丨证券研究报告丨 公司研究丨点评报告丨亚翔集成（603929.SH） [Table_Title] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 报告要点 [Table_Summary] 亚翔系统集成科技（苏州）股份有限公司新加坡分公司于近日收到 VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为 VisionPower Semiconductor Manufacturing Company Pte.Ltd.的 MEP 工程承包单位。中标金额约为人民币 31.63 亿元。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 亚翔集成（603929.SH） cjzqdt11111 [Table_Title2] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 公司研究丨点评报告 [T ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company has secured a significant order worth approximately RMB 3.163 billion for the VSMC Singapore wafer fab MEP (Mechanical, Electrical, and Plumbing) project, with a total of RMB 3.793 billion in orders accumulated from the VSMC project [2][10] - The company is a leading player in semiconductor plant system integration engineering, benefiting from the growing demand for semiconductor expansion in China and Southeast Asia [2][13] - The establishment of a wholly-owned subsidiary in Singapore aims to accelerate the company's layout in the Southeast Asian market, which is expected to drive continuous growth in performance [2][16] Summary by Sections Company Orders and Projects - The company announced the receipt of a major order from VSMC for the Singapore wafer fab project, with an expected completion date in September 2027 [2][10] - The company has previously secured a contract worth RMB 630 million for the VSMC facility system project, indicating a strong pipeline of projects [2][10] Market Dynamics - The semiconductor supply chain is shifting towards "short-chain" localization due to geopolitical uncertainties, with Southeast Asia emerging as a key region for semiconductor capacity construction [4] - The Southeast Asian semiconductor market is projected to grow from approximately USD 27 billion in 2020 to around USD 41.1 billion by 2028 [4] Financial Projections - The profit forecast for the company has been raised for 2025-2027, with expected net profits of RMB 478 million, RMB 637 million, and RMB 732 million respectively, reflecting a positive growth trajectory [3][19] - The earnings per share (EPS) estimates have also been adjusted to RMB 2.24, RMB 2.98, and RMB 3.43 for the same period [3][19] Strategic Positioning - The company is leveraging its parent company’s customer resources to accelerate its overseas market expansion, particularly in major projects [9] - The successful execution of the UMC Singapore project is expected to contribute significantly to the company's revenue and profit in 2025 [9][10]

每经记者 程雅 每经编辑 梁枭 4月1日晚，亚翔集成（SH603929，股价32.59元，市值69.53亿元）披露，公司新加坡分公司（以下简称 亚翔新加坡分公司）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.（以下简称 VSMC）发来的订单，确认亚翔新加坡分公司成为VSMC的MEP工程承包单位。 资料显示，VSMC是世界先进积体电路股份有限公司与恩智浦半导体在新加坡共同成立的合资公司。 此次，亚翔集成新加坡分公司中标的项目名称为"VSMC FACILITY SYSTEM"，中标金额约31.63亿元， 预计工期到2027年9月。VSMC首座晶圆厂将采用130nm至40nm的技术，生产混合信号、电源管理和模 拟产品，支持汽车、工业、消费性电子及移动装置等市场的需求。新厂自2027年开始量产，预估2029年 总产能达到单月5.5万片。中标项目为该厂的MEP工程，包括机械空调、电力、给排水、消防、自控、 广播、安保监控等。 亚翔集成表示，项目的顺利实施将有助于提高公司在海外工程的业务承接能力，为公司后续国际工程项 目的开拓和合作提供更多的国际 ...

一、业主信息 VisionPower Semiconductor Manufacturing Company Pte. Ltd. （VSMC） 为世界先进积体电路股份有限公司与恩智浦半导体（NXP Semiconductors N.V.）在新加坡共同成立的合资公司。 二、中标项目概况 1、项目名称：VSMC FACILITY SYSTEM 亚翔系统集成科技（苏州）股份有限公司 关于分公司重大项目中标的公告 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个 别及连带责任。 亚翔系统集成科技（苏州）股份有限公司新加坡分公司（以下简称"亚 翔新加坡分公司"）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为VisionPower Semiconductor Manufacturing Company Pte.Ltd.的MEP工程承包单位。现将 相关情况公告如下： 证券代码：603929 证券简称：亚翔集成 公告编号：2025-014 特 ...

