Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to RMB 27.47 from RMB 25.51 [4][6]. Core Views - The company is expected to achieve a significant turnaround in 1H24, with a projected net profit of RMB 2.88-3.75 billion, compared to a loss of RMB 1.88 billion in the same period last year. The second quarter is anticipated to show a net profit of RMB 1.90-2.77 billion, marking a year-on-year turnaround and a quarter-on-quarter growth of 92.4%-180.7% [1][2]. - The semiconductor industry is experiencing a recovery, driven by advancements in AI technology and applications, which is expected to benefit the company's performance in the second half of 2024 [3][4]. - The company is strategically enhancing its testing business by acquiring a 26% stake in a leading independent testing firm, which is expected to strengthen its competitive position [2]. Summary by Sections Financial Performance - The company forecasts a revenue of RMB 25.285 billion for 2024, representing a year-on-year growth of 13.54%. The net profit is projected to be RMB 9.55 billion, with an EPS of RMB 0.63 [5][4]. - The gross margin is expected to improve gradually in the second half of 2024 due to product structure optimization and cost management [3]. Market Position and Strategy - The company is positioned as a leader in advanced packaging within the semiconductor sector and is expanding its presence in storage, display drivers, and automotive electronics [1][4]. - The collaboration with AMD is highlighted as a key driver for long-term growth, particularly in high-end segments such as AI PCs and data centers [1][3]. Valuation Metrics - The report assigns a PB valuation of 2.8x for 2024, compared to the industry average of 2.4x, reflecting the company's strong market position and growth prospects [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.26 CNY [4][6]. Core Views - The company is expected to benefit significantly from the recovery in the semiconductor industry and the accelerating demand for artificial intelligence (AI), leading to a notable increase in profits [3][4]. - The company has a strong partnership with AMD, which is anticipated to drive growth as AMD launches new products in the AI GPU segment [4][5]. Financial Summary - The company's revenue is projected to grow from 22.27 billion CNY in 2023 to 26.36 billion CNY in 2024, reflecting an 18.4% increase [5]. - The net profit attributable to shareholders is expected to rise dramatically from 169 million CNY in 2023 to 822 million CNY in 2024, marking a 385% increase [5]. - Earnings per share (EPS) are forecasted to increase from 0.11 CNY in 2023 to 0.54 CNY in 2024 [5]. Performance Indicators - The company is expected to achieve a net profit of 2.88 to 3.75 billion CNY in the first half of 2024, representing a year-on-year increase of 253.44% to 299.79% [4]. - The gross profit margin is projected to improve from 11.7% in 2023 to 12.9% in 2024 [10]. - The return on equity (ROE) is anticipated to rise from 1.2% in 2023 to 5.6% in 2024 [10]. Market Position - The company is the largest packaging and testing service provider for AMD, handling over 80% of AMD's orders, positioning it well to capitalize on AMD's new product launches [4][5]. - The global AI PC shipment is expected to reach approximately 13 million units in 2024, indicating a strong market for AI-related products [4]. Future Outlook - The company is expected to maintain high growth in Q2 2024, with a significant increase in production capacity utilization and revenue from high-end products [4]. - The strategic partnership with AMD and the company's focus on advanced packaging technologies are seen as key growth drivers in the AI computing sector [4].

电子/半导体 通富微电(002156.SZ) 2024Q2 业绩同环比高增,充分受益于先进封装需求 2024 年 07 月 15 日 投资评级:买入(维持) | --- | --- | |--------------------|-------------| | 日期 | 2024/7/12 | | 当前股价(元) | 23.40 | | 一年最高最低(元) | 27.60/17.11 | | 总市值(亿元) | 355.12 | | 流通市值(亿元) | 355.08 | | 总股本(亿股) | 15.18 | | 流通股本(亿股) | 15.17 | | 近 3 个月换手率(%) | 395.13 | 股价走势图 通富微电 沪深300 -24% -12% 0% 12% 24% 2023-07 2023-11 2024-03 数据来源:聚源 相关研究报告 《2024Q1 业绩改善,拟收购京隆科技 增强成长动能—公司信息更新报告》 -2024.4.29 《2023 年营收逐季向好,先进产能扩 张驱动未来增长—公司信息更新报 告》-2024.4.15 《2023H2 业绩显著改善,持续受益 AI+先进封装—公司 ...

