摘要/ 交出筹码后 周末最火的消息应该是手机等商品的关税豁免！ 美国海关与边境保护局（CBP）于周五深夜更新了关于特朗普总统根据总统令 14257号及其修正案（EO 14259）实施的互惠关税中的商品排除指南。 此次豁 免范围涵盖大量电子产品，包括智能手机、笔记本电脑及相关组件。 随后白宫发布声明，自2025年4月5日东部夏令时间凌晨12:01起，依据总统令 14257号及其后续命令，对被豁免的进口商品（即被归类为"半导体"的商品）所 征收的关税，将依据CBP退税标准程序予以退还。 从两种口径大致估算下，豁免产品规模约在1000亿美元左右。 | | 本轮清单豁免产品出口规模测算 | | | | | --- | --- | --- | --- | --- | | 代码 | 产品 | 2024对美出口金 | 占中国对美出 | 占中国 | | | | 额(亿美元) | ロ比重(%) | 比重 | | 8471 | 自动数据处理设备(如计算机、服务器) | 412.2 | 7.9 | | | 8473.30 | 打印设备零件及附件 | 44.4 | 0.8 | | | 8486 | 半导体制造设备零件(如晶圆传输装置 ...

Group 1 - The core viewpoint of the news highlights the performance of the semiconductor sector, particularly the rise of the SMIC concept stock, which increased by 3.86%, ranking fifth among concept sectors [1] - In the semiconductor sector, 66 stocks rose, with notable performers including Kaide Quartz, Jianghua Micro, and Hualing Co., which reached their daily limit up [1][2] - The automotive chip concept led the market with a 6.04% increase, while genetically modified stocks saw a decline of 5.96% [2] Group 2 - The SMIC concept sector attracted a net inflow of 1.53 billion yuan, with 45 stocks receiving net inflows, and six stocks exceeding 100 million yuan in net inflows [2] - SMIC itself saw a net inflow of 253 million yuan, leading the sector, followed by Weir Shares and Allwinner Technology with net inflows of 236 million yuan and 171 million yuan, respectively [2][3] - Jianghua Micro, Zhongke Feicai, and Chip Union Integration had the highest net inflow ratios at 19.74%, 17.84%, and 12.25% respectively [3] Group 3 - The trading volume and turnover rates for various stocks in the SMIC concept were highlighted, with Jianghua Micro showing a turnover rate of 10.72% and a significant net inflow [3][4] - Other notable stocks included Weir Shares with a turnover rate of 2.06% and a net inflow ratio of 7.39%, and Allwinner Technology with a turnover rate of 13.99% and a net inflow ratio of 4.85% [3][4] - The overall market sentiment in the semiconductor sector appears positive, with several stocks experiencing significant gains and attracting substantial capital inflows [1][2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6][8]. Core Insights - The company achieved a record high revenue of 35.96 billion yuan in 2024, representing a year-on-year growth of 21.2%. The net profit attributable to shareholders was 1.61 billion yuan, up 9.5% year-on-year, with a non-GAAP net profit of 1.55 billion yuan, increasing by 17.4% [2][5]. - For Q1 2025, the company anticipates a net profit of approximately 200 million yuan, reflecting a year-on-year growth of around 50% [2][5]. - The company is focusing on advanced packaging technology and high-value applications, particularly in automotive electronics, high-performance computing, storage, and 5G communications, which is expected to further optimize its business structure [3][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.96 billion yuan, a 21.2% increase from the previous year. The net profit for the same year was 1.61 billion yuan, marking a 9.5% increase. The Q4 2024 net profit reached 534 million yuan, showing a significant year-on-year increase of 295.56% and a quarter-on-quarter growth of 16.85% [2][5]. - The company forecasts a net profit of 200 million yuan for Q1 2025, which, despite a seasonal decline, represents a 50% increase compared to the same period last year [5]. Industry Context - The global semiconductor industry is experiencing a recovery, with a projected sales increase of 19.1% in 2024, reaching 627.6 billion USD. The company, as a leading player in the packaging and testing sector, is capitalizing on this trend by focusing on key application markets such as communications, consumer electronics, computing, and automotive electronics [5][6].

