[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 | --- | --- | --- | --- | |-------------------------- ...

半导体业务二季度毛利率环比大幅改善 买入 （维持） 核心观点 ⚫ 上半年，公司营收同比增加 15%至 335.9 亿元，归母净利润同比下降 89%至 1.4 亿 元，经营活动产生的净现金流为 26.4 亿元。 ⚫ 半导体业务二季度毛利率环比大幅改善：24H1 营收同降 8%至 70.4 亿元，毛利率 35.0%，研发投入 8.74 亿元，净利润同降 22%至 10.8 亿元。2Q 单季营收和净利润 分别为 36.2 和 5.6 亿元，环比均改善，毛利率环增 7 pct 至 38.2%。汽车半导体营 收 24H1 占比近 63%，较 21 年的 44%大幅提升。公司扩充功率分立器件产品组 合，覆盖低压和高压 MOSFET、IGBT、硅整流器、SiC 整流器和 FET、GaN 等； 公司投入模拟 IC 领域，覆盖电压转换器、I2C、负载开关、栅极驱动器、Ideal 二极 管、DC/DC 转换器、PMIC 等产品。安世在 6 月宣布计划投资 2 亿美元研发 SiC 和 GaN 等宽禁带半导体，高压 D-Mode GaN 晶体管和 SiC 二极管生产线已投产，将建 200 毫米 SiC MOSFET 和低压 GaN ...

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 ...

编号：2024-08-001 证券代码：600745 证券简称：闻泰科技 闻泰科技股份有限公司 2024 年 8 月投资者关系活动记录表 | --- | --- | --- | --- | |----------------|------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------| | | | | | | 投资者关系活动 | □ | 特定对象调研 □分析师会议 □媒体采访 | √业绩说明会 | | 类别 | □ | | 新闻发布会 □路演活动 □现场参观 □电话会议 | | 参与单位及人员 | 详情请见附件 | | | | 时间 | ...

闻泰科技股份有限公司 2024 年 8 月投资者关系活动记录表 编号：2024-08-001 | --- | --- | --- | --- | --- | |--------------------|----------------------------------------------------------|--------------------------------------------|--------------------|--------------------------------------------------------------------------| | 证券代码： | 600745 \n□ 特定对象调研 | □ 分析师会议 | □ 媒体采访 | 证券简称：闻泰科技 \n√ 业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 □ | 路演活动 □ | 现场参观 | □ 电话会议 | | 参与单位及人员 | 详情请见附件 | | | | | 时间 | 2024 年 8 月 28 日 | 20:00 | | | | 地点 | 线上电话会议 | | | | | ...

Financial Performance - Revenue for the first half of 2024 reached RMB 25.0 billion, representing a year-over-year growth of 15%[1] - Net profit attributable to shareholders increased by 20% year-over-year to RMB 2.5 billion[1] - The company's gross margin improved to 25%, up from 23% in the same period last year[1] - Revenue for the first half of 2024 increased by 15.01% year-on-year to RMB 33.59 billion[13] - Net profit attributable to shareholders of the listed company decreased by 88.78% year-on-year to RMB 140.42 million[13] - Basic earnings per share decreased by 89.11% year-on-year to RMB 0.11[14] - Weighted average return on equity decreased by 2.96 percentage points year-on-year to 0.38%[15] - Non-recurring gains and losses amounted to RMB 268.83 million, including RMB 178.79 million from fair value changes of financial assets and liabilities[17][18] - Revenue for the first half of 2024 reached 33.59 billion yuan, a year-on-year increase of 15.01%[49] - Net profit attributable to shareholders was 140 million yuan, a year-on-year decrease of 88.78%[49] - Total operating revenue for the first half of 2024 reached RMB 33.59 billion, a 15% increase compared to RMB 29.21 billion in the same period of 2023[189] - Operating costs for the first half of 2024 were RMB 30.41 billion, up 26.4% from RMB 24.06 billion in the first half of 2023[189] - R&D expenses for the first half of 2024 decreased to RMB 1.47 billion, down 9% from RMB 1.62 billion in the same period of 2023[190] - Net profit attributable to the parent company's shareholders for the first half of 2024 was RMB 140.42 million, a significant drop from RMB 1.25 billion in the first half of 2023[191] - Basic earnings per share for the first half of 2024 were RMB 0.11, compared to RMB 1.01 in the same period of 2023[191] - Total comprehensive income for the first half of 2024 was RMB 168.25 million, down 89.7% from RMB 1.63 billion in the first half of 2023[191] - Investment income for the first half of 2024 increased significantly to RMB 193.94 million, compared to RMB 17.94 million in the same period of 2023[190] - Sales expenses for the first half of 2024 increased slightly to RMB 440.31 million, up 2% from RMB 431.76 million in the first half of 2023[190] - Management expenses for the first half of 2024 decreased to RMB 904.59 million, down 18.9% from RMB 1.11 billion in the same period of 2023[190] - Financial expenses for the first half of 2024 increased to RMB 156.23 million, up 45% from RMB 107.71 million in the first half of 2023[190] - Net profit for the period was -198,686,894.05 