2024 年 07 月 12 日 公司研究●证券研究报告 24H1 归母净利润同比预计扭亏为盈,持续受益 AMD 产业协同效益 投资要点 中高端产品营业收入明显增加,24H1 归母净利润同比预计实现扭亏为盈。2024 1.88 亿元。 年上半年,半导体行业呈现复苏趋势,市场需求回暖,人工智能等技术及应用促进 行业发展,公司积极进取,产能利用率提升,营业收入增幅明显上升,特别是中高 端产品营业收入明显增加。根据通富微电 24H1 业绩预告,公司 2024 年第二季度 营业收入同比 2023 年第二季度、环比 2024 年第一季度,均明显增长。同时,得 益于加强管理及成本费用的管控,公司整体效益显著提升,2024Q2 公司预计实现 归母净利润 1.90-2.77 亿元,同比实现扭亏为盈,环比增长 92.41%-180.74%, 2024H1 公司预计实现归母净利润 2.88-3.75 亿元,同比扭亏为盈,去年同期亏损 AMD 拟收购 Silo AI 加速建立生态系统,公司有望随着 AMD 竞争优势加强持续受 益。AMD 近期宣布签署最终协议,以全现金方式收购欧洲最大的私人 AI 实验室 Silo AI,交易价值约 ...

Financial Performance - The company expects a net profit of between RMB 288 million and RMB 375 million for the first half of 2024, representing a year-on-year increase of 253.44% to 299.79% compared to a loss of RMB 187.69 million in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between RMB 265 million and RMB 355 million, reflecting a year-on-year growth of 201.37% to 235.80% from a loss of RMB 261.42 million last year[3]. - The basic earnings per share are expected to be between RMB 0.19 and RMB 0.25, compared to a loss of RMB 0.12 per share in the same period last year[3]. - This earnings forecast is based on preliminary estimates from the company's finance department, with final figures to be disclosed in the 2024 semi-annual report[5]. Industry Trends - The semiconductor industry is showing signs of recovery, with increased market demand driven by advancements in artificial intelligence and related applications[4]. Operational Improvements - The company has improved its capacity utilization and significantly increased revenue, particularly in mid-to-high-end products, during the first half of 2024[4]. - The company's revenue for Q2 2024 has shown significant growth both year-on-year compared to Q2 2023 and quarter-on-quarter compared to Q1 2024[4]. - Enhanced management and cost control measures have led to a notable improvement in overall efficiency for the company[4]. Investment Considerations - Investors are advised to pay attention to the investment risks associated with the company's performance[5].

证券代码：002156 证券简称：通富微电 公告编号：2024-051 通富微电子股份有限公司 关于与专业投资机构共同投资合伙企业的公告 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、投资概述 通富微电子股份有限公司（以下简称"公司"）近日与中信建投资本管理有 限公司（以下简称"中信建投资本"）、中信建投投资有限公司（以下简称"中信 建投投资"）签署《厦门润信汇泽投资合伙企业（有限合伙）合伙协议》（以下简 称"合伙协议"），共同投资厦门润信汇泽投资合伙企业（有限合伙）（以下简称 "合伙企业"或"基金"）。合伙企业总认缴出资额为 18,081 万元（人民币，下 同），公司作为有限合伙人，以自有资金认缴 10,045 万元，占合伙企业认缴出资 总额的 55.56%。 根据《深圳证券交易所股票上市规则》和《公司章程》等相关规定，本次对 外投资金额未达到董事会审批权限，无需提交董事会审议。 本次对外投资不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。本次对外投资完成后，不会构成同业竞争。 二、专业投资机构基本情况 （一）普通合伙人/ ...

