华泰联合证券有限责任公司 关于闻泰科技股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为闻泰科技股份有限公司（以下简称"上市公司"、"公司"或者"闻泰科技"） 公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》 《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（2022 年修订）》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关法规规定，就闻泰科技使用部分闲置募集资金 暂时补充流动资金的事项进行了认真、审慎的核查，并发表了核查意见，具体情 况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于核准 闻泰科技股份有限公司公开发行可转换公司债券的批复》（证监许可[2021]2338 号）核准，公司公开发行可转换公司债券募集资金总额为人民币 8,600,000,000.00 元，每张面值为人民币 100 元，发行数量为 8,600 万张，期限 6 年，扣除各项发 行费用人民币 33,417,590.51（ ...

证券代码：600745 证券简称：闻泰科技 公告编号：临 2024-127 转债代码：110081 转债简称：闻泰转债 闻泰科技股份有限公司 关于归还募集资金并继续使用部分闲置募集资金暂时 补充流动资金的公告 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。 重要内容提示： 闻泰科技股份有限公司（以下简称"公司"、"闻泰科技"）于 2024 年 11 月 15 日召开第十一届董事会第五十次会议、第十一届监事会第三十二次会议，分别审 议通过了《关于归还募集资金并继续使用部分闲置募集资金暂时补充流动资金的 议案》，同意公司使用不超过 5 亿元闲置募集资金暂时用于补充流动资金，使用 期限自公司董事会审议通过之日起不超过 12 个月，具体情况如下： 一、募集资金基本情况 （一）基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于核准闻 泰科技股份有限公司公开发行可转换公司债券的批复》（证监许可[2021]2338 号） 核准，公司公开发行可转换公司债券募集资金总额为人民币 8,600,000,000.00 元， 每张 ...

| | | 闻泰科技股份有限公司 关于担保实施进展的公告 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。 重要内容提示： ● 被担保人：闻泰科技股份有限公司（以下简称"公司"或"闻泰科技"） 全资子公司闻泰通讯股份有限公司（以下简称"闻泰通讯"）、闻泰科技（深圳） 有限公司（以下简称"深圳闻泰"）、昆明闻讯实业有限公司（以下简称"昆明闻 讯"）、嘉兴永瑞电子科技有限公司（以下简称"嘉兴永瑞"）。 ● 本次担保金额及已实际为其提供的担保余额：2024 年 10 月公司为上述 被担保人提供的担保金额为 15 亿元，已实际为上述被担保人提供的担保余额为 147.5845 亿元。 ● 本次担保是否有反担保：无 ● 对外担保逾期的累计数量：无 ● 特别风险提示：2024 年担保预计已履行股东大会审议程序，预计范围内 存在对资产负债率超过 70%的子公司提供担保的情形，敬请投资者注意投资风 险。 2024 年 10 月，在年度预计担保额度范围内担保实施情况如下： | 担保 | 被担保方 | 已审议 担保额 | 协议签署 | 本次担保 | ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-123 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 股东集中竞价减持股份结果公告 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、集中竞价减持主体减持前基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | | | | 无锡国联集成电路 投资中心（有限合 | 5% 以上非 第一大股 | 121,555,915 | 9.78% | 发行股份购买资产取 | | | | | | 得：121,555,915 股 | | 伙） | 东 | | | | 上述减持主体无一致行动人。 1 大股东持股的基本情况：本次减持计划实施前，闻泰科技股份有限公司 （以下简称"公司"）持股 5%以上股东无锡国联集成电路投资中心 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company reported a revenue of 53.161 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 19.70%. However, the net profit attributable to shareholders was 415 million yuan, a significant decline of 80.26% year-over-year [4]. - In the third quarter of 2024, the company achieved a revenue of 19.571 billion yuan, up 28.71% year-over-year, and a net profit of 274 million yuan, which marked a recovery from losses in the previous quarter [4]. - The semiconductor business showed resilience, with a revenue of 3.832 billion yuan in Q3 2024, a quarter-over-quarter increase of 5.86%, and a gross margin of 40.5%, reflecting improvements in profitability [5]. - The product integration segment reported a revenue of 15.730 billion yuan in Q3 2024, a year-over-year increase of 45.58%, indicating a strong recovery and reduced losses [6]. - The company is expected to benefit from a dual-driven growth model of ODM and semiconductor businesses, with projected earnings per share (EPS) of 0.87, 1.88, and 2.44 yuan for 2024, 2025, and 2026 respectively [7]. Financial Performance Summary - For 2023, the company is projected to achieve a total revenue of 61.213 billion yuan, with a year-over-year growth of 5.4%. The net profit is expected to be 1.181 billion yuan, down 19.0% year-over-year [8]. - The gross margin is forecasted to decline to 14.9% in 2024, with a gradual recovery to 17.5% by 2026 [10]. - The company’s net asset return rate is expected to decrease to 2.9% in 2024, with a recovery to 7.1% by 2026 [10]. Market Comparison - The company’s EPS for 2024 is estimated at 0.87 yuan, with a price-to-earnings (P/E) ratio of 50.9, indicating a valuation that is higher than some comparable companies in the sector [9]. - The average P/E ratio for comparable companies is significantly lower, suggesting that the company may be overvalued relative to its peers [9].

