Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company achieved a revenue of 17.08 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 7.38%. The net profit attributable to shareholders was 553 million yuan, with a net profit margin increase of 4.1 percentage points to 3.66% [1]. - The Memory Phase II project expansion is progressing smoothly, with the capacity to provide 150,000 wafers per month after expansion, enhancing the company's position in the semiconductor packaging and testing sector [1]. - The company has indirectly acquired equity in AAMI, a lead frame supplier, which is expected to improve supply chain stability and security [1]. - Due to the weak recovery in downstream demand, the net profit forecasts for 2024-2026 have been adjusted downwards to 890 million, 1.21 billion, and 1.55 billion yuan respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 17.08 billion yuan, with a net profit of 553 million yuan, marking a significant turnaround from losses in the previous year [1]. - The gross margin for the first three quarters was 14.33%, an increase of 3.05 percentage points year-on-year, while the third quarter gross margin was 14.64% [1]. - Research and development expenses increased by 10.95% to 957 million yuan, with a research expense ratio of 5.60% [1]. - The company’s earnings per share for 2024E is projected at 0.59 yuan, with a price-to-earnings ratio of 41.9 [2][10]. Future Outlook - The company is expected to benefit from the domestic semiconductor supply chain localization, maintaining an "Outperform the Market" rating [1][3]. - The revenue forecast for 2024 is set at 23.83 billion yuan, with a growth rate of 7% [2]. - The net profit is projected to grow significantly in the coming years, with a forecasted increase of 425.1% in 2024 [2].

各位尊敬的投资人大家早上好我是中泰电子分析师尤凡今天非常荣幸请到痛复威电的总理蒋总给大家做一个公司三季度的一个业绩的交流会今天会议主要也分为两部分首先并不能请蒋总对公司前三季度以及三季度的一个情况做一个介绍以及对公司未来的一个趋势做一个介绍然后再部分进入问答环节然后就市场关心的问题我们进行交流下面有请蒋总 各位投资者大家早上好首先感谢中泰证券组织这样一次在三季度后的一个电话会议也感谢各位投资者对于同股微剑的关注公司的三季报实际上是昨天晚上报的也算是新鲜出炉吧这是这样一个机会 一些基因数据可能还有一些简单的对比分析跟各位做一个介绍和交流那么随后我们再进行这个问答环节那么先看一下我们丹基报的一个数据那么从 今年一到九月份公司实现营收是170.81亿元这个同比增长大概7.38%那么同样的这个一到九月份实现的规模距离是5.53亿元这个同比去年的一到九月份是大幅扭亏应该讲跟去年的那个机会相比大概增长了 6.16亿元的规模利润 这个数字是5.41亿元这个同比也是跟去年同比也是大幅的扭亏为盈那么也是增加了大概0.1亿大约7个亿左右的扣费后的规模性利润这个是大概先介绍一下一到九月份的一个数据那么第二个是在介绍一下Q3单季度的 ...

①任正非称现在这个时代的转折点是人工智能的应用，AI驱动新一轮资本开支周期，这家公司一直积极 参与人工智能在各领域的落地，打造了全国产软硬件一体全栈AI基础设施； ②机构预计2028年中国互 联网广告市场规模可达约2158亿美元，这家公司是华为鲸鸿动能的广告代理商，代理行业涵盖鲸鸿动 能的N1、N2、N3行业； ③这家公司生产的液态金属产品主要有消费电子结构件（含铰链、可穿戴设 备及手机精密结构件）等。 【大头条】 一、AI|任正非称现在这个时代的转折点是人工智能的应用，AI驱动新一轮资本开支周期，这家公司一 直积极参与人工智能在各领域的落地，打造了全国产软硬件一体全栈AI基础设施 据媒体报道，华为创始人兼CEO任正非与ICPC(国际大学生程序设计竞赛)主席、教练及获奖选手座谈会 纪要曝光，座谈时间是今年10月14日。在座谈中，针对不同国家选手的提问，任正非谈到了不同国家 的特点，同时还对人工智能、年轻人创业等话题发表了看法。他认为，世界走向人工智能的潮流是不可 阻挡的。由于芯片、算力……各种技术的发达，促进了智能时代的到来，就像英国发明了火车、纺织机 械、轮船一样，它产生了时代的转折点，现在这个时代的转折点 ...

