[Table_Stock] 闻泰科技（600745） 证 券 研 究 报 告 公 司 点 评 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月10日 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号 : | S0870523090001 | | 联系人 : | 陈凯 | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号 : | S0870123070004 | | --- | --- | |-----------------------------|-------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 25.18 | | 12mt ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 09 日收盘价（元） ] | 25.18 | | 52 周股价波动（元） | 24.06-54.20 | | 总股本 / 流通 A 股（百万股） | 1243/1243 | | 总市值 / 流通市值（百万元） | 31294/31294 | | 相关研究 | | | [Table_ReportInfo] 《阶段性压力，期待新项目拓展》 | 2024.06.06 | | 《稳中有进》 2023.11.06 | | 市场表现 [Table_QuoteInfo] 闻泰科技 海通综指 -46.67% -33.67% -20.67% -7.67% 5.33% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |-------------------------- ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-094 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 关于股东部分股权质押及解除质押的公告 本公司董事会、全体董事及相关股东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、股份质押情况 1、本次股份质押基本情况 | | 是否为控 股股东或 | 本次质押 | 是否 | 是否 | | | | 占其所 | 占公司 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | | | | | 持股份 | 总股本 | 融资 | | | 第一大股 | 股数 | 为限 | 补充 | 质押起始日 | 质押到期日 | 质权人 | | | | | 名称 | | | | | | | | 比例 | 比例 | 资金 | | | 东及其一 | （股） | 售股 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.52 CNY [5][7]. Core Insights - In the first half of the year, the company's revenue increased by 15% year-on-year to 33.59 billion CNY, while net profit attributable to shareholders decreased by 89% to 140 million CNY. The net cash flow from operating activities was 2.64 billion CNY [2]. - The semiconductor business showed significant improvement in gross margin in the second quarter, with revenue declining by 8% year-on-year to 7.04 billion CNY and a gross margin of 35.0%. R&D investment was 874 million CNY, and net profit decreased by 22% to 1.08 billion CNY. In Q2, revenue and net profit were 3.62 billion CNY and 560 million CNY, respectively, with a gross margin increase of 7 percentage points to 38.2% [2]. - The automotive semiconductor revenue accounted for nearly 63% of the total in the first half of 2024, a significant increase from 44% in 2021. The company is expanding its power discrete device product portfolio and investing in analog ICs [2]. - The product integration business is expected to improve profitability in Q3, with revenue increasing by 27% year-on-year to 26.12 billion CNY and a gross margin of 2.5%. R&D investment was approximately 1.16 billion CNY, with a net loss of 850 million CNY [2]. Financial Summary - The company's revenue for 2023 is projected at 61.21 billion CNY, with a year-on-year growth of 5%. The net profit attributable to shareholders is expected to be 1.18 billion CNY, a decrease of 19% [4]. - Earnings per share (EPS) for 2024-2026 are forecasted to be 1.09 CNY, 2.01 CNY, and 2.73 CNY, respectively. The average price-to-earnings (PE) ratio for comparable companies in 2024 is estimated at 28 times [3][4]. - The gross margin is expected to be 14.0% in 2024, with a net margin of 2.0% and a return on equity (ROE) of 3.6% [4].

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Wingtech (600745 CH) 1H24 results review: Challenging 1H; looking for recovery in 2H Wingtech 1H24 sales were up 15% YoY to RMB33.6bn, driven by strong ODM sales (up 27% YoY), partially offset by weaker semiconductor sales (down 8% YoY). NP declined 89% YoY to RMB140mn, as GPM deteriorated to 9.5% in 1H24 (vs. 17.6%/14.7% in 1H23/2H23). Semi. GPM showed signs of recovery (up 7.7ppt in 2Q). We expect ODM GPM to improve in 2H24 to ...

