证券代码：002156 证券简称：通富微电 公告编号：2024-061 通富微电子股份有限公司 大股东减持股份预披露公告 持股 5%以上的股东国家集成电路产业投资基金股份有限公司保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： （二）股东持股情况：截至本公告披露日，首期基金持有公司股份 170,817,547 股，占公司总股本的 11.26%，均为无限售条件流通股。 二、本次减持计划的主要内容 1、减持原因：自身经营管理需要。 2、股份来源：非公开发行股票方式取得的股份，公司于 2018 年 1 月 22 日 披露了《通富微电发行股份购买资产并募集配套资金暨关联交易之实施情况暨新 增股份上市报告书》；协议转让股份，产业基金已于 2018 年 2 月 27 日披露《简 式权益变动公告书》。 3、拟减持股份数量及比例：以集中竞价或大宗交易方式减持本公司股份不 超过 45,527,907 股（即不超过公司股份总数的 3%）。其中，通过大宗交易方式 减持公司股份不超过 30,351,938 股（即不超过公 ...

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]

Investment Rating - The investment rating for the company is upgraded to "Buy" [8] Core Views - The semiconductor industry is experiencing a significant recovery, leading to growth in packaging and testing services, with the company achieving a substantial increase in net profit quarter-on-quarter [4][5] - In the first half of 2024, the company reported 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, marking a return to profitability [3][4] - The company is actively expanding production capacity to meet the rising demand for AI chips, with a focus on advanced packaging technologies [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 110.80 billion yuan, up 11.83% year-on-year, and a net profit of 3.23 billion yuan, reversing previous losses [3][4] - Q2 2024 alone saw revenue of 57.98 billion yuan, a quarter-on-quarter increase of 9.77%, and a net profit of 2.24 billion yuan, reflecting a quarter-on-quarter growth of 127.60% [4] Market Trends - The global semiconductor industry is witnessing a recovery driven by the resurgence of consumer electronics, particularly in mobile and computing devices [5] - The demand for AI chips is projected to surge, with Gartner forecasting a 33% increase in the global AI chip market size to reach 71.3 billion USD in 2024 [5] Production and R&D - The company is enhancing its R&D capabilities, achieving breakthroughs in multi-chip packaging technologies and initiating small-scale production of new modules [6] - The company has successfully launched a 16-layer chip stacking packaging product with a leading industry qualification rate [6] Earnings Forecast - Revenue projections for 2024-2026 are 25.85 billion, 30.05 billion, and 34.04 billion yuan respectively, with EPS estimates of 0.62, 0.83, and 1.05 yuan [8]

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].

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. ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company has shown significant recovery across its factories, with steady progress in major project constructions. The revenue for the first half of 2024 reached 11.08 billion yuan, a year-on-year increase of 11.83%, and the net profit attributable to shareholders was 323 million yuan, marking a return to profitability [6]. - The company is actively expanding its high-performance packaging business, particularly in the server and high-computing product markets, leveraging long-term partnerships with industry leaders like AMD [6]. - The acquisition of 26% equity in Jinglong Technology for 1.378 billion yuan is expected to enhance the company's competitive edge in the high-end integrated circuit testing sector [6]. - The profit forecast for 2024-2026 has been raised, with net profit estimates adjusted to 879 million yuan, 1.087 billion yuan, and 1.402 billion yuan respectively, corresponding to PE ratios of 34, 28, and 22 [6]. Summary by Sections Market Data - Closing price as of August 30, 2024: 19.90 yuan - One-year high/low: 27.60/17.11 yuan - Market capitalization: 30,197 million yuan [3][4]. Financial Performance - Total revenue for H1 2024: 11.08 billion yuan, YoY +11.83% - Net profit for H1 2024: 323 million yuan, with a significant QoQ increase of 127.6% in Q2 [6]. - Revenue projections for 2024E: 25.265 billion yuan, with a growth rate of 13.5% [8]. Business Segments - The company is focusing on the recovery of various business segments, including mobile and consumer markets, with a notable increase in revenue from emerging markets such as RF products and advanced packaging [6]. - The new base for MCU and power devices has shown rapid growth, with a revenue increase of 140% YoY in H1 2024 [6]. Profitability Metrics - Gross margin for H1 2024: 14.2% - Return on equity (ROE) for 2024E: 5.9% [8].

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].