Group 1: Semiconductor Business Strategy - The semiconductor business revenue increased from over $1 billion to over $2 billion since the acquisition in 2021, driven by stable products and market structure in medium and low voltage power devices [1]. - The company is expanding its product line from low voltage to high voltage and from power to analog products, with successful mass production of GaN, SiC, and IGBT high voltage products [1]. - Future growth in the semiconductor business is expected to come from higher ASP products, potentially leading to several times increase in revenue [1]. Group 2: Automotive Semiconductor Market - Approximately 60% of the semiconductor business revenue comes from the automotive sector, with nearly 100 new automotive semiconductor products introduced each year [1]. - The company has seen rapid growth in domestic market share, while maintaining a steady increase in overseas sales [2]. - The trend of increasing semiconductor usage in electric vehicles remains unchanged, contributing to revenue growth [2]. Group 3: Product Integration Business - The product integration business experienced a significant reduction in losses, narrowing to under $150 million in Q3 2024, compared to a loss of nearly $300 million in Q2 2024 [2]. - The company is optimistic about returning to profitability in this segment through improved management and cost reduction efforts [2]. Group 4: Convertible Bond Strategy - The company adjusted the conversion price of its convertible bonds to optimize its capital structure and benefit both stock and bond investors [2]. - Management is confident in the company's clear business logic and future development direction, aiming to promote the conversion of convertible bonds [2]. Group 5: Capacity Expansion and Cost Optimization - The semiconductor business maintains a global layout with wafer fabs in Germany and the UK, and packaging/testing facilities in China, Malaysia, and the Philippines [2]. - The company is upgrading its production capacity, including converting some 6-inch lines to 8-inch and automating processes to enhance efficiency [2]. - The new wafer fab under construction is expected to significantly contribute to local production capacity and technology upgrades [2].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **安泰科技 (Antai Technology)** and **安世半导体 (Anshi Semiconductor)**, focusing on their performance in the **semiconductor** and **automotive** industries. Key Points and Arguments Antai Technology's ODM Business - Antai Technology's ODM business saw a reduction in losses in Q3 2023 due to improvements in supply chain issues, increased sales prices, and decreased supply chain costs. The company expects this trend to continue, aiming to surpass competitors in revenue and gross profit, regaining its industry leader status [2][3][12]. Anshi Semiconductor's Market Position - Anshi Semiconductor maintains a diverse product line with over **10,000 products** and **20,000 customers**, allowing it to perform steadily amid market fluctuations. The company is optimistic about the automotive semiconductor market, anticipating rapid growth in semiconductor usage and average selling prices (ASP) per vehicle, with growth rates nearing **100%** [2][4][5]. Global Automotive Market Outlook - Global automotive sales are expected to remain between **80 million and 100 million** units annually. Even with slight reductions in volume, the number of semiconductors used per vehicle is increasing, indicating a sustained demand for semiconductors [2][5][17]. Collaboration with OEMs - Antai Technology employs a full investment product strategy, closely collaborating with OEM customers, particularly in the autonomous driving sector, which enhances product offerings and creates business synergies [2][6]. Growth in China's Automotive Market - The rapid growth of the Chinese automotive market significantly boosts the semiconductor business. Antai Technology aims for a target of **$10 billion** in traditional semiconductor business, currently at **$2 billion** [2][7]. Production Capacity and Future Plans - The Lingang factory has achieved a monthly production of **20,000** 12-inch wafers, with plans to reach **30,000** wafers per month next year. The factory aims to integrate new products on a large scale, striving to become the industry leader in performance and cost [2][8]. Financial Strategies - Antai Technology plans to adjust the convertible bond price due to a significant decline in market value, hoping to encourage investors to convert their bonds and restore value [2][9]. North American Market Investments - Investments in North American major customers have posed challenges but are expected to lead to a balanced revenue stream in the near term. The company is optimistic about the North American market's future [2][10]. New Product Pricing and Management Improvements - New product introductions have led to price increases due to higher initial customer demands and improved internal management, enhancing overall profitability [2][11]. Future Profitability Expectations - Antai Technology is confident about turning profitable in Q4 2023, with significant reductions in losses in Q3 and ongoing management improvements [2][12]. Competitive Positioning - Anshi Semiconductor has faced challenges in expanding its customer base and product lines but is optimistic about regaining its market position through strategic adjustments [2][13]. Long-term Growth Goals - Anshi Semiconductor aims to achieve **$10 billion** in revenue by **2030**, with a focus on launching high-margin new products to drive growth [2][14][19]. Production and Supply Chain Strategies - Anshi Semiconductor is enhancing production efficiency and expanding capacity, including upgrading to **12-inch wafer production** to improve competitiveness [2][23]. Market Demand and Inventory Status - The automotive supply chain is experiencing historically low inventory levels, which may change due to geopolitical factors. However, no significant price increases are expected for existing products, while new products may command higher prices due to technological advancements [2][21]. Response to Supply Chain Disruptions - Anshi Semiconductor is prepared to handle potential supply chain disruptions and price increases, leveraging past experiences to maintain revenue and profit levels [2][22]. Future Development Strategies - Anshi Semiconductor will focus on improving production efficiency, reducing costs, and expanding capacity to support business growth, while also preparing for potential uncertainties in the supply chain [2][23]. Market Value and Future Expectations - Antai Technology's market value is currently undervalued, with expectations of significant growth in its ODM and semiconductor businesses as they enter a new growth cycle [2][26][27].