公司报告 | 半年报点评 24H1 营收提升，筑牢长期增长基石 事件：2024年 8月 29 日，闻泰科技发布 2024 年半年度报告。据报告披露，闻泰科技在 2024 上半年实现营业收入 335.9亿元，同比增长 15.01%； 归属于母公司的净利润为1.4亿元；归属于上市公司股东的资产371.85 亿元，同比增长0.05%。 点评：2024上半年营业收入稳健增长，为长期增长打下良好基础。2024 年上半年半导体业务盈利能力显著恢复，表现亮眼，该领域 Q2净利润实 现环比增长 60%；产品集成业务聚焦优质客户营收高增，同比增长达到 26.68%。其主要板块状况：1）半导体业务 Q2 盈利能力环比显著恢复， 汽车和工业领域保持领先优势。半导体业务 2024H1 实现营业收入 70.4 亿元，净利润达到 10.8 亿元，净利润Q2环比增长 60%；2024H1 半导体 业务毛利率为 34.95%，Q2 环比增加7 个 pct。其中 2024H1来自汽车领域营收占比 63%，90%的产品都符合车规级标准，所有晶圆厂都通过车 规级认证，足以看出汽车领域保持极强的竞争力。同时为了满足市场对高性能高功率的追求，闻泰科技 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-093 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 重要内容提示: 截至本公告披露日，闻天下科技集团有限公司（以下简称"闻天下"）、张学 政先生及其一致行动人张秋红女士、张丹琳女士合计持有闻泰科技股份有限 公司（以下简称"公司"）股份 191,381,685 股，占公司总股本的 15.40%；其 中，无限售条件流通股 191,381,685 股，占公司总股本的 15.40%。本次部分 股权质押后，闻天下、张学政先生和张秋红女士、张丹琳女士累计质押公司 股份 123,624,000 股，占其合计持有公司股份总数的 64.60%，占公司总股本 的 9.95%。 公司于 2024 年 9 月 3 日收到公司股东通知，获悉其将所持有的部分公司股 份办理了质押，具体情况如下： 一、股份质押情况 | | 是否为控 股股东或 | 本次质押 | 是否 | 是否 | | | | 占其所 持股份 | 占公司 总股本 | 质押 | | --- | --- | --- | - ...

证券代码：600745 证券简称：闻泰科技 公告编号：临 2024-092 转债代码：110081 转债简称：闻泰转债 闻泰科技股份有限公司 二〇二四年九月三日 1 截至本公告日，公司第十一届董事会第二十三次会议决议授权使用可转换 公司债券闲置募集资金购买的投资产品已全部赎回归还至募集资金专户，公司 公开发行可转换公司债券闲置募集资金进行现金管理已使用额度 0 万元。 公司已召开第十一届董事会第四十二次会议、第十一届监事会第二十八次 会议，分别审议通过了《关于继续使用部分闲置募集资金进行现金管理的议案》， 同意公司在不影响募集资金项目建设和募集资金使用的前提下选择适当时机， 使用最高额度不超过人民币 16.50 亿元的闲置募集资金进行现金管理，拟购买的 产品品种为安全性高、流动性好、保本型、低风险的现金管理类产品，使用期限 为自第十一届董事会第四十二次会议审议通过之日起不超过 12 个月，购买的产 品期限不超过 12 个月。具体内容详见公司《关于继续使用部分闲置募集资金进 行现金管理的公告》（公告编号：临 2024-083）。 特此公告。 闻泰科技股份有限公司董事会 关于使用闲置募集资金进行现金管理到期归还并 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-090 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 第十一届董事会第四十四次会议决议公告 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 审议通过《关于不向下修正"闻泰转债"转股价格的议案》 截至 2024 年 9 月 2 日，"闻泰转债"已触发向下修正条款。鉴于"闻泰转 债"距离存续届满期尚远，并综合考虑公司的基本情况、股价走势、市场环境等 多重因素，以及对公司的长期发展潜力与内在价值的信心，为维护全体投资者的 利益，公司董事会决定本次不向下修正转股价格。 详细内容请见公司同日披露的《关于不向下修正"闻泰转债"转股价格的公 告》（公告编号：临 2024-091）。 表决结果：5 票赞成，0 票反对，0 票弃权。 （一）闻泰科技股份有限公司（以下简称"公司"）第十一届董事会第四十 四次会议的召开符合有关法律、行政法规、部门规 ...

Financial Performance - In the first half of 2024, the semiconductor business achieved revenue of 70.4 billion CNY, with a net profit of 10.8 billion CNY, reflecting a year-on-year growth of 36.2% [2] - The gross profit margin in the second quarter increased significantly, surpassing the average level of the second quarter of 2023, with a quarter-on-quarter growth of 5.8% [2] - The net profit for the first and second quarters was 5.2 billion CNY and 5.6 billion CNY, respectively, with a 60% increase after excluding investment income [2] Market Dynamics - The semiconductor business experienced a rapid rebound starting from the second quarter of 2024, attributed to strong market demand and internal efficiency improvements [3] - The automotive sector remains a major revenue source, with 63% of revenue coming from automotive, 21% from industrial and power sectors, and 16% from consumer electronics [4] - The company has successfully expanded its market presence among leading domestic new energy vehicle manufacturers, enhancing product supply and unit value [4] Research and Development - In the first half of 2024, R&D investment in the semiconductor business was 874 million CNY, accounting for 12.36% of revenue, an increase of approximately 1.8 percentage points compared to the same period in 2023 [3] - New product developments include high ASP products in the fields of automotive, AI data centers, and power conversion, with successful mass production of SiC diodes and MOSFETs [3] Inventory and Future Outlook - The automotive market has seen a significant reduction in inventory levels, with expectations for improved semiconductor demand in the second half of the year [4] - The company anticipates a positive outlook for the product integration business, with revenue growth expected in the third quarter due to effective cost control and new project developments [6]