上 市 公 司 电子 证 券 研 究 报 告 2024 年 09 月 02 日 通富微电 (002156) ——各工厂显著复苏，持续发力服务器和高算力产品 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 19.90 | | 一年内最高/最低（元） | 27.60/17.11 | | 市净率 | 2.1 | | 息率（分红/股价） | 0.06 | | 流通 A 股市值（百万元） | 30,197 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.42 | | 资产负债率 % | 5 ...

Investment Rating - The investment rating for Tongfu Microelectronics (002156.SZ) is maintained at "Buy-A" [1][2]. Core Views - The company has shown significant performance improvement in Q2 2024, driven by growth in high-performance packaging for AI chips. The revenue from mid-to-high-end products has notably increased, leading to a turnaround in net profit for H1 2024 [1][2]. - The global semiconductor industry is experiencing a clear recovery, with the company actively enhancing its capacity utilization and revenue growth, particularly in mid-to-high-end products. The overall efficiency of the company has improved significantly due to better management and cost control [1][2]. - The AI chip market is rapidly expanding, with Gartner predicting a 33% increase in the global AI chip market size in 2024, reaching $71.3 billion, and further growth expected in subsequent years [1][2]. Financial Performance - In H1 2024, the company achieved revenue of 11.08 billion yuan, a year-on-year increase of 11.83%, and a net profit of 323 million yuan, marking a turnaround from a net loss of 188 million yuan in H1 2023. In Q2 2024, revenue reached 5.798 billion yuan, a year-on-year increase of 10.10% and a quarter-on-quarter increase of 9.77%, with a net profit of 224 million yuan, up 216.61% year-on-year and 127.60% quarter-on-quarter [1][2]. - The company expects revenue for 2024 to be 25.28 billion yuan, with a growth rate of 13.5%, and net profit to reach 957 million yuan, reflecting a significant increase of 465.0% [2][3]. Market Outlook - The demand for advanced packaging in the AI chip sector is expected to rise due to the increasing need for high-performance chips. The company is well-positioned to benefit from its long-standing partnerships with industry leaders like AMD, which is experiencing strong growth in its data center business [1][2]. - The company is actively expanding its production capacity, with several major projects underway, including new factories and production lines, to meet the growing demand for advanced packaging solutions [2][3].

Company Overview - The company operates in the electronics industry and is primarily engaged in semiconductor packaging [1] - The company's total market capitalization is 30.2 billion yuan, with a total of 1.518 billion shares outstanding [1] - The company's net asset value per share is 9.42 yuan, and its asset-liability ratio is 58.2% [1] Financial Performance - In H1 2024, the company achieved revenue of 11.08 billion yuan, a YoY increase of 11.83% [4] - Net profit attributable to the parent company reached 323 million yuan, a YoY surge of 271.91% [4] - Gross margin improved to 14.16%, up 3.74 percentage points YoY, while operating expenses decreased to 10.45%, down 3.98 percentage points YoY [8] Business Highlights - The company benefited from the recovery in computing and consumer electronics markets, with traditional frame products maintaining stable revenue [5] - Emerging product lines such as RF modules, communication SOC chips, memory, display drivers, and FC products showed strong growth momentum, exceeding 50% growth rates [5] - The company's advanced packaging business grew steadily, leveraging its long-term cooperation with industry leaders like AMD [6] Future Outlook - The company is expected to achieve revenue of 25.666 billion yuan in 2024, with a YoY growth of 15.3% [5] - Net profit is projected to reach 903 million yuan in 2024, representing a YoY increase of 432.9% [5] - The company's EPS is forecasted to be 0.59 yuan in 2024, with a P/E ratio of 33.4x [5] Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in domestic semiconductor packaging and improving profitability [8] - The company's traditional packaging business is recovering, while its advanced packaging capabilities are enhancing, supported by strong customer relationships [8]

Investment Rating - The report maintains an "Outperform the Market" rating for Tongfu Microelectronics (002156.SZ) [1][4][20] Core Views - The company achieved a revenue of 11.08 billion yuan in the first half of 2024, representing a year-on-year growth of 11.83%, and a net profit attributable to shareholders of 323 million yuan, indicating a turnaround from losses [1] - The gross margin improved by 3.7 percentage points to 14.16% year-on-year, while R&D and management expense ratios decreased slightly [1] - The company is benefiting from the semiconductor cycle recovery and the implementation of AI applications, leading to an increase in capacity utilization and gross margin [1] Financial Performance Summary - Revenue and Profit Forecasts: - 2024E revenue is projected at 24.173 billion yuan, an increase of 8.6% from 2023 [2] - Net profit attributable to shareholders is expected to reach 984 million yuan in 2024E, a significant increase of 480.5% from 2023 [2] - Earnings per share (EPS) is forecasted to be 0.65 yuan in 2024E [2] - Key Financial Ratios: - EBIT margin is expected to improve to 6.4% in 2024E [2] - Return on equity (ROE) is projected to rise to 6.6% in 2024E [2] - Price-to-earnings (P/E) ratio is forecasted to be 29.4x in 2024E [2] Business Development Summary - The company is focusing on traditional framework products, which have shown stable market performance, while emerging markets such as RF modules and communication SoC chips are experiencing over 50% growth [1] - The company has upgraded its large-size multi-chip Chiplet packaging technology and is ramping up production of 16-layer chip stacking packaging products [1] - The company is actively expanding its production capacity in response to the demand for high-performance packaging from major clients like AMD, particularly in the AI sector [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported significant year-on-year and quarter-on-quarter growth in Q2 2024, benefiting from the recovery in demand for advanced packaging [5][6] - The company is positioned as a leader in the domestic packaging and testing industry, with strong growth potential in advanced packaging and automotive electronics [5][6] Financial Performance Summary - For H1 2024, the company achieved revenue of 11.08 billion yuan, a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 323 million yuan, up by 5.10 million yuan [5] - In Q2 2024, revenue reached 5.798 billion yuan, representing a year-on-year increase of 10.10% and a quarter-on-quarter increase of 9.77% [5] - The gross profit margin improved to 16.00% in Q2 2024, up by 4.73 percentage points year-on-year [5] Business Segment Performance - The company's subsidiaries showed varied performance, with Suzhou Chaowei achieving revenue of 3.584 billion yuan (up 21.00% YoY) and a net profit of 401 million yuan (up 285.58% YoY) [6] - The company is focusing on upgrading its Chiplet packaging technology and has initiated new processes to enhance chip protection [6] Future Outlook - The company maintains its profit forecasts for 2024-2026, expecting net profits of 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan for the respective years [5][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.64 yuan, 0.83 yuan, and 1.08 yuan, respectively [5][7]