Suspension and Resumption of Trading - Tianyang New Materials' controlling shareholder is planning a change in control, leading to stock suspension [1] - Taihe Water's controlling shareholder and actual controller are planning a significant matter involving the transfer of part or all of the company's shares, resulting in stock suspension [1] - Hunan Development intends to purchase 90% equity of Tongwan Hydropower held by Xiangtou Energy, with stock resuming trading tomorrow [1] Private Placement - Huali Chuantong plans to raise no more than 450 million yuan through a private placement for projects related to radiation-resistant modules, multi-mode satellite communication SOC chips, and global multi-mode navigation systems [2] Share Transfer and Buyback - XGIMI Technology's shareholder intends to transfer 1.75 million shares, accounting for 2% of the total shares [3] - Zhongheng Group plans to repurchase shares worth between 300 million to 500 million yuan [4] External Investment and Daily Operations - Fengcai Technology intends to invest 28 million yuan to acquire 9.06% of Huake Zhixin [5] - Hongjing Technology signed a 312 million yuan contract for computing power services with China Mobile Ningxia [6] - Yaxiang Integration's Singapore branch plans to bid for a project worth approximately 3.163 billion yuan [7] - Shenglong Co., Ltd. received a notification for the development of flying cars, with an expected total sales amount of 120 million yuan over five years [8] - Huadong Medicine's wholly-owned subsidiary received acceptance notice for the marketing authorization application of Semaglutide injection [9] - Guyue Longshan has raised prices on some products [10] - Chengdi Xiangjiang's wholly-owned subsidiary received a formal contract for a data center project from China Telecom Shanghai, valued at 616 million yuan [10] - Deyue Co., Ltd. plans to invest no more than 2.127 billion yuan to build a production line with an annual capacity of 16 GWh [10] - Ankai Micro released a low-power intelligent vision chip [11] Performance Changes - Xianggang Technology expects a net profit increase of 713% to 917% year-on-year in Q1 2025, driven by significant revenue growth, improved operational efficiency, and cost control [12] - SAIC Group reported March sales of 125,700 new energy vehicles, a year-on-year increase of 48.22% [13]

1、项目名称：VSMC FACILITY SYSTEM VSMC首座晶圆厂将采用130nm至40nm的技术，生产混合信号、电 源管理和模拟产品，支持汽车、工业、消费性电子及移动装置等市场的 需求。新厂自2027年开始量产，预估2029年总产能达到单月5.5万片。 本中标项目为该厂的MEP工程，包括机械空调、电力、给排水、消防、 自控、广播、安保监控、PCW/PV/CV、工艺排气、共架、AMC、THC。 三、 本项目执行对公司的影响 证券代码：603929 证券简称：亚翔集成 公告编号：2025- 014 亚翔系统集成科技（苏州）股份有限公司 关于分公司重大项目中标的公告 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个 别及连带责任。 亚翔系统集成科技（苏州）股份有限公司新加坡分公司（以下简称"亚翔 新加坡分公司"）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为VisionPower Semiconductor Manufac ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-013 亚翔系统集成科技（苏州）股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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个 别及连带责任。 重要内容提示： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔集 成"）于 2025 年 3 月 27 日（星期四）10:00 ~ 11:00，通过网络平台在线交 流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开了公司 2024 年度业绩说明会，就投资者关注的问题进行了沟通和交流。 一、 本次业绩说明会情况 2025 年 3 月 19 日，本公司披露了《亚翔集成关于召开 2024 年度业绩说明 会的公告》（公告编号：2025-012）。