Investment Rating - The investment rating for the company is maintained at "Buy" with a rating of A [1][2]. Core Insights - The company achieved record high revenue in Q4 2023, with a year-on-year growth of over 60% in automotive-related business. The total revenue for 2023 was 29.66 billion yuan, with a net profit attributable to shareholders of 1.47 billion yuan [1]. - The company continues to innovate in high-performance advanced packaging, with over two-thirds of its revenue coming from this area in 2023. The automotive electronics business saw a 68% year-on-year revenue increase [1][2]. - The company is focusing on key application areas such as high-performance computing, communications, and automotive electronics, with R&D investment reaching 1.44 billion yuan in 2023, a 9.7% increase year-on-year [1][2]. Financial Performance - The company's revenue and net profit are expected to grow in the coming years, with projected revenues of 33.07 billion yuan, 38.30 billion yuan, and 41.31 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 11.5%, 15.8%, and 7.9% [2][3]. - The net profit attributable to shareholders is projected to be 2.40 billion yuan, 3.00 billion yuan, and 3.51 billion yuan for the same years, with growth rates of 63.4%, 25.1%, and 16.8% respectively [2][3]. - The company's gross margin is expected to improve from 13.7% in 2023 to 16.6% by 2026, indicating a positive trend in profitability [3]. Market Position and Strategy - The company is enhancing its capabilities in providing comprehensive solutions for application scenarios and is actively building production capacity in high-end communications, industrial electronics, and third-generation semiconductors [1][2]. - The company is also developing a flagship factory for automotive-grade chip manufacturing in Shanghai, which is expected to accelerate its growth in the automotive electronics sector [1][2]. - The introduction of the XDFOI™ product series is anticipated to meet the growing demand for advanced packaging in markets such as computing, storage, and automotive [2].

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 ...

江苏长电科技股份有限公司（以下简称"公司"）聘请安永华明会计师事务所（特 殊普通合伙）（以下简称"安永华明"）作为公司 2023 年度财务报表审计和内控审计机 构。根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国 有企业、上市公司选聘会计师事务所管理办法》等规定和要求，公司对安永华明在 202 3 年度审计工作的履职情况进行了评估。具体情况如下： 一、资质条件 安永华明于 1992 年 9 月成立，注册地址为北京市东城区东长安街 1 号东方广场安 永大楼 17 层 01-12 室。截至 2023 年末拥有合伙人 245 人，首席合伙人为毛鞍宁先生， 拥有执业注册会计师近 1,800 人，其中拥有证券相关业务服务经验的执业注册会计师超 过 1,500 人，注册会计师中签署过证券服务业务审计报告的注册会计师近 500 人。 安永华明 2022 年度业务总收入人民币 59.06 亿元，其中，审计业务收入人民币 5 6.69 亿元（含证券业务收入人民币 24.97 亿元）。2022 年度 A 股上市公司年报审计客户 共计 138 家，收费总额人民币 9.01 亿元。安永华明所提供服务的上市 ...

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].

证券代码：600584 证券简称：长电科技 公告编号：临 2024-031 江苏长电科技股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 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"、"长电科技"）根据《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求》、《上海证券交易 所上市公司自律监管指引第1号——规范运作》等有关规定，将公司2023年度募集资 金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）募集资金数额及到位情况 截至2023年12月31日，本公司已累计使用募集资金252,579.08万元，募集资金余 额为255,133.08万元（包括暂时补充流动资金余额100,000.00万元、现金管理150,000.00 万元以及利息收入等）。 二、募集资金存放与管理情况 为规范募集资金管理，提高募集资金使用效率，公司按照《上市公司监管指引第 2号——上市公司募集资金管理和使用的监管要求》、《上海证券交易所股票上市规 则》、《上海证券交易所 ...

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： 本次会计政策变更是江苏长电科技股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）的相关规定进行的合理变更， 无需公司董事会、监事会和股东大会审议，不会对公司本期的财务状况、经营 成果和现金流量产生重大影响。 一、会计政策变更情况概述 本次会计政策变更是公司根据财政部于 2022 年颁布的《企业会计准则解释 第 16 号》（以下简称"解释 16 号"）以及 2023 年颁布的《企业会计准则解释第 17 号》（以下简称"解释 17 号"），对公司现行的部分会计政策进行的合理变更， 无需公司董事会、监事会和股东大会审议。 二、 本次会计政策变更的具体情况 证券简称：长电科技 证券代码：600584 公告编号：临 2024-032 江苏长电科技股份有限公司 关于公司会计政策变更的公告 （三）变更后采取的会计政策 （一）本次会计政策变更原因及变更日期 财政部 2022 年 11 月 30 日颁布了解释 16 号，本解释"关于单项交易产生的 资产 ...