（文章来源：证券日报） 证券日报网讯 1月20日，通富微电发布2025年度业绩预告称，公司预计2025年度归属于上市公司股东的 净利润为110000万元至135000万元，比上年同期增长62.34%至99.24%。 ...

2025年内，全球半导体行业呈现结构性增长，公司产能利用率提升，营业收入增幅上升，特别是中高端 产品营业收入明显增加。 智通财经APP讯，通富微电(002156.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 11亿元至13.5亿元，同比增长62.34%至99.24%;扣除非经常性损益后的净利润7.7亿元至9.7亿元，同比增 长23.98%至56.18%。 ...

Macro Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued a notice to further support urban renewal actions, allowing for a transitional policy period of up to 5 years for the development of state-supported industries on existing land and property resources [2] - Guangzhou is actively promoting legislation for the renewal of buildings on state-owned land, aiming to address core obstacles and implementation challenges in urban renewal, including improving top-level design and enhancing public welfare [5] Oil Price Adjustment - Domestic gasoline and diesel prices will increase by 85 yuan per ton starting January 20, marking the first price hike since 2026, with an average increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [3] Financial Institutions - Guiyang Bank announced that its shareholder, Guiyang State-owned Assets, has pledged approximately 280 million shares, accounting for 7.65% of the bank's total share capital [9] - The Shaanxi Financial Regulatory Bureau has approved the dissolution of Anse Agricultural Bank, with all its business and assets to be inherited by the Agricultural Bank of China [10] - Northeast Securities expects a 69.06% year-on-year increase in net profit for 2025, driven by improved investment business returns and wealth management income [11] Market Data - The ChiNext Index fell by 1.79%, while the real estate and chemical sectors showed strength, with several stocks reaching their daily limit [12] - The total margin balance in the two markets decreased by 8.632 billion yuan as of January 19 [13] - The Hang Seng Index closed down 0.29%, with notable declines in technology stocks [14] Company Dynamics - Hikvision reported a 18.46% year-on-year increase in net profit for 2025, with total revenue reaching 92.518 billion yuan [16] - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025 due to significant operational adjustments and asset impairments [18] - Longzi Co. anticipates a net profit increase of 245.25% to 302.8% for 2025, largely due to the disposal of certain stocks [19] - Gree Electric plans to mass-produce silicon carbide chips for automotive applications, aiming to supply half of the chips for GAC Group vehicles [20] - Tongfu Microelectronics expects a net profit increase of 62.34% to 99.24% for 2025, benefiting from structural growth in the semiconductor industry [24] - iFinD anticipates a net profit increase of 50% to 80% for 2025, driven by advancements in AI and increased market activity [25]

Investment Rating - The report indicates a positive outlook for Tongfu Microelectronics, highlighting its strategic expansion and strong ties with AMD, suggesting a favorable investment rating. Core Insights - Tongfu Microelectronics plans to raise up to 4.4 billion yuan through a private placement to enhance its packaging capacity across various sectors, particularly in response to the booming demand from AI data centers and automotive electronics [4][19][20]. - The company is positioned as a leading player in the semiconductor packaging and testing industry, ranking fourth globally with an 8.0% market share in 2024, primarily driven by its significant reliance on AMD, which accounts for over 50% of its revenue [6][7][8][9]. - AMD's robust performance, with a projected revenue of 25.8 billion USD in 2024 and a net profit increase of 92.2%, directly benefits Tongfu Microelectronics, which reported a revenue growth of 7.2% in 2024 and a staggering 299.9% increase in net profit [11][12][13]. Summary by Sections Company Overview - Tongfu Microelectronics is a leading semiconductor packaging and testing company in China, serving multiple sectors including storage, display, consumer electronics, and automotive electronics [6]. Market Position - The company holds a significant market share in the global third-party packaging market and is the largest packaging supplier for AMD, indicating a deep integration with AMD's supply chain [7][9]. Financial Performance - The financial outlook for Tongfu Microelectronics is strong, with substantial revenue and profit growth anticipated due to AMD's increasing demand and the overall semiconductor market expansion [12][13]. Capital Expansion Plans - The planned 4.4 billion yuan capital raise will focus on enhancing packaging capacities for storage chips, automotive applications, and high-performance computing, reflecting the company's strategy to meet the surging demand in these sectors [19][21][22][29]. Industry Trends - The semiconductor industry is experiencing a structural shortage, particularly in storage chips, driven by the explosive demand from AI infrastructure, which is expected to sustain high prices and demand for the foreseeable future [23][24][25].