公司 2024 年度业绩说明会于 2025 年 3 月 27 日 10:00 ~ 11:00 通过网络平台在线交流（上海证券报·中国证券网 https://roadshow.cnstock.com/）召开。公司 CEO 执行长毛 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2024 年年报，实现营业收入 53.81 亿元，同比增加了 68.09%；实现归属于上市公司 股东净利润 6.36 亿元，同比增加 121.66%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨亚翔集成（603929.SH） [Table_Title] 营收业绩大幅增长，海外持续经营能力提升 %% %% research.95579.com 1 亚翔集成（603929.SH） cjzqdt11111 [Table_Title2] 营收业绩大幅增长，海外持续经营能力提升 [Table_Summary2] 事件描述 公司发布 2024 年年报，实现营业收入 53.81 亿元，同比增加了 68.09%；实现归属于上市公司 股东净利润 6.36 亿元，同比增加 121.66%。 事件评论 风险提示 1、新加坡市场新签订单不及预期； 2、市场竞争加剧。 公司基 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-012 亚翔系统集成科技（苏州）股份有限公司 关于召开 2024 年度业绩说明会的公告 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个 别及连带责任。 重要内容提示： 一、业绩说明会类型 为便于广大投资者更加全面深入了解公司经营情况，公司将通过网络平台 在线交流的方式举行 2024 年度业绩说明会（以下简称"说明会"）。届时将 针对公司发展的经营业绩等投资者关心的问题与广大投资者进行交流和沟通， 同时广泛听取投资者的意见和建议。 会议召开时间：2025 年 3 月 27 日（周四）上午 10:00-11:00 会议召开方式：网络平台在线交流 上海证券报·中国证券网 https://roadshow.cnstock.com/ 投资者可于 2025 年 3 月 25 日（周二）23:59 前将相关问题通过电子 邮件的形式发送至本公司投资者关系邮箱 ：QJB@lkeng.com.cn 。本 公司将会于 2024 年度业绩说明会上对投资者普遍关注的问题进行回答。 二、说明会召开的 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][22][28] Core Views - The company achieved significant revenue and profit growth in 2024, with operating income reaching 5.38 billion yuan, up 68.1% year-on-year, and net profit attributable to shareholders at 636 million yuan, up 121.6% year-on-year [1][3][7] - The company is benefiting from the expansion demand in the semiconductor industry in China and Southeast Asia, with a strong pipeline of projects and successful bids for major contracts [3][22] - The company’s cash flow from operating activities increased significantly, reaching 1.6 billion yuan, which is 2.5 times the net profit attributable to shareholders, indicating strong cash collection from projects [1][15] Financial Performance Summary - In 2024, the company’s revenue was 5.38 billion yuan, with a gross margin of 14.0% and a net profit margin of 11.8%, reflecting a 2.8 percentage point increase in net profit margin year-on-year [8][15] - The company’s new contract value in 2024 was 3.61 billion yuan, down 49.6% year-on-year, but the overall trend of new orders is upward when excluding the impact of a major project from 2023 [2][17] - The company forecasts net profits for 2025-2027 to be 411 million, 530 million, and 651 million yuan respectively, with earnings per share projected at 1.93, 2.49, and 3.05 yuan [3][4][22] Project and Order Status - The company has a backlog of 3.03 billion yuan in signed but uncompleted contracts at the end of 2024, down 45.9% year-on-year [2][17] - The successful bid for the Singapore VSMC plant system project worth 630 million yuan is expected to contribute to overseas business volume [2][17] - The company is nearing completion of the major UMC Singapore project, with 830 million yuan in unrecognized revenue remaining, which is expected to contribute 175 million yuan to net profit in 2025 [2][17] Cash Flow and Dividends - The company plans to distribute a cash dividend of 213 million yuan for the 2024 fiscal year, maintaining a high payout ratio of 33.5% [19][22] - The cash reserves at the end of 2024 reached 2.48 billion yuan, up 129% year-on-year, supporting future dividend payments [15][19]