RMB, a decrease from -175,750,849.13 RMB in the previous year[194] R&D and Innovation - R&D expenditure for the first half of 2024 totaled RMB 1.2 billion, accounting for 4.8% of total revenue[1] - The company plans to invest RMB 3.0 billion in the development of SiC and GaN technologies over the next three years[8] - The company continues to invest in R&D for high-ASP semiconductor products, focusing on MOSFET, IGBT, GaN, SiC, and analog ICs[31] - The company's semiconductor R&D focuses on power devices (MOSFET, IGBT, SiC, GaN) and analog ICs (voltage converters, PMIC, etc.), with continuous investment in advanced technologies[34] - R&D investment in semiconductor business reached 874 million yuan in H1 2024, focusing on high-power discrete devices (IGBT, SiC, GaN), analog ICs, and power management ICs[55] - New product launches include LCD bias power ICs, CFP3-HP automotive Schottky diodes, and 650V SiC diodes for EV applications[56] - NextPowerS3 40V MOSFET optimization provides improved EMC performance and efficiency, suitable for switch converters and motor controllers[56] - Announced $200 million investment in next-gen wide bandgap semiconductor (WBG) products, including SiC and GaN, with first production lines operational in June[57] - GaN FET applications expanded to include EV fast charging, data center converters, and industrial power systems[58] - SiC FET products target EV charging infrastructure, PV inverters, and motor drives[58] - IGBT product line focuses on EV applications including onboard chargers, compressors, and PTC heaters[60] - MOSFET product portfolio expanded with NextPower 80/100V and 1200V SiC MOSFETs, offering industry-leading RDSon temperature stability[56] Market Expansion and Business Segments - The company's semiconductor business, Nexperia, contributed 60% of total revenue, with a growth rate of 18% year-over-year[6] - The AIoT segment saw a 30% increase in revenue, driven by strong demand for smart devices[6] - Market expansion efforts in Europe and North America resulted in a 25% increase in overseas sales[6] - The company completed the acquisition of a key semiconductor supplier, enhancing its supply chain resilience[6] - Future guidance projects a 10-15% revenue growth for the full year 2024, with a focus on innovation and market penetration[1] - The company's semiconductor business focuses on the R&D and manufacturing of semiconductors and new electronic components[20] - The product integration business focuses on the R&D and manufacturing of smart terminal products[20] - The company provides R&D and manufacturing services for global mainstream brands, including smartphones, tablets, laptops, and automotive electronics[20] - 63% of the company's semiconductor business revenue in the first half of 2024 came from the automotive sector, up from 62.8% in 2023 and 50% in 2022[32] - The company has over 25,000 semiconductor customers globally, including more than 130 blue-chip companies[35] - Overseas customers accounted for 75.71% of the company's product integration business revenue during the reporting period[43] - The company's semiconductor business has passed AEC-Q100 and AEC-Q101 automotive certification tests and uses PPB (Part Per Billion) as its defect rate standard, significantly lower than the industry's CPM (Complaints Per Million) standard[38] - AI servers require approximately 4 times more power than traditional cloud computing servers, creating new opportunities for the company's power semiconductor products[36] - The company operates wafer fabrication plants in Hamburg, Germany and Manchester, UK, and packaging/testing facilities in Dongguan, China, Cabuyao, Philippines, and Seremban, Malaysia[34] - The company has established a vertically integrated manufacturing system for mobile devices, including mold, injection molding, spraying, CNC, anodizing, and structural component manufacturing capabilities[44] - The company's product integration business has expanded from mobile phones to tablets, laptops, AIoT, home appliances, and automotive electronics, serving major global brands[40] - The company's manufacturing facilities