通富微电子股份有限公司 2024 年半年度报告全文 通富微电子股份有限公司 2024 年半年度报告 2024-059 TONGFU MICROELECTRONICS 2024 年 8 月 l 通富微电子股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人石磊、主管会计工作负责人陶翠红及会计机构负责人(会计主 管人员)张荣辉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来发展战略及规划等前瞻性描述，属于计划性事项， 不构成公司对投资者的实质性承诺，投资者及相关人士均应对此保持足够的风 险意识，并且应当理解计划、预测与承诺之间的差异。 公司已在本报告第三节中详细描述存在的行业与市场波动风险，新技术、 新工艺、新产品无法如期产业化风险，主要原材料供应及价格变动风险，汇率 风险，国际贸易风险，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-060 通富微电子股份有限公司 2024 年 1-6 月募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重 大遗漏。 根据《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）》和《深 圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运作》有关规定，现将通富微电子股份有 限公司（以下简称"公司"或"本公司"）2024年1-6月募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、2022年度非公开发行股票募集资金金额和资金到位情况 经中国证券监督管理委员会证监许可〔2022〕261号核准，并经深圳证券交易所同意，本公司由主 承销商海通证券股份有限公司采用向特定投资者非公开发行股票方式发行人民币普通股（A股） 184,199,721股，每股发行价格为14.62元，应募集资金总额为人民币269,299.99万元，扣除承销费和保 荐费1,367.32万元（含增值税）后的募集资金为人民币267,932.6 ...

万元 非经营性资 金占用 资金占用方名称 占用方与 上市公司 的关联关 系 上市公司核 算的会计科 目 2024 年期 初占用资 金余额 2024 年 1- 6 月占用 累计发生 金额（不 含利息） 2024 年 1- 6 月占用 资金的利 息(如有) 2024 年 1- 6 月偿还 累计发生 金额 2024 年 6 月末占用 资金余额 占用形成 原因 占用性 质 控股股东、 实际控制人 及其附属企 业 小计 前控股股 东、实际控 制人及其附 属企业 小计 其他关联方 及附属企业 小计 总计 其他关联资 金往来 资金往来方名称 往来方与 上市公司 的关联关 系 上市公司核 算的会计科 目 2024 年期 初往来资 金余额 2024 年 1- 6 月往来 累计发生 金额（不 含利息） 2024 年 1- 6 月往来 资金的利 息(如有) 2024 年 1- 6 月偿还 累计发生 金额 2024 年 6 月末往来 资金余额 往来形成 原因 往来性 质 控股股东、 实际控制人 及其附属企 业 南通华达微电子集团有限 公司 控股股东 应收账款 34.45 34.45 水电费 经营性 往来 南通华达微电子集团有限 公司 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-057 通富微电子股份有限公司 2、审议通过了《公司 2024 年 1-6 月募集资金存放与实际使用情况的专项 报告》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年 1-6 月募集资金存放与实际使用情况的专项报告》。 表决结果：3 票同意；0 票反对；0 票弃权。 第八届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届监事会第五次会议， 于 2024 年 8 月 16 日以邮件等方式发出会议通知，各位监事已知悉与所议事项相 关的必要信息。公司第八届监事会第五次会议于 2024 年 8 月 27 日以通讯表决方 式召开。公司全体 3 名监事均行使了表决权，会议实际有效表决票 3 票。会议召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 1、审议通过了《公司 2024 年半年度报告及摘要》 经审核，监事会认为董事 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-056 通富微电子股份有限公司 第八届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届董事会第六次会议， 于 2024 年 8 月 16 日以邮件等方式发出会议通知，各位董事已知悉与所议事项相 关的必要信息，公司第八届董事会第六次会议于 2024 年 8 月 27 日以通讯表决方 式召开。公司全体 8 名董事均行使了表决权，会议实际有效表决票 8 票。会议召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、 董事会会议审议情况 1、审议通过了《公司 2024 年半年度报告及摘要》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年 1- 6 月募集资金存放与实际使用情况的专项报告》。 表决结果：8 票同意；0 票反对；0 票弃权。 3、审议通过了《关于编制<舆情管理制度>的议案》 本议案已经第八届董事会审计委员会第四次会议审议通过，并 ...