Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [7][19]. Core Insights - The company achieved a significant increase in net profit by 299.9% year-on-year, driven by the semiconductor industry's upward cycle and strong demand from its major client, AMD, whose annual revenue reached a record $25.8 billion, contributing 50.35% to the company's revenue [1][2]. - The company has successfully expanded its market presence and optimized its product structure, leading to a 7.24% increase in revenue to 23.88 billion yuan in 2024 [1][3]. - The company is actively pursuing opportunities in the advanced packaging sector, particularly in FC-BGA products, and has seen a 52% increase in sales since the second quarter [2][3]. Financial Performance - In 2024, the company reported total revenue of 238.82 billion yuan, with a net profit of 6.78 billion yuan and a non-GAAP net profit of 6.21 billion yuan, reflecting a year-on-year growth of 944.13% [1][5]. - The company’s R&D investment increased by 31.96% to 1.533 billion yuan in 2024, indicating a strong commitment to innovation [4]. - The projected net profit for 2025 and 2026 has been adjusted downwards to 10.5 billion yuan and 13.62 billion yuan, respectively, with a new forecast for 2027 set at 16.6 billion yuan [5]. Market Position and Strategy - The company has established a robust partnership with AMD, holding over 80% of its orders, which enhances order stability compared to peers [2][3]. - The company has diversified its production capacity across multiple locations, including Nantong, Suzhou, Penang, Hefei, and Xiamen, to support its growth strategy [2][3]. - The company has seen substantial growth across various sectors, including a 46% increase in high-end mobile SOCs and over 200% growth in automotive products [3][4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, driven by favorable industry trends and strong partnerships, particularly with AMD [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 23.882 billion yuan, a year-on-year increase of 7.24% [1] - The net profit attributable to shareholders reached 678 million yuan, up 299.9% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 621 million yuan, reflecting a remarkable increase of 944.13% year-on-year [1] Group 2: Industry Trends and Market Position - The semiconductor industry is in an upward cycle, with market demand recovering, contributing to the company's growth [1] - The company has optimized its product structure and improved capacity utilization, leading to significant revenue growth in mid-to-high-end products [1] - The collaboration with AMD has been pivotal, with AMD's 2024 revenue reaching a record 25.8 billion USD, accounting for 50.35% of the company's revenue [2] Group 3: Product and Market Development - The company has seen substantial growth across various sectors, including a 46% increase in mid-to-high-end mobile SOCs and a 70% increase in the RF sector [3] - In the automotive sector, the company has become a key player in localized packaging, with over 200% year-on-year growth in automotive products [3] - The company is actively pursuing opportunities in advanced packaging, achieving a 52% increase in FC product sales since Q2 [2] Group 4: Research and Development - The company invested 1.533 billion yuan in R&D in 2024, a year-on-year increase of 31.96% [4] - The company has made significant advancements in advanced packaging technology and has applied for 1,656 patents, with nearly 70% being invention patents [4] - The employee stock ownership plan has been successfully implemented, enhancing employee motivation and aligning interests for long-term development [4]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [7][19]. Core Views - The company has reported a significant increase in net profit by 299.9% year-on-year for 2024, driven by the semiconductor industry's upward cycle and strong demand from major clients like AMD [1][2]. - The company's revenue for 2024 reached 23.882 billion yuan, a year-on-year growth of 7.24%, with a notable increase in net profit attributed to effective management and cost control [1][3]. - The partnership with AMD has deepened, with the company capturing over 80% of AMD's orders, contributing approximately 50.35% to its 2024 revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.882 billion yuan, a 7.24% increase from the previous year, and a net profit of 677.59 million yuan, marking a 299.9% increase [1][6]. - The company’s EBITDA for 2024 is projected at 6.100 billion yuan, with a net profit margin of 2.84% [6][13]. Market Position and Growth - The company has seen substantial growth across various sectors, including a 46% increase in high-end mobile SOCs and over 200% growth in automotive products [3][4]. - The company has established multiple production bases, enhancing its capacity and market reach, particularly in advanced packaging technologies [2][3]. Research and Development - The company invested 1.533 billion yuan in R&D in 2024, a 31.96% increase, and has filed 1,656 patents, with nearly 70% being invention patents [4][5]. - Significant advancements in advanced packaging technologies have been made, including the mass production of the smallest SIP devices [4][5]. Future Projections - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 1.051 billion yuan and 1.362 billion yuan, respectively, while introducing a new forecast for 2027 at 1.66 billion yuan [5][6].

