Summary of Conference Call Company and Industry - **Company**: 通富微电 (Tongfu Microelectronics) - **Industry**: Semiconductor and Electronics Manufacturing Key Points and Arguments 1. **Performance Forecast**: The company expects a net profit of approximately 288 million to 375 million yuan for the first half of 2024, representing a year-on-year increase of about 476 million to 563 million yuan [5][6] 2. **Quarterly Performance**: For Q2 2024, the estimated net profit is between 199 million to 277 million yuan, showing a year-on-year increase of 382 million to 469 million yuan, and a quarter-on-quarter increase of approximately 93% to 180% [6][7] 3. **Industry Recovery**: The semiconductor industry is showing signs of recovery, driven by market demand and advancements in technologies such as artificial intelligence [5][6] 4. **Capacity Utilization**: The company reported an increase in capacity utilization rates, with Q2 utilization expected to be between 75% to 80%, up from around 70% in Q1 [12][13] 5. **Revenue Growth**: The company has seen significant revenue growth in mid-to-high-end products, with Q2 revenue expected to show a double-digit growth rate [11][15] 6. **AMD Collaboration**: The company is actively collaborating with AMD on high-performance AI chips, with ongoing testing of MI300 chips at their facilities [17][46] 7. **Capital Expenditure**: The company plans a capital expenditure of approximately 4.89 billion yuan, with around 3 billion yuan allocated to the Suzhou facility [20][21] 8. **Market Pricing**: Prices in the semiconductor market are stabilizing after a period of decline, with expectations for continued stability in the second half of the year [22][23] 9. **Dollar Exposure**: The company is monitoring its dollar-denominated liabilities, with detailed updates expected after the release of the half-year report [24][25] 10. **Storage Chip Development**: The company is focusing on high-end storage chips, particularly in collaboration with domestic manufacturers [28][29] 11. **Demand Trends**: The company has observed strong demand in various sectors, including AI, home appliances, and security products, while some segments like power products remain weak [36][41] 12. **Future Outlook**: The company anticipates that the demand for AI-related products will continue to grow, positively impacting their business [36][46] Other Important but Possibly Overlooked Content 1. **Operational Efficiency**: The company has implemented effective cost control measures, contributing to improved overall profitability [7][8] 2. **Market Dynamics**: The company noted that the pricing of semiconductor products is primarily driven by supply and demand dynamics [22][23] 3. **Technological Advancements**: The company is keeping an eye on emerging technologies, such as glass substrates for AI chips, which could present new business opportunities [51][53] 4. **Regulatory Approvals**: The acquisition of a 26% stake in a financial technology firm is progressing through necessary regulatory approvals, with expectations for completion within the year [34][35] 5. **Customer Relationships**: The company is cautious about disclosing specific customer information due to competitive sensitivities [32][42] This summary encapsulates the key insights from the conference call, highlighting the company's performance, industry trends, and future outlook.

Financial Data and Key Metrics Changes - The company expects to achieve a net profit of between 288 million to 375 million yuan for the first half of 2024, representing a year-on-year increase of approximately 476 million to 563 million yuan [5][6] - For Q2 2024, the estimated net profit is between 199 million to 277 million yuan, showing a year-on-year increase of 382 million to 469 million yuan and a quarter-on-quarter increase of approximately 93% to 180% [7][8] - The company reported a significant increase in revenue due to improved capacity utilization and effective cost management [8][9] Business Line Data and Key Metrics Changes - The company noted a substantial growth in revenue from mid-to-high-end products, contributing to the overall revenue increase [8] - The production capacity utilization rate improved from around 70% in Q1 to approximately 75% to 80% in Q2 [12] Market Data and Key Metrics Changes - The semiconductor industry is showing signs of recovery, with increased market demand driven by new technologies such as artificial intelligence [7][8] - The company is optimistic about the demand for AI-related products, particularly from major clients like AMD [34][35] Company Strategy and Development Direction - The company is focusing on enhancing its management practices and cost control measures to improve overall efficiency [8] - There is a strategic emphasis on expanding into high-end storage and AI chip markets, with ongoing collaborations with AMD [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of market demand and the potential for continued growth in the second half of 2024 [34][35] - The company anticipates that the demand for AI products will remain strong, despite some softness in other areas such as gaming consoles [34][35] Other Important Information - The company plans to maintain a capital expenditure of approximately 4.89 billion yuan for the year, with significant allocations for its Suzhou facility [20] - The company is actively pursuing opportunities in the high-end storage chip market, particularly in collaboration with domestic manufacturers [27] Q&A Session Summary Question: What is the revenue growth range for Q2? - Management indicated that Q2 revenue is expected to show a double-digit growth on a quarter-on-quarter basis and a similar growth year-on-year [11] Question: What is the capacity utilization rate for different factories? - The overall capacity utilization rate is expected to improve, with specific rates for Suzhou and other facilities ranging from 75% to 80% [12] Question: What is the progress on collaboration with AMD for AI chips? - Current testing for AMD's MI300 is being conducted at the Ice City facility, with positive expectations for future collaboration [16][18] Question: How is the pricing situation for the second half of the year? - Pricing is expected to remain stable, influenced by market supply and demand dynamics [21][22] Question: What is the status of the company's dollar-denominated debt exposure? - Detailed information on dollar-denominated debt exposure will be available after the release of the half-year report [24][25] Question: What are the company's plans regarding high-end storage chips? - The company is focusing on opportunities in the high-end storage market, particularly in collaboration with major domestic manufacturers [27] Question: How does the company view the demand for DDIC? - The demand for DDIC is expected to remain strong, driven by various market catalysts [48]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown growth in the second quarter compared to the previous quarter, with a continuous expansion in its mid-to-high-end product lines [1] - The semiconductor industry is gradually recovering, and the company's performance is in the process of being restored [1] - The company has established a close strategic partnership with AMD, becoming a major packaging supplier, which accounts for 80% of AMD's total orders [1] Financial Performance Summary - The company achieved a net profit attributable to shareholders of 288 million yuan in the first half of 2024, a significant turnaround from a loss in the previous year [1] - The expected net profits for 2024-2026 are projected to be 819 million, 1.21 billion, and 1.539 billion yuan respectively, with corresponding EPS of 0.54, 0.80, and 1.01 yuan [1][2] - Revenue for 2024 is expected to reach 25.947 billion yuan, reflecting a year-on-year growth of 16.5% [2][3] Key Financial Indicators - The company's gross margin is projected to improve from 11.7% in 2023 to 14.2% by 2026 [3] - The return on equity (ROE) is expected to increase from 1.2% in 2023 to 8.8% in 2026 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 210.18 in 2023 to 23.08 by 2026 [3]

本报告仅供 Choice 东方财富 使用,请勿传阅。 2024 年 07 月 15 日 通富微电(002156.SZ) 下游需求回暖,24Q2 净利润环比大幅 提高 事件:公司发布 2024 年半年度业绩预告,报告期内实现归属于 公司股东净利润 2.88-3.75 亿元,比上年同期增长 253.44%- 299.79%;扣除非经常性损益后的净利润 2.65-3.55 亿元,比上年 同期增长 201.37%-235.80%。 下游需求回暖,24Q2 净利润环比大幅提高:半导体行业于 2024 年上半年迎来复苏,市场需求回暖,公司产能利用率提高,带动 24H1 营业收入同比大幅增长。从 24Q2 来看,公司营业收入同比 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%。 AMD 推出 MI 350,性能大幅提高: 在2024年Computex大会上,AMD展示了其最新的AI芯片Instinct MI350,该 GPU ...

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/ ...