have undergone continuous intelligent transformation, focusing on new materials, processes, technologies, and automation equipment to improve efficiency and quality[44] - Revenue from the automotive sector accounted for 63.00% of semiconductor business revenue[52] - Revenue from the industrial and power sector accounted for 21.08% of semiconductor business revenue[52] - Revenue from the mobile and wearable devices sector accounted for 7.35% of semiconductor business revenue[52] - Revenue from the computer equipment sector accounted for 5.21% of semiconductor business revenue[52] - Revenue from the consumer sector accounted for 3.36% of semiconductor business revenue[52] - The company's AI PC project with a specific North American customer has achieved mass production and shipment[45] - Semiconductor business revenue breakdown for H1 2024: Transistors (including ESD/TVS) accounted for 44.31% (with protection devices at 10.97%), MOSFETs at 37.83%, and Analog & Logic ICs at 15.55%[55] - Product integration business achieved revenue of 26.12 billion yuan in the first half of 2024, a year-on-year increase of 26.68%, with a gross margin of 2.49% and a net loss of 850 million yuan[62] - Revenue from product integration business in Q1 and Q2 2024 was 12.42 billion yuan and 13.7 billion yuan respectively, with net losses of 350 million yuan (including 110 million yuan in convertible bond financial expenses) and 500 million yuan (including 110 million yuan in convertible bond financial expenses)[62] - R&D investment in product integration business for the first half of 2024 was approximately 1.158 billion yuan[66] - The company's AI PC, produced in collaboration with a specific North American customer, began global sales in early 2024 and saw rapid growth in Q2[64] - The company achieved stable mass production of rear screen products for leading new energy vehicle manufacturers[64] - The company successfully expanded into multiple projects in the hair dryer and straightener segments, achieving incremental growth and profitability in Q2[65] Global Industry Trends - Global semiconductor industry sales reached $149.9 billion in Q2 2024, up 18.3% YoY and 6.5% QoQ, with June sales hitting $50 billion, a 22.9% YoY increase[21] - Global NEV sales in Q2 2024 reached 3.769 million units, up 24.2% YoY and 32.62% QoQ, with China's NEV penetration rate rising to 38.9% in H1 2024[22] - China's renewable energy installed capacity increased by 24% YoY in H1 2024, reaching 134 million kW, accounting for 88% of new power installations[23] - Global AI PC shipments reached 8.8 million units in Q2 2024, accounting for 14% of total PC shipments[24] - Global smartphone shipments grew 7.66% YoY in H1 2024 to 575 million units, with China's smartphone sales up 4% YoY[25] - Global PC shipments increased 3% YoY in Q2 2024 to 64.9 million units, with Apple's shipments growing 20.8% YoY[26] - Global tablet shipments rose 18% YoY in Q2 2024 to 35.9 million units, with Xiaomi's shipments growing 106% QoQ[27] - Penetration rates of large screens in vehicles reached 41.35% for dashboards, 93.67% for center consoles, and 9.8% for co-pilot screens as of May 2024[28] - Global hairdryer market is projected to grow from $8.886 billion in 2024 to $11.614 billion by 2029, driven by premium product demand[29] Environmental and Social Responsibility - Nexperia has implemented a Social Responsibility (SR) management system, with environmental management certified under ISO 14001[103] - Nexperia aims to reduce Scope 1 and Scope 2 greenhouse gas emissions to zero by 2035, with a global GHG emissions roadmap approved in 2023[105] - Nexperia has established a process to ensure materials do not contain harmful substances exceeding specific limits, based on restricted substance lists for products and packaging[103] - The company has implemented energy-saving measures such as LED lighting, heat recovery systems, and advanced VOC treatment to reduce emissions[108] - Nexperia is a member of the Responsible Minerals Initiative and updates its Conflict Minerals Reporting Template (CMRT) regularly[103] - The company has