Investment Rating - The report maintains a "Recommend" rating for Tongfu Microelectronics (002156 SZ) [4] Core Views - Tongfu Microelectronics achieved revenue of 17 081 billion yuan in the first three quarters of 2024, a year-on-year increase of 7 38% The company turned a profit with net profit attributable to the parent company of 553 million yuan and non-GAAP net profit of 541 million yuan [2] - In Q3 2024, the company's revenue reached 6 001 billion yuan, a slight year-on-year increase of 0 03% and a quarter-on-quarter increase of 3 5% The gross profit margin improved to 14 64%, up 1 93 percentage points year-on-year Net profit attributable to the parent company surged 85 48% year-on-year to 230 million yuan [2] - The company is expected to achieve revenues of 23 779 billion yuan, 28 207 billion yuan, and 32 962 billion yuan in 2024, 2025, and 2026, respectively Net profit attributable to the parent company is projected to be 744 million yuan, 1 207 billion yuan, and 1 673 billion yuan for the same periods [2] - The report highlights the company's strong position in advanced packaging, particularly benefiting from the growing demand in AI and data center markets, driven by its close partnership with AMD [2] Financial Performance and Forecast - Revenue growth is expected to accelerate from 6 78% in 2024 to 18 62% in 2025 and 16 86% in 2026 [5] - Net profit attributable to the parent company is forecasted to grow significantly, with a 338 97% increase in 2024, followed by 62 25% in 2025 and 38 67% in 2026 [5] - The company's gross margin is projected to improve steadily, reaching 15% by 2026, up from 11 67% in 2023 [5] - ROE is expected to rise from 1 22% in 2023 to 9 67% in 2026, reflecting improved profitability and efficiency [5] Business Development and Strategy - Tongfu Microelectronics is advancing its R&D in advanced packaging technologies, particularly in FCBGA chip packaging for high-performance applications in photoelectric communication, consumer electronics, and AI [2] - The company is expanding production capacity through major projects, including new factories in Suzhou and Penang, to meet growing demand for advanced packaging [2] - The company's partnership with AMD remains a key driver, with Tongfu Microelectronics accounting for over 80% of AMD's packaging and testing orders The strong performance of AMD's data center business, particularly the MI300 GPU, is expected to benefit the company [2] Valuation Metrics - The company's PE ratio is projected to decline from 50x in 2024 to 22x in 2026, reflecting strong earnings growth [5] - PB ratio is expected to decrease from 2 5x in 2024 to 2 2x in 2026, indicating improved valuation attractiveness [5] - EV/EBITDA is forecasted to drop from 9 31x in 2024 to 6 40x in 2026, further supporting the investment case [5]

Financial Performance - The company's revenue for Q3 2024 reached ¥6,001,193,345.64, representing a slight increase of 0.04% year-over-year[2] - Net profit attributable to shareholders was ¥229,851,814.45, marking an impressive increase of 85.32% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥224,956,802.54, reflecting a significant growth of 121.20% year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.1515, an increase of 84.31% year-over-year[2] - The company reported a total profit of ¥742,307,840.18, recovering from a loss of ¥142,535,858.19 in the previous period[19] - Net profit for the current period was ¥625,183,053.82, a significant recovery from a net loss of ¥66,149,704.85 in the previous period[19] - The total comprehensive income for the current period was ¥588,272,156.54, compared to a loss of ¥73,572,179.01 in the previous period[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥38,072,072,071.90, which is a 9.16% increase from the end of the previous year[2] - The total liabilities of the company reached CNY 22,636,310,206.86, compared to CNY 20,183,867,942.87 in the previous quarter, which is an increase of about 12.2%[16] - The equity attributable to shareholders of the parent company increased to CNY 14,466,687,306.30 from CNY 13,917,141,774.57, showing a growth of approximately 3.9%[17] - The company’s long-term borrowings increased to CNY 7,419,743,639.39 from CNY 6,002,589,015.81, indicating a rise of approximately 23.5%[16] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥3,077,313,805.57, showing a 15.76% increase compared to the same period last year[2] - Cash flow from operating activities generated a net amount of ¥3,077,313,805.57, an increase from ¥2,658,469,191.81 in the previous period[21] - The net increase in cash and cash equivalents for the period was ¥545,418,514.84, with an EBITDA of ¥3.545 billion, a 21.78% increase compared to the previous period[9] - Cash received from financing activities increased significantly by 2048.37% to ¥432,030,386.28 from ¥20,109,693.00 in the previous period[8] - The ending balance of cash and cash equivalents was CNY 4,832,757,953.35, compared to CNY 4,107,184,684.56 at the end of the previous period[22] Investment Activities - The total cash inflow from investment activities was ¥597,598,648.83, down 78.03% from ¥2,720,073,570.16 in the previous period[8] - The cash outflow for investment activities decreased by 38.70% to ¥4,054,806,978.74 from ¥6,614,389,298.05 in the previous period[8] - Cash outflow from investment activities totaled CNY 4,054,806,978.74, a decrease of 38.5% compared to CNY 6,614,389,298.05 in the previous period[22] - Net cash flow from investment activities was -CNY 3,457,208,329.91, improving from -CNY 3,894,315,727.89 year-over-year[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 231,749[10] - The largest shareholder, Nantong Huada Microelectronics Group Co., Ltd., holds 19.90% of the shares, totaling 301,941,893 shares[10] - The second-largest shareholder, National Integrated Circuit Industry Investment Fund, holds 11.26% with 170,817,547 shares[10] Research and Development - Research and development expenses totaled ¥956,679,190.47, up from ¥862,277,940.97, indicating a focus on innovation[18] Other Financial Metrics - The company reported a significant reduction in financial expenses by 49.14% year-over-year, amounting to ¥375,475,540.25[6] - The company’s interest income increased by 81.70% year-over-year, reaching ¥65,890,679.78 due to improved fund management[6] - Other income increased to ¥140,220,236.93 from ¥85,290,813.50, showing improved financial performance[18] - The cash received from tax refunds increased to ¥533,647,829.83, a 200.73% increase compared to ¥177,448,551.14 in the previous period[8] - The cash paid for various taxes decreased by 51.57% to ¥56,805,028.74 from ¥117,299,650.97 in the previous period[8]

