证券代码：002156 证券简称：通富微电 公告编号：2025-026 特别提示： 本次股东大会未出现增加、否决或变更提案的情形，也未涉及变更前次股东 大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议召开时间：2025 年 5 月 13 日 下午 14：30； 网络投票时间：2025 年 5 月 13 日。通过深圳证券交易所交易系统进行网络 投票的时间为 2025 年 5 月 13 日的交易时间，即上午 9:15-9:25、9:30-11:30 和 下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 5 月 13 日上午 9:15-下午 15:00 期间的任意时间。 2、召开地点：通富微电子股份有限公司会议室（江苏南通市崇川路 288 号） 通富微电子股份有限公司 2024 年度股东大会决议公告 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。 3、召开方式：现场会议和网络投票相结合方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长石磊先生 6、本次年度股东大会的召集、召开与表 ...

大成证字[2025]第 40 号 北京大成 （南通） 律师事务所 关于通富微电子股份有限公司 2024 年 度 股东会的 法 律 意 见 书 北 京 大 成 (南 通 )律 师 事 务 所 江苏省南通市工农南路155号印象城写字楼20楼（226004） 20F, Incity Office Tower, 155 South Gongnong Road, Nantong, Jiangsu Tel: 0513-85119000 Fax: 0513-85119001 法律意见书——通富微电子股份有限公司 2024 年度股东会 北京大成（南通）律师事务所 关于通富微电子股份有限公司 2024 年度股东会的法律意见书 大成证字[2025]第 40 号 致：通富微电子股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规 范性文件的要求，北京大成（南通）律师事务所（以下简称"本所"）接受通富 微电子股份有限公司（以下简称"公司"）的委托，指派律师参加公司 ...

以下文章来源于TrendForce集邦 ，作者TrendForce TrendForce集邦 . TrendForce集邦咨询是一家全球高科技产业研究机构，研究领域横跨存储器、AI服务器、集成电路与半 导体、晶圆代工、显示面板、LED、AR/VR、新能源（含太阳能光伏、储能和电池）、AI机器人及汽 车科技等，提供前瞻性行业研究报告、产业分析 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 TrendForce集邦，谢谢。 根据TrendForce集邦咨询最新半导体封测研究报告，2024年全球封测(OSAT)市场面临技术升级 和产业重组的双重挑战。从营收分析，日月光控股、Amkor（安靠）维持领先地位，值得关注的 是，得益于政策支持和本地需求带动，长电科技和天水华天等封测厂营收皆呈双位数成长，对既 有市场格局构成了强大的挑战。 TrendForce集邦咨询表示，2024年全球前十大封测厂合计营收为415.6亿美元，年增3%。 | 排名 | 公司 | | 营收(USD Billion) | | Top10营收占比 | | | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - The report highlights the annual compensation of chairpersons from listed companies in Jiangsu for 2024, showcasing the financial performance and management talent in the region [1][3]. Compensation Rankings - WuXi AppTec's chairman, Li Ge, leads the list with a total compensation of 41.8 million yuan, followed by Taihe Group's Tian Xiaohong with 10.5193 million yuan, marking the only two chairpersons in Jiangsu to exceed 10 million yuan [3]. - A total of 11 chairpersons earn over 5 million yuan, with the pharmaceutical and hardware sectors dominating the high compensation landscape, indicating a strong demand for high-level management talent in high-tech industries [3]. - The semiconductor industry also shows significant compensation levels, with chairpersons from companies like Saiteng Co., Tongfu Microelectronics, and Zhaosheng Microelectronics earning between 3 million and 6 million yuan, reflecting ongoing investments in Jiangsu's chip industry [3]. Gender and Education Disparities - Among the top 100 compensated chairpersons, only one female, Mo Ruoli from Xiangsheng Medical, appears, highlighting the ongoing gender disparity in corporate leadership roles [3]. - There is a strong correlation between educational background and compensation, with many top earners holding doctoral degrees, such as Li Ge (WuXi AppTec) and XIAOLIN ZHANG (Dizhe Pharmaceutical-U) [3]. Age Distribution - Over 50% of the chairpersons are aged between 50 and 60, with those born in the 1970s becoming the main management force. The youngest chairpersons are from Kangli Elevator, Baoli International, and Jujie Microfiber, all aged 32 [3]. Performance and Compensation Concerns - Despite the high compensation figures, there are concerns regarding the alignment of pay with company performance, particularly for ST companies like ST Huifeng and ST Yigou, where the chairpersons' salaries do not correspond with the companies' financial struggles [4].