improved wastewater treatment processes to achieve zero discharge and reduced unorganized emissions through VOC collection and treatment[108] - Nexperia has upgraded equipment and adopted advanced RTO processes to further reduce exhaust emissions[109] - The company has established a "Common Prosperity Workshop" to provide employment opportunities and skills training in remote and impoverished areas such as Sichuan and Gansu, contributing to regional economic development and rural revitalization[110] - The company donated funds to the Kunming Red Cross through the "Boai Kunming Wintek Education Support Project" to help students from impoverished families continue their education[110] - The company provided disaster relief support through donations in response to natural disasters in Meizhou City[110] Corporate Governance and Commitments - The company's controlling shareholders and actual controllers have consistently fulfilled their commitments to avoid同业竞争 and关联交易 since 2016[111][112] - The company's controlling shareholders and actual controllers have maintained the independence of the listed company in terms of personnel, assets, finance, organization, and business since 2016[115] - The company's controlling shareholders and actual controllers have committed to not engaging in any business that competes with the company or its subsidiaries, and to prioritize the company's interests in any potential competitive business opportunities[116] - The company will minimize and avoid related-party transactions with independent third parties, ensuring fair and reasonable pricing based on market principles or cost-plus-profit methods[117] - The company commits to not using unfair conditions to transfer benefits to other entities or individuals, and to restrict personal consumption activities to protect company interests[119] - The company will not engage in any investment or consumption activities unrelated to its duties using company assets[119] - The company will link executive compensation and future equity incentive plans to the execution of measures to fill diluted returns[119] - The company will not transfer shares obtained from the restructuring for 12 months post-issuance, with adjustments made according to regulatory opinions[120] - The company will avoid related-party transactions and ensure any necessary transactions are conducted fairly, transparently, and in compliance with regulations[122] - The company will not engage in any business activities that compete with its main operations and will prioritize the company's interests in any potential competitive opportunities[123] - The company will lock shares obtained from the acquisition for 12 to 36 months, depending on the duration of asset ownership, and adjust according to regulatory opinions[124] - The company will take measures to avoid related-party transactions and ensure any necessary transactions are conducted fairly and transparently[125] - The company commits to avoiding any form of competition with its subsidiaries and will not engage in any business activities that directly or indirectly compete with its subsidiaries[127][133][134] - The company pledges to prevent any illegal use of funds or assets of the listed company and will bear full legal responsibility for any violations[126][130][132] - The company will not transfer shares acquired through the acquisition for 12 months if the assets used for the share subscription have been held for 12 months, or for 36 months if held for less than 12 months[128][131] - The company will ensure that any unavoidable related-party transactions are conducted fairly, transparently, and in compliance with relevant laws and regulations[126][130][132] - The company will prioritize its subsidiaries in any business opportunities that may compete with its core business and will take measures to avoid such competition[127][133][134] - The company will not support any third parties in engaging in business activities that compete with its subsidiaries[127][133] - The company will adjust its share lock-up period commitments in accordance with the latest regulatory opinions from