Investment Rating - The report maintains a "Buy-A" rating for Tongfu Microelectronics (002156 SZ) [1] Core Views - Tongfu Microelectronics' Memory Phase II project has achieved significant progress, with the first equipment installed and a new cleanroom area of 8,000 square meters added, capable of producing 150,000 wafers per month [1] - The company's advanced packaging base project has commenced, focusing on multi-layer stacking, flip-chip, wafer-level, and panel-level packaging, with a total investment of 7 5 billion yuan [1] - The global memory market is expected to grow by 64% in 2024, driven by AI investments and supply adjustments, with NAND Flash and DRAM markets projected to grow by 70 6% and 58 1% respectively [1] - Tongfu Microelectronics is expected to achieve significant revenue growth, with projected revenues of 25 28 billion yuan in 2024, 29 23 billion yuan in 2025, and 34 56 billion yuan in 2026 [3] Financial Performance and Valuation - The company's revenue is forecasted to grow at a CAGR of 15 6% from 2024 to 2026, with net profit margins improving from 3 8% in 2024 to 4 7% in 2026 [4] - EPS is expected to increase from 0 63 yuan in 2024 to 1 06 yuan in 2026, with P/E ratios declining from 28 9x in 2024 to 17 2x in 2026 [4] - ROE is projected to improve significantly, from 7 0% in 2024 to 10 0% in 2026, reflecting stronger profitability and operational efficiency [4] Industry and Market Trends - The memory market is experiencing strong growth due to AI-driven demand, with NAND Flash and DRAM markets expected to reach 680 billion USD and 808 billion USD respectively in 2024 [1] - Smartphone applications are expected to consume 37% of NAND Flash capacity in 2024, while enterprise-level applications, particularly in AI and server upgrades, are driving demand for high-performance memory products [1] Technological Advancements - Tongfu Microelectronics has made significant progress in advanced packaging technologies, including 16-layer chip stacking and WB cavity shielding, with high yield rates [3] - The company is developing FCBGA chip packaging technology using glass substrates and glass interposers, targeting high-performance applications in photonic communication, consumer electronics, and AI [3] - Tongfu Microelectronics has also completed the development of the Easy3B module, which is entering small-scale production, offering improved thermal resistance and power consumption compared to traditional modules [3]