Industry Insights - The global OSAT market is facing dual challenges of technological upgrades and industry restructuring in 2024 [1] - The top ten OSAT companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a year-on-year growth of 3% [2][3] Company Performance - ASE Holdings (日月光控股) remains the leader with a revenue of $18.54 billion in 2024, a slight decrease of 0.7% from 2023, holding a market share of 44.6% [3][5] - Amkor (安靠) ranks second with a revenue of $6.32 billion, down 2.8% year-on-year, primarily due to weak demand in automotive electronics [3][6] - JCET (长电科技) is third with a revenue of $5 billion, showing a significant growth of 19.3%, driven by improving demand in consumer electronics and AI PC markets [3][7] - TFME (通富微电) ranks fourth with a revenue of $3.32 billion, up 5.6%, benefiting from recovering demand in communications and consumer electronics [3][8] - PTI (力成科技) is fifth with a revenue of $2.28 billion, reflecting a modest growth of 1% due to transitional challenges in advanced packaging [3][9] - TSHT (天水华天) ranks sixth with a revenue of $2.01 billion, achieving the highest growth rate of 26% among the top ten OSAT companies, supported by advancements in packaging technology [3][10] - WiseRoad (智路封测) is seventh with a revenue of $1.56 billion, up 5%, driven by semiconductor demand recovery [3][11] - Hana Micron (韩亚微) ranks eighth with a revenue of $0.92 billion, growing 23.7% due to strong performance from memory clients [3][12] - KYEC (京元电子) is ninth with a revenue of $0.91 billion, down 14.5%, impacted by the sale of a subsidiary but benefiting from growth in AI server and HPC chip markets [3][13] - ChipMOS (南茂科技) rounds out the top ten with a revenue of $0.71 billion, up 3.1%, driven by stable demand in automotive and OLED sectors [3][14] Market Trends - The 2024 OSAT market indicates a restructuring of the value chain, with increasing demands for advanced packaging technologies driven by AI and edge computing [14] - The market is characterized by a dual-axis trend of "mature leaders' stability and the rise of regional new forces," setting the stage for future competition in advanced packaging and heterogeneous integration technologies [14]

Group 1: Market Performance - The storage chip sector declined by 2.67%, ranking among the top losers in the market [1][2] - Notable declines were observed in companies such as Huahong Semiconductor, Hangzhou Kelin, and Canxin Technology, while companies like Oriental Zhongke, Chengbang Co., and Huada Jiutian saw gains of 1.56%, 1.24%, and 0.58% respectively [1][2] Group 2: Capital Flow - The storage chip sector experienced a net outflow of 3.008 billion yuan, with 81 stocks seeing net outflows, and 10 stocks exceeding 100 million yuan in outflows [2] - Tianyuan Dike led the outflow with a net withdrawal of 297 million yuan, followed by Zhaoyi Innovation, Allwinner Technology, and Northern Huachuang with outflows of 253 million yuan, 205 million yuan, and 165 million yuan respectively [2][3] Group 3: Stock Performance - The top stocks with significant outflows included Tianyuan Dike (-4.56%), Zhaoyi Innovation (-2.45%), and Allwinner Technology (-2.69%) [2][3] - Conversely, stocks with net inflows included Oriental Zhongke (1.56%), Deep Kangjia A (0.19%), and Xiechuang Data (0.04%) [2][5]

