证券代码：600584 证券简称：长电科技 公告编号：临 2024-036 江苏长电科技股份有限公司 第八届董事会第七次临时会议决议公告 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、董事会会议召开情况 江苏长电科技股份有限公司（以下简称"公司"）第八届董事会第七次临时 会议于 2024 年 4 月 17 日以通讯方式发出通知，于 2024 年 4 月 24 日以通讯表决 方式召开，本次会议表决截止时间为 2024 年 4 月 24 日下午 2 时。会议应参加表 决的董事 9 人，实际表决的董事 9 人。会议的召集和召开符合《公司法》和《公 司章程》。 二、董事会会议审议情况 本次会议表决通过了相关的议案，形成决议如下： （一）审议通过了《江苏长电科技股份有限公司 2024 年第一季度报告》（详 见上海证券交易所网站 www.sse.com.cn《江苏长电科技股份有限公司 2024 年第 一季度报告》） 公司 2024 年第一季度报告中的财务信息及财务报告已经董事会审计委员会 事先审核。 表决结果：9 票同意，0 票反对 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,842,026,206.64, representing a year-on-year increase of 16.75%[3] - The net profit attributable to shareholders for the same period was CNY 135,226,452.63, up 23.01% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 91.33% to CNY 107,701,759.54[3] - Basic and diluted earnings per share both increased by 33.33% to CNY 0.08[3] - Total operating revenue for Q1 2024 reached ¥6,842,026,206.64, an increase of 16.7% compared to ¥5,860,195,186.42 in Q1 2023[23] - Net profit for Q1 2024 was ¥133,767,279.46, representing a 21.7% increase from ¥109,928,612.98 in Q1 2023[25] - The company reported a gross profit margin of approximately 2.3% for Q1 2024, compared to 1.5% in Q1 2023[24] - The company's equity attributable to shareholders increased to ¥26,220,673,339.58 in Q1 2024, up from ¥26,065,635,116.80 in Q1 2023[21] - The company reported a comprehensive income total of ¥146,218,555.12 for Q1 2024, compared to a loss of ¥20,892,717.04 in Q1 2023[25] Cash Flow - The net cash flow from operating activities was CNY 1,372,653,089.02, reflecting an increase of 11.26% year-on-year[3] - In Q1 2024, the cash inflow from operating activities was approximately ¥8.02 billion, an increase of 12.5% compared to ¥7.13 billion in Q1 2023[28] - The net cash flow from operating activities for Q1 2024 was ¥1.37 billion, up from ¥1.23 billion in Q1 2023, reflecting a growth of 11.3%[28] - Cash inflow from investment activities totaled approximately ¥4.27 billion in Q1 2024, compared to ¥3.97 billion in Q1 2023, marking a 7.3% increase[29] - The net cash flow from investment activities was negative at ¥366.98 million in Q1 2024, a decline from a positive ¥350.96 million in Q1 2023[29] - Cash inflow from financing activities reached ¥3.05 billion in Q1 2024, significantly higher than ¥346.60 million in Q1 2023[29] - The net cash flow from financing activities was ¥1.64 billion in Q1 2024, a turnaround from a negative cash flow of ¥723.79 million in Q1 2023[29] - The total cash and cash equivalents at the end of Q1 2024 stood at approximately ¥9.98 billion, up from ¥3.31 billion at the end of Q1 2023, representing a growth of 201.5%[29] Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 44,110,269,709.75, a 3.60% increase from the end of the previous year[4] - The total current assets reached ¥19,173,800,884.52, up from ¥17,619,071,288.55, indicating an increase of about 8.8%[19] - The company’s long-term equity investments decreased to ¥677,354,035.28 from ¥694,779,780.69, a decline of about 2.5%[19] - The company’s fixed assets decreased to ¥18,563,098,696.57 from ¥18,744,196,607.40, a reduction of about 1.0%[19] - Total liabilities for Q1 2024 were ¥17,040,516,390.69, compared to ¥16,428,297,566.20 in Q1 2023[21] Shareholder Information - The top two shareholders are the National Integrated Circuit Industry Investment Fund and Chip Electric Semiconductor (Shanghai) Co., Ltd., with holdings of 13.24% and 12.79% respectively[7] - The total number of ordinary shareholders at the end of the reporting period was 286,346[6] - The company’s major shareholders, including the National Integrated Circuit Industry Investment Fund, are undergoing a change in control with significant share transfers[16] Investments and Acquisitions - The company acquired 80% equity in Shengdie Semiconductor (Shanghai) Co., Ltd. for approximately $62.4 million, with the final price subject to customary adjustments[11] - The company plans to change the investment direction of ¥2,100,000,000 from a project to the acquisition of Shengdie Semiconductor[13] Expenses - Research and development expenses increased to ¥380,993,841.09 in Q1 2024, up 23.3% from ¥308,746,841.24 in Q1 2023[24] - The cash outflow for purchasing goods and services was approximately ¥5.18 billion in Q1 2024, up from ¥4.38 billion in Q1 2023, reflecting a rise of 18.2%[28] - The cash outflow for employee payments was approximately ¥1.19 billion in Q1 2024, slightly down from ¥1.19 billion in Q1 2023, showing a marginal decrease of 0.01%[28]