Investment Rating - The report assigns a "Buy" rating (首次) to the company, with a target price of 24.29 yuan based on a 2.5x PB multiple for 2024 [4][9][57] Core Views - The company is a leading semiconductor packaging and testing provider in China, ranking 4th globally and 2nd in mainland China in 2023 [2][7] - As AMD's largest packaging and testing supplier, accounting for over 80% of AMD's orders, the company is well-positioned to benefit from the rapid growth of AI and computing industries [2][5][7] - The company has a comprehensive layout in advanced packaging technologies, including 2D+, 3D stacking, and Chiplet, with several technologies already verified and mass-produced [5][14] - Revenue is expected to grow at a CAGR of 17.59% from 2024 to 2026, with net profit projected to increase significantly due to the company's leadership in advanced packaging and strong customer relationships [5][9] Industry Overview - The global advanced packaging market is expected to grow from $37.4 billion in 2021 to $65 billion by 2027, driven by the increasing difficulty and cost of improving chip performance through process advancements [5][22] - Chiplet technology, which allows for modular chip design, is becoming increasingly important for cost reduction and performance improvement, with the market expected to reach $57 billion by 2035 [25][26][28] - The semiconductor packaging and testing market is dominated by Taiwanese and mainland Chinese companies, with the company holding a 7.9% global market share in 2023 [29] Company Analysis - The company has seven major production bases and plans to acquire a 26% stake in Jinglong Technology to further enhance its industrial layout [36][37] - Revenue from the company's largest customer (AMD) has grown from 42.97% in 2018 to 59.38% in 2023, reflecting a strong and growing partnership [5][34] - The company has made significant progress in areas such as memory, display drivers, and power semiconductors, with several products entering mass production [14][44] - R&D investment has been consistently high, with the company holding over 1,500 patents, more than 60% of which are related to advanced packaging technologies [46][47] Financial Projections - Revenue is forecasted to reach 25.85 billion yuan in 2024, 30.66 billion yuan in 2025, and 36.06 billion yuan in 2026, with a CAGR of 17.59% [5][9] - Net profit is expected to grow significantly, with a projected CAGR of 115.91% from 2024 to 2026, driven by the company's leadership in advanced packaging and strong customer relationships [5][9] - The company's valuation is supported by a FCFE model, which estimates a fair value of 23.16 yuan per share, and a PB multiple of 1.9x, which is below the industry average [52][55][57]

证 2024 年 09 月 13 日 报 告 公 司 研 究 行业回暖拉动封测增长，公司净利润环比高增 —通富微电（002156.SZ）公司事件点评报告 买入(上调) 事件 | --- | --- | |----------------------|----------------| | | | | 分析师：毛正 | S1050521120001 | | maozheng@cfsc.com.cn | | | 联系人：张璐 | S1050123120019 | | --- | --- | |-----------------------|------------| | | | | 基本数据 | 2024-09-12 | | 当前股价（元） | 18.48 | | 总市值（亿元） | 280 | | 总股本（百万股） | 1518 | | 流通股本（百万股） | 1517 | | 52 周价格范围（元） | 17.81-26.2 | | 日均成交额（百万元） | 1257.99 | 市场表现 -20 -10 0 10 20 30 40 (%) 通富微电 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、 ...

证券代码：002156 证券简称：通富微电 | --- | --- | --- | --- | --- | |--------------------------------|------------------------------|-------------------------------------------------------------------------------------------------------|--------|--------------------| | | | | 编号： | 2024-002 | | 投资者关系活动 | ☑ | 特定对象调研 □分析师会议 | | | | 类别 | □媒体采访 | □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | （请文字说明其他活动内容） | | | | 参与单位名称及 人员姓名 | | 兴业证券：仇文妍；喜世润投资：任若天；上银基金：惠 军；东海基金：王亦琛；东北证券：黄磊、蒋佩炎、武芃 | | | | | | 睿；顶天投资：李胜敏；大筝 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.46 CNY, maintaining the rating from previous assessments [1]. Core Insights - The company's net profit for the first half of 2024 saw a significant increase of 271.91% year-on-year, attributed to strategic positioning and effective execution of operational strategies. The semiconductor market's recovery, particularly in consumer electronics, has positively impacted the company's performance [1]. - The company has successfully captured the rising demand in the mobile and consumer markets, leading to continuous revenue growth. Emerging markets have also shown strong performance, with growth rates exceeding 50% in various product lines [1]. - The company is focusing on technological innovation, particularly in Chiplet packaging and intellectual property, which has led to enhanced chip reliability and market competitiveness [1]. - The company is expanding its production capacity through multiple projects and acquisitions, including a significant acquisition of 26% equity in Jinglong Technology to strengthen its high-end testing capabilities [1]. Financial Performance - The company reported a revenue of 11.08 billion CNY for the first half of 2024, representing an 11.83% year-on-year increase. The net profit attributable to the parent company was 3.23 billion CNY, marking a 271.91% increase [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.70 CNY, with a price-to-earnings (P/E) ratio of 27.41 [2][4]. - The company’s total assets are expected to reach 37.45 billion CNY by 2024, with a projected net profit of 1.06 billion CNY [3][4]. Market Position and Strategy - The company has established itself as a leading supplier in the semiconductor packaging industry, with over 80% of its orders coming from its partnership with AMD [1]. - The company is actively pursuing digital transformation and smart manufacturing initiatives, achieving a digital transformation score that ranks it in the top 0.72% of enterprises nationwide [1]. - The company has a robust patent portfolio, with 1,589 domestic and international patents as of June 2024, focusing on high-end packaging and cutting-edge technologies [1]. Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 10.55 billion CNY and 13.3 billion CNY for 2024 and 2025, respectively, while also introducing a new forecast for 2026 at 16.69 billion CNY [1].