Core Viewpoint - Nantong, as a key growth pole in Jiangsu's coastal economic belt, is leveraging its strategic position in the Yangtze River Delta to develop a modern industrial system centered around the "616" framework, which includes six trillion-level industrial clusters and sixteen advantageous industrial chains [1][12]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driver, moving away from traditional economic growth models, characterized by high-tech, high-efficiency, and high-quality features [2]. - This concept is crucial for promoting high-quality economic development and is a key support for building a modern industrial system [2]. Group 2: Economic Performance of Nantong - Nantong's GDP is projected to exceed 1.24 trillion yuan (approximately 1242.19 billion yuan) in 2024, with a year-on-year growth rate of 6.2%, leading the province [3]. - The three industries are showing collaborative growth: the primary industry added value is 53.21 billion yuan (2.7% growth), the secondary industry 590.68 billion yuan (6.9% growth), and the tertiary industry 598.30 billion yuan (5.7% growth) [3]. Group 3: Industrial Growth and Key Sectors - Nantong's industrial economy is experiencing robust growth, with an increase of 9.3% in industrial added value, ranking among the top in the province [5]. - Key sectors such as specialized equipment, chemical fibers, and electrical machinery have shown significant growth rates of 14.4%, 14.1%, and 11.7% respectively [5]. - The six trillion-level industrial clusters continue to expand, with an annual output growth of 8.5%, contributing 5.3 percentage points to the industrial growth [5]. Group 4: Policy Framework for New Quality Productive Forces - The central economic work conference in 2024 emphasized the importance of technological innovation in leading the development of new quality productive forces [10]. - Nantong has implemented a series of targeted policies to foster new quality productive forces, including action plans for low-altitude economy, artificial intelligence, and technology innovation parks [10][11]. Group 5: Modern Industrial System Development - Nantong is integrating new quality productive forces into the national strategic framework, focusing on six trillion-level industrial clusters and sixteen advantageous industrial chains [12][13]. - The city aims to build a modern industrial system with advanced manufacturing at its core, emphasizing industrial upgrades and the development of strategic emerging industries [15]. Group 6: Spatial Layout and Industrial Clusters - Nantong is constructing a new spatial layout characterized by "one main, one deputy, two belts, and four groups," enhancing its economic and innovation capabilities [17]. - The city has established six key industrial chains, including new energy, shipbuilding, high-end equipment, new materials, biomedicine, and new generation information technology, with leading companies like Tongfu Microelectronics and Lin Yang Energy [21][22]. Group 7: Future Development Trends - Nantong is focusing on forward-looking layouts for future industries, emphasizing low-altitude economy, deep-sea equipment, and new energy storage [25][26]. - The city aims to enhance green and intelligent transformation, targeting the establishment of over 100 provincial-level smart factories by 2027 [28]. - Nantong is deepening regional collaborative innovation, integrating into the Yangtze River Delta's development, and establishing a collaborative model for research and development [29].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 6.09 billion yuan in Q1 2025, representing a year-on-year growth of 15.3%, with a net profit attributable to shareholders of 100 million yuan, up 2.9% year-on-year [4][5]. - The semiconductor packaging and testing industry is expected to grow due to increasing demand in artificial intelligence, high-performance computing, 5G communication, and automotive electronics [5]. - The global integrated circuit packaging and testing market is projected to reach 82 billion USD in 2024, with a growth rate of 7.8% [5]. Financial Summary - The company’s revenue is forecasted to grow from 23.88 billion yuan in 2024 to 33.37 billion yuan in 2027, with corresponding net profits increasing from 678 million yuan to 1.657 billion yuan [8]. - The gross margin is expected to improve from 14.8% in 2024 to 16.0% in 2027, reflecting operational efficiency [8]. - Earnings per share (EPS) are projected to rise from 0.45 yuan in 2024 to 1.09 yuan in 2027, indicating strong profitability growth [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 6.09 billion yuan in Q1 2025, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 100 million yuan, up 2.9% year-on-year, while the net profit excluding non-recurring items also reached 100 million yuan, growing by 10.2% [4][5]. - The company continues to invest heavily in research and development, with R&D expenses increasing from 290 million yuan in Q1 2024 to 370 million yuan in Q1 2025. This commitment to innovation is expected to support growth in response to rising demand in sectors such as artificial intelligence, high-performance computing, 5G communications, and automotive electronics [5]. - The global integrated circuit packaging and testing market is projected to reach 82 billion USD in 2024, with a year-on-year growth of 7.8%. The demand for AI chips is anticipated to drive growth in GPU demand, with significant increases expected in storage chips, data centers, and edge computing in the coming years [5]. Financial Summary - For the fiscal years 2025 to 2027, the company is expected to achieve net profits of 1.02 billion yuan, 1.33 billion yuan, and 1.66 billion yuan, respectively. Corresponding earnings per share (EPS) are projected to be 0.67 yuan, 0.88 yuan, and 1.09 yuan, with price-to-earnings (P/E) ratios of 38.1x, 29.2x, and 23.5x for 2025 [6][8]. - The company’s revenue is forecasted to grow from 23.88 billion yuan in 2024 to 33.37 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.1% [8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.65 CNY per share [5]. Core Views - The company reported a revenue of 23.882 billion CNY in 2024, representing a year-on-year increase of 7.24%, and a net profit of 678 million CNY, up 299.9% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 6.092 billion CNY, a year-on-year increase of 15.34%, and a net profit of 101 million CNY, up 2.94% year-on-year [1]. - The overall gross margin for 2024 was 14.84%, an increase of 3.18 percentage points year-on-year, with a net profit margin of 3.31%, up 2.34 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 238.82 billion CNY and 6.78 billion CNY, respectively, with significant growth in net profit due to improved operational efficiency and cost control [1][2]. - For Q1 2025, the company reported a revenue of 60.92 billion CNY and a net profit of 1.01 billion CNY, indicating a positive trend in financial performance [1]. Market and Industry Trends - The industry is experiencing a recovery driven by demand in data centers, automotive electronics, and consumer electronics, contributing to the company's improved market conditions [2]. - The company has seen a notable increase in revenue from mid-to-high-end products, with a significant rise in capacity utilization and effective cost management [2]. Product and Business Development - The company has diversified its product offerings, achieving a 46% increase in revenue from high-end mobile SOCs and a 70% increase in revenue from RF products [3]. - The automotive sector has shown exceptional growth, with revenue from power devices, MCUs, and smart cockpit products surging over 200% [3]. - The company’s Memory business grew by 40% due to enhanced collaboration with original manufacturers, and the display driver business successfully introduced advanced cutting processes [3]. Capacity Expansion and Acquisitions - The company is accelerating its global capacity expansion, with ongoing projects in various locations aimed at enhancing high-end packaging capacity [8]. - The acquisition of a 26% stake in Jinglong Technology is expected to strengthen the company's position in the high-end IC testing sector, providing stable financial returns [8].