securities regulatory authorities[128][131] - The company will not transfer shares involved in any legal or regulatory investigations until the conclusion of such investigations[128][131] - The company will not provide proprietary technology or commercial secrets to any entities that compete with its subsidiaries[134] - The company will compensate for any losses caused to its subsidiaries due to violations of the above commitments[127][133][134] - The company will avoid and reduce related-party transactions with independent third parties, ensuring fair market pricing and compliance with regulations[135] - The company commits to not interfere with management activities or infringe on the company's interests, and will bear legal responsibility for any violations[136] - The company pledges to not transfer benefits unfairly, constrain personal consumption, or misuse company assets, linking executive compensation to return-filling measures[137] - The company plans to issue convertible bonds and commits to not interfere with management or infringe on company interests, with legal responsibility for violations[138] - The company's actual controller commits to not interfere with management or infringe on company interests, with legal responsibility for violations[139] - Directors and senior executives commit to not transfer benefits unfairly, constrain personal consumption, or misuse company assets, linking compensation to return-filling measures[140] - The company will not invest in new financial businesses or use funds from convertible bonds for such purposes, and will complete the transfer or cancellation of related businesses within 6 months[141] - The company has the right to request the transfer of a 12-inch wafer manufacturing project or related company equity, with priority under equal conditions[142] Financial Structure and Guarantees - The company's total guarantee amount (including guarantees for subsidiaries) is 9.003 billion RMB, accounting for 24.21% of the company's net assets[148] - The company's total guarantee amount for subsidiaries is 9.003 billion RMB, with a guarantee balance of 9.003 billion RMB at the end of the reporting period[148] - The company's total guarantee amount for subsidiaries decreased by 1.078 billion RMB during the reporting period[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% is 6.944 billion RMB[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% accounts for 69.44% of the total guarantee amount[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% is 6.944 billion RMB[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% accounts for 69.44% of the total guarantee amount[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% is 6.944 billion RMB[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% accounts for 69.44% of the total guarantee amount[148] - The company's total guarantee amount for subsidiaries with a debt-to-asset ratio exceeding 70% is 6.944 billion RMB[148] - The total investment in various projects amounts to 14.367 billion yuan, with 10.891 billion yuan already invested, representing a

就有些客户的价格会从7月份开始执行新的涨价测试那这样的话就会帮助我们去能够扭转现在的一个亏损的局面所以的话呢根据我们现在的话呢6月份这个亏损的一个收窄的一个情况来讲的话呢那包括公司呢也在持续的去谈原材料的一些降等那包括很多原材料我们也看到了基本上 已经稳住了所以的话公司也是比较有信心就是在公司管理层是非常有信心的在第三个季度实现业务层面的一个亏损的扭转的局面 继续长期进行业务那半导体业务的话呢大家看到其实Q1的话呢应该是说我们是最难的一个季度当然一般来讲Q1也是一个淡季啊那就是受这个春节影响国内的一些技术的影响那也是个淡季那Q2的话呢其实我们也从我们的一个情况来看已经得到了一个快速的恢复了那尤其是毛利率在Q2的话呢恢复的也比较快那主要的原因也是因为我们在降本啊分校方面其实是采取了很多动作 那我们现在来看的话呢Q3也是有望持续的那从这个未来来看的话呢公司呢半导体业务也是仍将去继续保持这种车规的优势那去维持海外这种客户同时我们也在积极的去开拓国内的新能源的一些汽车客户那包括呢大家之前看到我们发这个新闻啊我们去投入研发开发一些新的产品一些高压模块产品那这样子继续保持我们长期的增长的一个动力 那这就是我们今年上半年的 ...

闻泰科技20240709_1_导读 2024年07月10日 00:04 关键词 半导体 消费电子 汽车半导体 营收增长 毛利率 降本增效 市场需求 客户结构 营收 利润 亏损 盈亏平衡 Q2 Q1 环比 满负荷 三代芯片 资本开支 碳化硅 投资计划 全文摘要 公司即将实施新的涨价措施应对亏损，预期在第三季度扭亏为盈。半导体业务在第二季度迅速恢复，特 别是毛利率得到显著提升，助力利润改善。公司计划继续在半导体领域维持市场地位，并积极进军国内 新能源汽车市场。未来对半导体业务持乐观态度，预见到需求将持续改善。会议上重点讨论了临港工厂 的产能优化和产品结构调整，目标扩展至IDBT和模拟产品等领域，产能预计达每月约3万片。公司半导 体业务在第二季度实现了营收和毛利率的增长，主要受益于全球半导体需求的恢复。预计第三季半导体 行业将继续增长，全年有望实现增长。公司成功量产两款产品，并获得第四代芯片项目，预计三季将实 现盈利。面对市场竞争，公司专注于成本控制和效率提升，同时也关注国际市场动态和竞争态势，致力 于提高产品设计和技术革新，以保持竞争优势。 章节速览 ● 00:00 企业预期扭亏为盈，半导体业务快速恢复 公司将实 ...