance with national guidelines and conducting annual training for employees[68] Financial Position - Total assets at the end of the reporting period were ¥45.97 billion, a 7.96% increase from ¥42.58 billion at the end of the previous year[15] - The company’s net assets attributable to shareholders increased to ¥26.55 billion, reflecting a 1.84% growth from ¥26.07 billion at the end of the previous year[15] - The total liabilities of the company are approximately RMB 1.79 billion, reflecting a manageable debt level[116] Shareholder Information - The company has not proposed any profit distribution or capital reserve transfer for the reporting period, maintaining a distribution of zero shares and zero dividends per 10 shares[55] - The company has allocated RMB 178.94 million for profit distribution, indicating a focus on returning value to shareholders[115] - The total number of shares issued by the company as of June 30, 2024, is 1,789,414,570 shares[122] Risks and Challenges - The company faces market risks due to the cyclical nature of the semiconductor industry, which may be affected by global economic downturns and changes in international trade policies[50] - The company faces significant operational risks due to international trade tensions, with overseas revenue accounting for a large proportion of its main business income[51] - The semiconductor packaging and testing industry in China is experiencing intensified competition, potentially leading to a decline in average prices and profit margins[51] Investment and Acquisitions - The company completed the acquisition of 80% of Shengdie Semiconductor, enhancing its market share in the storage and computing electronics sectors[31] - The company has invested a total of RMB 2.1 billion in the acquisition of 80% equity in Shengdie Semiconductor, with all funds deposited in a special account for fundraising[42] Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[125] - The financial report is prepared based on the assumption of going concern, indicating the company’s ability to continue its operations[124] - The company’s financial statements are presented in RMB, with all amounts stated in yuan[128]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-058 本次增加的日常关联交易无需提交股东大会审议。 江苏长电科技股份有限公司 关于增加 2024 年度日常关联交易的公告 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： 本次增加的日常关联交易均按照公平、公正、自愿、诚信的原则进行， 不会对公司的独立性产生影响，不会对关联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、公司第八届董事会第六次会议于 2024 年 8 月 22 日召开，会议应到董事 8 名，实到董事 8 名。会议逐项审议通过了《关于公司增加 2024 年度日常关联 交易事项的议案》：关于增加 2024 年度与长电集成电路（绍兴）有限公司的日常 关联交易，关联董事郑力先生回避表决，其余董事一致表决通过；关于增加 2024 年度与宁波施捷电子有限公司的日常关联交易，关联董事石瑛女士回避表决，其 余董事一致表决通过；关于增加 2024 年度与中芯国际集成电路制造（天津）有 限公司的日常关联交易，关联董事高 ...

证券代码：600584 证券简称：长电科技 公告编号：2024-054 江苏长电科技股份有限公司 关于公司控制权拟发生变更的进展公告 二、进展情况 2024 年 8 月 2 日，华润（集团）有限公司（以下简称"华润集团"）再次召开 董事会审议通过本次交易方案。 根据磐石香港与大基金、芯电半导体于 2024 年 3 月 26 日签订的《股份转让 协议》，大基金、芯电半导体将标的股份转让给磐石香港或其关联方，同时约定 磐石香港可将其《股份转让协议》项下的任何权利、利益或义务转让给其关联方。 经华润集团与大基金、芯电半导体协商一致，磐石香港指定其全资子公司磐石润 企（深圳）信息管理有限公司（以下简称"磐石润企"）受让大基金与芯电半导体 持有的标的股份，承继磐石香港在《股份转让协议》项下的所有权利、利益及义 务。 2024 年 8 月 22 日，大基金、芯电半导体分别与磐石香港及磐石润企签订了 《磐石香港有限公司、磐石润企（深圳）信息管理有限公司与国家集成电路产业 投资基金股份有限公司关于江苏长电科技股份有限公司之股份转让协议的补充 协议》和《磐石香港有限公司、磐石润企（深圳）信息管理有限公司与芯电半导 体（上海）有 ...

江苏长电科技股份有限公司 关于全资子公司完成注册资本变更登记 并换发营业执照的公告 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。 一、注册资本变更登记事由 证券代码：600584 证券简称：长电科技 公告编号：临 2024-053 江苏长电科技股份有限公司（以下简称"公司"）第八届董事会第六次临时 会议审议通过了《关于变更、延期部分募集资金投资项目的议案》、《关于对全资 子公司长电科技管理有限公司增资的议案》；以及 2023 年年度股东大会审议通过 了《关于变更、延期部分募集资金投资项目的议案》，同意公司以募集资金人民 币 21 亿元和自筹资金人民币 24 亿元向长电科技管理有限公司（以下简称"长电 管理"）增资人民币 45 亿元，主要用于对长电科技汽车电子（上海）有限公司增 资及收购晟碟半导体（上海）有限公司 80%股权。具体内容详见公司于 2024 年 3 月 18 日、2024 年 5 月 17 日在上海证券交易所网站 www.sse.com.cn 上披露的相 关公告。 本次增资完成后，长电管理注册资本从人民币 10 ...

江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 3 月 4 日召开的 第八届董事会第五次临时会议，审议通过了《关于公司全资子公司长电科技管理 有限公司收购晟碟半导体（上海）有限公司 80%股权的议案》，同意长电科技管 理有限公司（以下简称"收购方"或"长电管理公司"）以现金方式收购 SANDISK CHINA LIMITED（以下简称"出售方"）持有的晟碟半导体（上海）有限公司 （以下简称"标的公司"）80%的股权，交易对价以北京亚太联华资产评估有限 公司出具的"亚评报字（2024）第 45 号"评估报告为依据，由交易双方协商确 定。经交易双方充分沟通协商交易对价约 62,400 万美元（最终价格将根据交割 前后的现金、负债和净营运资金等情况进行惯常的交割调整）。本次交易完成后， 收购方持有标的公司 80%股权，出售方持有标的公司 20%股权。具体内容详见公 司于 2024 年 3 月 5 日披露的《江苏长电科技股份有限公司关于全资子公司长电 科技管理有限公司收购晟碟半导体（上海）有限公司 80%股权的公告》（临 2024- 015）。 证券代码：600584 证券简称：长电科技 公告编号：临 ...