财联社11月12日讯（编辑 张良 实习编辑 孙芃芃）在并购重组的背景下，闻泰科技(600745.SH)的整体盈 利状况和股东减持动作引发关注。今年以来，闻泰科技的营收呈逐季上升趋势，Q3单季度营收逼近200 亿，创下历史同期新高。其可转债涨势良好，截至11月11日收盘，"闻泰转债"每张报价121.64元，较8 月26日盘中创下的年内低点78.875元，已累计上涨54%。 然而，公司面临的股东减持计划引发股价波动，而其后续盈利能力也是市场的担忧点。 公开资料显示，闻泰科技是集研发设计和生产制造于一体的半导体、产品集成企业，主要为全球客户提 供半导体功率器件、模拟芯片的研发设计、晶圆制造和封装测试；手机、平板、笔电、AIoT、汽车电 子等终端产品研发制造服务。 财务报告显示，二季度公司半导体业务实现净利润5.6亿元，三季度净利润升至6.66亿元。但二季度产品 集成业务净亏损5亿元，三季度净亏损收窄至3.57亿元。总的来看，第三季度归属于上市公司股东的净 利润2.74亿元，相较第二季度由亏损转为盈利，改善明显。 三季度盈利改善带动公司转债价格上涨，截至11月11日收盘，"闻泰转债"每张报价121.64元，较8月26 ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's semiconductor and product integration businesses are expected to rebound after a period of low performance, with profitability improving significantly [1] - The automotive semiconductor cycle is bottoming out, and the company's semiconductor business is poised for growth, especially in the domestic automotive market [1] - The product integration business is expected to turn profitable through strategic focus on high-value customers and cost control measures [1] Business Overview - The company is a global leader in semiconductor and product integration, with a strong presence in both IDM (Integrated Device Manufacturing) and ODM (Original Design Manufacturing) models [15] - The semiconductor business, through its subsidiary Nexperia, is a global leader in automotive semiconductors, with a diverse product portfolio and strong relationships with major automotive OEMs and Tier 1 suppliers [1][15] - The product integration business has been under pressure due to weak demand and high investment, but strategic focus and cost control measures are expected to improve profitability [1][15] Semiconductor Business - The global power semiconductor market is expected to grow, with China being the largest consumer, accounting for 40% of the global market [1][38] - Nexperia, the company's semiconductor arm, is a global leader in power semiconductors, with a strong presence in the automotive sector and a diverse product portfolio [1][15] - The company is investing in high-performance products such as IGBT, SiC, and GaN, which are expected to drive future growth [1][15] Product Integration Business - The product integration business has been under pressure due to weak demand and high investment, but strategic focus on high-value customers and cost control measures are expected to improve profitability [1][15] - The company is focusing on high ASP (Average Selling Price) products and has successfully launched new projects with major customers, including AI PCs and mobile devices [1][15] - Cost control measures and operational efficiency improvements have led to a significant reduction in losses, with the business expected to turn profitable in the near future [1][15] Financial Projections - The company's revenue is expected to grow from 71 233 million in 2024E to 86 396 million in 2026E, with a CAGR of 8 8% [2] - Net profit is expected to grow significantly, from 865 million in 2024E to 4 005 million in 2026E, driven by improvements in both semiconductor and product integration businesses [2] - The company's EPS is expected to increase from 0 70 in 2024E to 3 22 in 2026E, reflecting strong growth in profitability [2] Valuation and Target Price - The company is valued at 30x PE for 2025, with a target price of 77 4 RMB, reflecting its strong market position and asset quality [1][7] - The current price is 45 44 RMB, indicating significant upside potential [3]

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-122 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 关于向下修正"闻泰转债"转股价格暨转股停复牌的公告 重要内容提示： 因"闻泰转债"按照向下修正条款调整转股价格,本公司的相关证券停复牌情况如 下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 110081 | 闻泰转债 | 可转债转股停牌 | 2024/1 | 全天 | 2024/11/11 | 2024/11/12 | | | | | 1/11 | | | | 一、可转债上市发行情况 经中国证券监督管理委员会《关于核准闻泰科技股份有限公司公开发行可转 换公司债券的批复》（证监许可[2021]2338 号）核准，公司于 2021 年 7 月 28 日公 开发行 8,600 万张可转换公司债券， ...