证券代码：002156 证券简称：通富微电 公告编号：2024-050 通富微电子股份有限公司 关于第一期员工持股计划提前终止的公告 根据公司《第一期员工持股计划》的相关规定，本员工持股计划的存续期为 60 个月,自公司公告标的股票过户至本员工持股计划名下之日（即 2021 年 6 月 9 日）起满 12 个月、24 个月、36 个月，每期解锁的标的股票比例分别为 40%、 40%、20%。 本员工持股计划第一个锁定期已于 2022 年 6 月 9 日届满，可解锁比例为本 员工持股计划所持标的股票总数的 40%，共计 1,698,922 股，占当时公司总股本 的 0.128%。具体内容详见公司于 2022 年 6 月 10 日在《证券时报》和巨潮资讯 网（http://www.cninfo.com.cn）披露的相关公告。 本员工持股计划第二个锁定期已于 2023 年 6 月 9 日届满，可解锁比例为本 员工持股计划所持标的股票总数的 40%，共计 1,698,922 股，占当时公司总股本 的 0.112%。具体内容详见公司于 2023 年 6 月 10 日在《证券时报》和巨潮资讯 网（http://www.c ...

证券代码：002156 证券简称：通富微电 公告编号：2024-049 通富微电子股份有限公司 第八届董事会第五次会议决议公告 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"）第八届董事会第五次会议， 于 2024 年 6 月 20 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五次会议于 2024 年 6 月 27 日以通讯表决方 式召开。公司全体 8 名董事中董事石磊先生、董事石明达先生、董事夏鑫先生为 第一期员工持股计划的持有人，对本次董事会议案回避表决，实际有表决权的票 数为 5 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《关于第一期员工持股计划提前终止的议案》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《关于第一 期员工持股计划提前终止的公告》。 董事石磊先生、董事石明达先生、董事夏鑫先生为第一期员工持股计划的持 有人，对该议案回 ...

Key Points Industry/Company 1. **Industry**: AI Series, Semiconductor Industry 2. **Company**: Tong Hua Wei Dian, AI Packaging Leader Core Views and Arguments 1. **Title of Report**: "24QE Performance Improvement, AI Packaging Leader, Future Recovery in Prospects" 2. **Report Focus**: Analysis of Tong Hua Wei Dian's performance and prospects in the AI packaging industry 3. **Performance Improvement**: Reference to "24QE" suggests a specific quarter or period with improved performance [1] Other Important Content 1. **Presentation**: Suggestion to refer to the accompanying PowerPoint presentation for additional information [1]

AI系列的第十讲,通货微电的一个覆盖报告的解读,标题是24QE业绩改善,然后AI封装龙头,今后景气复苏。我们这边在那个线上的时候呢,同步也有一个PPT,大家如果方便的话也可以看一下那个PPT,然后在线的那个投资人的话呢,我这边就语音汇报。 整体上来讲的话就是说通负它属于咱们先进封装的一个核心公司整体的框架其实分为两个大的一个主线首先一个主线是顺周期的一个主线另外一个主线就是AI的主线就是在目前AI的一个发展情况下AI封装其实也有望迎来一个比较大的发展这两个主线然后这两个主线也是贯穿了我们这个报告的一个整个的一个写作 然后报告的框架大家可以看到这个目录其实大概分为这样的一个三个方面首先是公司整体的一个情况的介绍然后第二部分是介绍这个AI它的一个先进封装对那个公司的一个推广 然后第三方面是介绍那个公司你收购那个京东科技第三方测试对公司的一个战略意义主要是分为这三个层面然后我们前期在这个海报的一个那个就是设计过程中的话呢也讲到了那个主要的一个看点首先一个就是说那个云测AI和专测AI那个同步链是如何同时受益然后另外来讲的话呢就是他当前的一个封测紧急度怎么样 然后另外就是金融科技的一个收购的它的一个意义对我们先看一下公 ...