证券代码：600584 证券简称：长电科技 公告编号：临2025-006 江苏长电科技股份有限公司 2024年，公司继续坚持以国际化、专业化经营，实现高质量发展的经营方向，持续聚焦先端技术和重点 应用市场与客户，深耕通讯、消费、运算和汽车电子四大核心应用领域，通过优化产品结构、提升产能 利用率、加强成本控制等措施，保持了盈利能力的稳定，预计全年实现营业收入人民币359.6亿元，同 比增长21.2%，归属于上市公司股东的净利润人民币16.1亿元，同比增长9.5%；归属于上市公司股东的 扣除非经常性损益的净利润人民币15.5亿元，同比增长17.4%。 三、2025年第一季度主要经营情况 2024年度业绩快报及2025年第一季度主要经营情况公告 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。 特别提示：本公告所载2024年度及2025年第一季度主要财务数据均为初步核算数据，未经会计师事务所 审计，最终数据以江苏长电科技股份有限公司（以下简称"公司"）正式披露的2024年年度报告、2025年 第一季度报告为准，请投资者注意投资风险。 ...

单位：人民币亿元 | 项目 | 2024 年 | 2023 年 | 增减变动幅度（％） | | --- | --- | --- | --- | | | （未经审计） | （经审计） | | | 营业总收入 | 359.6 | 296.6 | 21.2 | | 营业利润 | 16.5 | 15.2 | 8.6 | | 利润总额 | 16.5 | 15.2 | 8.6 | | 归属于上市公司股东的 净利润 | 16.1 | 14.7 | 9.5 | | 归属于上市公司股东的 扣除非经常性损益的净 | 15.5 | 13.2 | 17.4 | | 利润 | | | | | 基本每股收益（元） | 0.9 | 0.8 | 12.5 | | 加权平均净资产收益率 | 6.0 | 5.8 | 增加 个百分点 0.2 | | | 年末 2024 （未经审计） | 年末 2023 （经审计） | 增减变动幅度（％） | | 总 资 产 | 540.6 | 425.8 | 27.0 | | 归属于上市公司股东的 所有者权益 | 276.2 | 260.7 | 5.9 | | 股 本 | 17.9 | 17.9 | / | | ...

长电科技(600584.SH)发布2024年度业绩快报及2025年第一季度主要经营情况，2024年实现营业总收入 359.6亿元，同比增长21.2%，归母 净利润16.1亿元，同比增长9.5%。2025年第一季度预计实现归母净利 润2.00亿元左右，同比增长50%左右。 ...

Investment Rating - Maintain recommendation for the semiconductor and semiconductor production equipment industry [6] Core Insights - The semiconductor sector is under pressure due to the U.S. imposing additional tariffs, particularly affecting the AI chip market, with a total tariff rate of 54% on imports from China [2][11] - The semiconductor market is projected to see a significant revenue increase of approximately 25% in 2024, reaching $683 billion, driven by strong demand for AI-related chips [3][33] - The performance of various semiconductor indices has been declining, with notable drops in AI chip indices and related companies [2][11] Market Indices Summary - The overseas AI chip index fell by 13.6% this week, while the domestic AI chip index decreased by 1.6%, with major companies like SMIC and Changdian Technology seeing declines over 4% [2][11] - The NVIDIA mapping index dropped by 5.0%, influenced by NVIDIA's stock decline, affecting the entire supply chain [2][14] - The server ODM index decreased by 3.0%, with Supermicro experiencing a nearly 13% drop, while Quanta saw a rise of nearly 22% [2][14] - The storage chip index fell by 2.6%, with companies like Shannon Microelectronics and Dongxin Technology dropping over 6% [2][14] - The power semiconductor index saw a minor decline of 0.5%, with the domestic fruit chain index down by 8.6% and the Hong Kong fruit chain index down by 9.6% [2][22] Industry Data Summary - NVIDIA is set to launch several new data center products, with the GB200 NVL72 cabinet already in production and future models planned for 2026 and 2027 [3][27] - The monthly shipment of laptops in February 2025 saw only a 7% increase month-on-month, reflecting a year-on-year decline compared to February 2024 [3][30] - The semiconductor market is expected to achieve record revenues in 2024, largely due to the demand for high-bandwidth memory (HBM) used in AI GPUs, which is projected to grow at a rate of 74% [3][33] Major Events Summary - Lens Technology submitted an application for issuing H shares, not exceeding 7% of the total share capital post-issue [4][38] - Huawei reported a revenue of 862.1 billion yuan for 2024, a year-on-year increase of 22.42%, while net profit decreased by 28.05% [4][40] - AAC Technologies achieved a revenue of 27.33 billion yuan in 2024, a 33.8% increase year-on-year, with a gross margin improvement [4][41] - OFILM reported a revenue of 20.437 billion yuan for 2024, up 21.19% year-on-year, but net profit decreased by 24.09% [4][42] - Meta is set to launch a new smart glasses product priced over $1,000, expected to debut by the end of the year [4][42]