Summary of Key Points Core Viewpoint - On January 20, a total of 47 stocks were involved with institutional investors, with 25 showing net buying and 22 showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were Vision China, Cangzhou Dahua, and Hunan Silver, with net buying amounts of 112.25 million, 104.37 million, and 80.83 million respectively [1][2]. - Vision China experienced a price drop of 5.77% on the day, while Cangzhou Dahua and Hunan Silver both saw price increases of 10.00% and 10.03% respectively [2]. Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were Boqian New Materials, Sanwei Communication, and Tongfu Microelectronics, with net outflows of 294.30 million, 193.60 million, and 116.59 million respectively [1][4]. - Boqian New Materials had a price increase of 6.77%, while Sanwei Communication and Tongfu Microelectronics experienced price drops of 9.98% and 5.85% respectively [4].

Core Viewpoint - Tongfu Microelectronics (002156.SZ) expects a significant increase in net profit for the year 2025, projecting a range of 1.1 billion to 1.35 billion yuan, representing a year-on-year growth of 62.34% to 99.24% [1] Financial Performance - The net profit attributable to shareholders is forecasted to be between 1.1 billion and 1.35 billion yuan for the period from January 1, 2025, to December 31, 2025, indicating a substantial increase compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 770 million and 970 million yuan, reflecting a growth of 23.98% to 56.18% year-on-year [1]

格隆汇1月20日｜通富微电(002156.SZ)发布2025年度业绩预告，预计归属于上市公司股东的净利润11亿 元-13.5亿元，比上年同期增长62.34%-99.24%。2025年内，全球半导体行业呈现结构性增长，公司积极 进取，产能利用率提升，营业收入增幅上升，特别是中高端产品营业收入明显增加。同时，得益于加强 经营管理及成本费用的管控，公司整体效益显着提升。此外，公司准确把握产业发展趋势，围绕供应链 及上下游布局产业投资，取得了较好的投资收益，增厚了公司2025年业绩。 ...

Group 1 - The company Tongfu Microelectronics (002156.SZ) forecasts a net profit attributable to shareholders for the year 2025 to be between 1.1 billion and 1.35 billion yuan, representing a year-on-year growth of 62.34% to 99.24% [1] - The structural growth in the global semiconductor industry has contributed to the increase in the company's capacity utilization rate and revenue from mid-to-high-end products [1] - Enhanced operational management and cost control, along with favorable investment returns, have significantly driven the company's performance growth [1]

通富微电公告，预计2025年度归属于上市公司股东的净利润为11亿元～13.5亿元，比上年同期增长 62.34%～99.24%；扣除非经常性损益后的净利润为7.7亿元～9.7亿元，比上年同期增长23.98%～ 56.18%。 ...

Core Viewpoint - Tongfu Microelectronics is expected to achieve a significant increase in net profit for the year 2025, driven by structural growth in the global semiconductor industry and improved operational efficiency [1] Financial Performance - The company forecasts a net profit attributable to shareholders of 110 million to 135 million yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 77 million and 97 million yuan, reflecting a year-on-year growth of 23.98% to 56.18% [1] Industry Context - The global semiconductor industry is experiencing structural growth, which is positively impacting the company's performance [1] - The company has seen a notable increase in revenue from mid-to-high-end products, contributing to overall revenue growth [1] Operational Efficiency - Enhanced management practices and cost control measures have led to a significant improvement in the company's overall efficiency [1] - The company has strategically invested in supply chain and upstream/downstream industry layouts, resulting in favorable investment returns that bolster the 2025 performance [1]