通富微电(002156.SZ)/电子 证券研究报告/公司点评 2024 年 9 月 6 日 [Table_Title] 评级：买入（维持） 市场价格：19.06 元/股 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,518 | | 流通股本 ( 百万股 ) | 1,517 | | 市价 ( 元 ) | 19.06 | | 市值 ( 百万元 ) | 28,925 | | 流通市值 ( 百万元 ) | 28,922 | [Table_QuotePic] 股价与行业-市场走势对比 通富微电 沪深300 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 通富微电（002156.SZ） 24H1 净利润同比大幅扭亏，高端封测需求受益 AI 实现稳步增长 | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|-------|--------|--------|--------| | | | | | | | | | 财务指标 | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业收入（百万元） | 21,429 | 22,269 | | 25,700 | 30,500 | 34,000 | | 增长率 yoy （ % ） | 35.5 | 3.9 | | 15.4 | 18.7 | 11.5 | | 归母净利润（百万元） | 502 | 169 | | 925 | 1,271 | 1,578 | | 增长率 yoy （ % ） | -47.5 | -66.2 | | 446.0 | 37.4 | 24.1 | | ROE （ % ） | 3. ...

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]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11,080,086,982.96, representing an increase of 11.83% compared to ¥9,907,892,175.21 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was ¥322,663,289.17, a significant recovery from a loss of ¥187,693,998.98 in the previous year[24]. - The net cash flow from operating activities increased by 24.50% to ¥1,844,455,652.90, compared to ¥1,481,483,490.80 in the same period last year[24]. - Basic earnings per share improved to ¥0.2130, compared to a loss of ¥0.1244 per share in the previous year[24]. - Operating profit was ¥414,871,594.43, a significant recovery from a loss of ¥315,938,911.49 in the previous year, driven by improved capacity utilization and revenue growth[54]. - The total comprehensive income for the first half of 2024 was CNY 388,057,144.35, compared to a loss of CNY 179,496,468.08 in the first half of 2023[193]. - The company reported a significant reduction in financial expenses, decreasing from CNY 540,683,508.83 in the first half of 2023 to CNY 214,022,936.37 in the first half of 2024[192]. Assets and Liabilities - Total assets at the end of the reporting period were ¥36,114,374,973.31, up 3.55% from ¥34,877,709,853.20 at the end of the previous year[24]. - The company's total equity reached CNY 15,111,464,179.65, an increase from CNY 14,693,841,910.33, indicating a growth of 2.84%[185]. - Total liabilities increased to CNY 21,002,910,793.66, up from CNY 20,183,867,942.87, representing a growth of 4.06%[185]. - Accounts receivable increased to 4,561,425,644.62, representing 12.63% of total assets, with a 1.48% increase compared to the previous year[59]. - The company's cash and cash equivalents decreased to CNY 1,738,299,861.13 from CNY 2,184,183,407.28, a decline of 20.34%[187]. Research and Development - R&D investment increased by 9.35% to ¥672,022,713.62, reflecting the company's commitment to innovation and technology development[54]. - The company has applied for a total of 1,589 patents, with nearly 70% being invention patents, and has registered 93 software copyrights[43]. - The company has made significant investments in R&D for advanced packaging technologies, enhancing its competitiveness in high-performance chip packaging[41]. Market and Industry Outlook - The AI chip market is expected to grow by 33% in 2024, reaching a market size of 71.3 billion USD, with server AI chip market projected to reach 21 billion USD[38]. - The company expects the consumer market to maintain a recovery in the second half of 2024, with continued growth in computing power demand and a significant growth potential in industrial and automotive chips[40]. - The semiconductor industry is expected to see a growth of over 10% in global sales by 2025, according to SIA[33]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company has established a strong strategic partnership with AMD, being its largest packaging supplier, accounting for over 80% of AMD's total orders[48]. - The company is actively expanding its domestic market revenue while solidifying its relationships with leading clients in Europe and the United States[40]. Environmental and Social Responsibility - The company has achieved compliance with wastewater discharge standards, with specific metrics reported for various pollutants[115]. - The company has established online pollutant detection equipment at discharge outlets, connected to local and national environmental protection departments for monitoring[116]. - The company donated 1.2 million RMB to the Nantong University Education Development Foundation in the first half of 2024 to support educational initiatives[126]. Risk Management - The company has highlighted risks related to industry and market fluctuations, new technology and product development, and raw material supply[3]. - The company faces risks related to industry and market fluctuations, which could impact operational performance due to demand changes and competitive pressures[89]. - The company is exposed to international trade risks, particularly if trade tensions escalate, which could lead to equipment and material shortages[93].

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：2024-056 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 ...