Group 1 - The Tonghuashun Fruit Index concept fell by 6.26%, ranking among the top declines in the concept sector, with stocks like Dongshan Precision, GoerTek, and Pengding Holdings hitting the daily limit down [1][2] - Major outflows of capital from the Tonghuashun Fruit Index concept amounted to 5.13 billion yuan, with 18 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 1.11 billion yuan, followed by GoerTek, Changying Precision, and Dongshan Precision with net outflows of 1.05 billion yuan, 494 million yuan, and 460 million yuan respectively [2] Group 2 - The top gainers in the concept sector included the China-Korea Free Trade Zone, which rose by 5.66%, while the AI PC concept fell by 3.53% [2] - Among the stocks with significant capital inflows, Zhongshi Technology and Lante Optics saw net inflows of 51.18 million yuan and 22.30 million yuan respectively [2] - The performance of the A50 ETF, which tracks the MSCI China A50 Connect Index, showed a decline of 2.15% over the past five days, with a net outflow of 4.36 million yuan [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is a leader in the packaging and testing industry, achieving a historical high in revenue and demonstrating significant profit elasticity [20]. - The company has a comprehensive layout in AI computing, storage, and automotive sectors, with stable mass production of its XDFOI technology [3][11]. - The advanced packaging market is expected to grow significantly, with the company positioned to benefit from this trend [2][38]. Summary by Sections 1. Company Overview - The company ranks among the top three globally in revenue within the packaging and testing industry, with a strong international presence [11]. - Established in 1972, the company has expanded its production and R&D capabilities across China, South Korea, and Singapore [12]. 2. Financial Performance - For the first three quarters of 2024, the company reported revenue of 24.98 billion yuan, a year-on-year increase of 22.3%, with a record single-quarter revenue of 9.49 billion yuan in Q3 2024 [20]. - The net profit attributable to shareholders for the same period was 1.08 billion yuan, reflecting a 10.5% year-on-year increase [20]. 3. Industry Trends - The global packaging and testing market is projected to grow from approximately 81.5 billion USD in 2022 to 96.1 billion USD by 2026, driven by advancements in automotive electronics, AI, and data centers [2][30]. - The advanced packaging segment is expected to exceed 50% of the market share by 2026, with significant growth in 2.5D and 3D packaging technologies [38]. 4. Future Outlook - The company plans to invest 8.5 billion yuan in capital expenditures by 2025 to enhance its advanced packaging capacity [3]. - Revenue projections for 2024, 2025, and 2026 are estimated at 34.2 billion yuan, 40.2 billion yuan, and 46.2 billion yuan, respectively, with corresponding net profits of 1.6 billion yuan, 2.2 billion yuan, and 3.1 billion yuan [3].

Investment Rating - The report indicates a positive investment outlook for the domestic computing power industry, driven by the surge in AI applications and infrastructure investments from major cloud service providers [3]. Core Insights - The demand for AI applications is expected to lead to significant growth in the domestic computing power industry, with major investments from cloud service providers like Alibaba, ByteDance, and Tencent [3][12]. - Advances in semiconductor manufacturing processes are reshaping the global semiconductor landscape, with China making notable progress in advanced processes [3][27]. - AI-enabled devices are anticipated to proliferate across various sectors, including smartphones, PCs, wearables, and IoT devices, with a focus on enhancing user experience through AI integration [3][48]. Summary by Sections Infrastructure: Cloud Providers Leading Domestic Computing Power Breakthrough - Major cloud providers are expected to drive a resurgence in capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [12]. - The AIDC hardware spending is projected to benefit from increased demand for computing chips and storage solutions, particularly in the context of AI infrastructure [13]. Advanced Manufacturing: Multi-Dimensional Breakthroughs in Advanced Processes - China has achieved an 8% market share in advanced semiconductor processes as of 2023, with local foundries like SMIC and HHGrace making strides in narrowing the technology gap [27]. - The report highlights the importance of advanced packaging technologies such as CoWoS and SoIC, which are being industrialized in China [37]. Intelligent Terminals: A Blooming Era for Edge AI - The report forecasts that by 2025, the global market for GenAI smartphones will reach approximately 420 million units, representing a year-on-year growth of 82.7% [48]. - Apple is expected to lead in smart edge devices, with significant investments in IoT and wearable technology, enhancing AI capabilities across its product lines [50]. Key Investment Targets - The report identifies several key companies across various sectors, including: - Infrastructure: Lanqi Technology, Demingli, and Jiewate [3]. - Advanced Manufacturing: SMIC, Huahong, and Changdian Technology [3]. - Edge AI/SoC: Xiaomi Group, Lenovo Group, and Rockchip [3]. - Autonomous Driving: Horizon Robotics and Weir Shares [3].