中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于江苏长电科技股份有限公司 注销 2022 年股票期权激励计划部分股票期权相关事项的 法律意见书 致：江苏长电科技股份有限公司： 君合律师事务所上海分所（以下简称"本所"）为具有从事法律业务资格的 律师事务所分所。本所接受江苏长电科技股份有限公司（以下简称"公司"或 "长电科技"）的委托，委派本所律师以特聘法律顾问的身份，就公司注销 2022 年股票期权激励计划（以下简称"本次激励计划"）部分股票期权（以下简称"本 次注销"）相关事宜出具本法律意见书。 本法律意见书系根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委 员会（以下简称"中国证监会"）颁布的《上市公司股权激励管理办法》（以下 简称"《管理办法》"）等在本法律意见书出具日以前中国（仅为出具本法律意 见书之目的，不包括香港特别行政区、澳门特别行政区和 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.9 CNY [2][3]. Core Views - The company's performance has shown continuous improvement on a quarterly basis, with a focus on high-quality development and sustainable profitability. The revenue for 2023 was 29.661 billion CNY, a year-on-year decrease of 12.15%, while the net profit attributable to the parent company was 1.471 billion CNY, down 54.48% year-on-year [2][3]. - The company is optimizing its business structure and expanding into high-growth product areas such as HPC, Chiplet, and automotive electronics, which is expected to enhance its long-term growth potential [3]. - The customer base is increasingly diversified, with over 70% of revenue coming from outside mainland China, benefiting from domestic substitution opportunities. The revenue distribution across application areas in 2023 was 43.9% for communications, 25.2% for consumer electronics, 14.2% for computing, 8.8% for industrial and medical, and 7.9% for automotive, indicating a strategic shift towards high-value markets [3]. Financial Summary - For 2023, the total revenue was 29.661 billion CNY, with a year-on-year growth rate of -12.1%. The net profit attributable to the parent company was 1.471 billion CNY, with a year-on-year growth rate of -54.5% [4]. - The earnings per share (EPS) for 2023 was 0.82 CNY, with projected EPS of 1.17 CNY for 2024, 1.73 CNY for 2025, and 2.24 CNY for 2026 [4]. - The company is expected to see a recovery in net profit, with forecasts adjusted to 2.1 billion CNY for 2024 and 3.087 billion CNY for 2025, reflecting a year-on-year growth of 42.8% and 47.0% respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 38.81 CNY per share based on a 30x PE for 2024 [5][3]. Core Insights - The company's revenue for 2023 was approximately 29.661 billion CNY, a year-over-year decrease of 12.15%. The net profit attributable to shareholders was 1.471 billion CNY, down 54.48% year-over-year. The gross margin was 13.65%, a decline of 3.38 percentage points, and the net margin was 4.96%, down 4.61 percentage points. In Q4 2023, revenue rebounded to 9.231 billion CNY, a year-over-year increase of 2.75% and a quarter-over-quarter increase of 11.8% [2][3]. - The company is actively responding to market changes by enhancing its innovation-driven development model, optimizing its business structure, and focusing on high-performance advanced packaging product upgrades. This has led to a gradual recovery in operational performance [2][3]. - The high-performance advanced packaging business is progressing steadily, with the XDFOI® Chiplet series entering stable mass production. The company is positioned as a leader in domestic storage testing and packaging, with capabilities in various storage chip products, including 16-layer NAND flash stacking and hybrid stacking technologies [2]. Financial Summary - For 2023, the company reported a revenue of 29.661 billion CNY, with a projected revenue growth of 14.4% in 2024, reaching approximately 33.934 billion CNY. The net profit is expected to recover to 2.315 billion CNY in 2024, reflecting a growth rate of 57.4% [4][3]. - The EBITDA for 2023 was 5.222 billion CNY, with projections of 5.694 billion CNY for 2024, indicating a recovery trend in profitability [4][3]. - The report highlights a significant drop in net profit margin from 9.2% in 2022 to 5.6% in 2023, with expectations of gradual improvement in the coming years [10].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨长电科技（ ） 600584.SH [东Ta风b徐le_来T，itl巨e]龙展翼——长电科技 2023 年年报 点评 报告要点 [2T0a2b4le年_S4um月m1a8ry日] ，长电科技公告《江苏长电科技股份有限公司2023年年度报告》，2023年 公司实现营业收入296.61亿元，同比-12.15%，实现归母净利润14.71亿元，同比-54.48%。 ...

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 ...