Summary of Tongfu Microelectronics Conference Call Company Overview - **Company**: Tongfu Microelectronics - **Year**: 2024 - **Revenue**: 238.82 billion CNY, up 7.24% YoY - **Net Profit**: 6.78 billion CNY, nearly 300% YoY increase - **Gross Margin**: 14.84%, outperforming Huada Technology [2][8] Financial Performance - **Q4 Revenue**: 68 billion CNY, a historical high - **EBITDA**: 48.15 billion CNY, nearly 10% YoY growth - **R&D Expense Ratio**: Increased to 8.5% in Q4, focusing on advanced packaging and automotive IGBT products [3][9] Industry Context - **Semiconductor Industry**: Entering an upcycle driven by global economic recovery and digital transformation - **China's Market**: Strong industrial vitality, supported by government policies for semiconductor development [3][6] Business Segments - **Suzhou Factory**: Revenue up 7%, net margin at 13% - **Nantong Factory**: Net margin at 5%, impacted by past revenue decline and new project costs - **Ice City Factory**: Revenue down 8%, affected by poor performance in gaming console business [2][12] Future Projections - **2025 Revenue Target**: 265 billion CNY, approximately 11% YoY growth, exceeding Gartner's forecast of 8.5% for the global IC packaging market [2][7] - **Capital Expenditure**: Planned at 60 billion CNY, mainly for facility construction, equipment purchase, and R&D [2][20] Key Growth Areas - **Automotive Packaging**: Achieved 200% growth, driven by the electric vehicle market and smart driving technology [2][15] - **Server-related Business**: Expected significant growth in Q1 2025, benefiting from AMD's performance in the server sector [4][28] R&D and Technology - **Advanced Packaging Technology**: Achieved 100 mm x 100 mm size, accommodating one SOC and six HBM; focusing on cost-performance balance with Cross L technology [4][24] - **Material Costs**: R&D expenses increased significantly, with material costs rising from over 500 million CNY in 2023 to 700 million CNY in 2024 [27] Competitive Positioning - **Comparison with Huada Technology**: Tongfu's core business growth rate of 27% in 2024 is comparable to Huada's 28%, despite overall slower revenue growth [8] - **Market Strategy**: "China for China" strategy may enhance revenue as overseas clients adapt to tariff policies [33] Risks and Challenges - **Profit Margin Influences**: Factors such as marketing expenses, market demand fluctuations, and exchange rate losses could impact profit margins [18] - **Tariff Impacts**: Current tariffs do not significantly affect the semiconductor industry, with most products not returning to the U.S. market [22] Conclusion - **Outlook for 2025**: Positive growth opportunities in the semiconductor industry, with a focus on advanced packaging and automotive applications [34][35]

Investment Rating - The report maintains a "Recommended" rating for the company [1][4][12] Core Views - The company achieved a revenue of 23.882 billion yuan in 2024, representing a year-on-year growth of 7.24%, and a net profit attributable to shareholders of 678 million yuan, a significant increase of 299.90% [4][7] - The company is positioned among the top ten global outsourced packaging and testing companies, maintaining its industry ranking [7][8] - The semiconductor industry is entering an upward cycle, and the company is capitalizing on the recovery in communication terminals, achieving substantial growth in key areas such as SOC, WIFI, PMIC, and display drivers [7][8] Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 23.882 billion yuan, 2025E: 26.728 billion yuan, 2026E: 29.658 billion yuan, 2027E: 32.682 billion yuan [6][9] - 2024 Net Profit: 678 million yuan, 2025E: 1.189 billion yuan, 2026E: 1.516 billion yuan, 2027E: 1.841 billion yuan [6][9] - **Profitability Ratios**: - Gross Margin: 14.8% in 2024, expected to increase to 15.7% by 2027 [10] - Net Margin: 2.8% in 2024, projected to reach 5.6% by 2027 [10] - Return on Equity (ROE): 4.6% in 2024, expected to grow to 9.9% by 2027 [10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 57.8 in 2024, decreasing to 21.3 by 2027 [10] - Price-to-Book (P/B) ratio: 2.7 in 2024, expected to decline to 2.1 by 2027 [10] Market Position and Growth Drivers - The company has established significant partnerships with major clients in the mobile phone sector, achieving a 46% growth in mid-to-high-end mobile SOCs [7][8] - In the RF sector, collaboration with leading clients resulted in a 70% growth [7][8] - The company is expanding its presence in automotive applications, with a year-on-year increase of over 200% in automotive product performance [7][8]

2025 年 04 月 14 日 通富微电 (002156) ——毛利率显著回升，行业复苏下实现多元化增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 26.26 | | 一年内最高/最低（元） | 37.80/17.88 | | 市净率 | 2.8 | | 息率（分红/股价） | 0.05 | | 流通 A 股市值（百万元） | 39,848 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 9.68 | | 资产负债率% | 60.06 | | 总股本/流通 A 股（百万） | 1,518/1,517 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03- ...

长江商报消息 ●长江商报记者 潘瑞冬 半导体行业进入上行周期，通富微电（002156.SZ）业绩猛增。 4月11日晚间，通富微电披露2024年年度报告。去年，公司实现营业收入238.82亿元，同比增长7.24%； 归母净利润6.78亿元，同比增长299.90%；扣非净利润6.21亿元，同比增长944.13%，接近10倍。 公司表示，在新一轮行业复苏周期中，公司通过产品结构优化、产能协同与技术平台升级，实现业绩的 持续增长。值得一提的是，公司的车载产品表现亮眼，年报显示，公司在扩大与海内外头部企业的合作 下，车载产品业绩同比激增超200%。 长江商报记者注意到，通富微电还在推进产业链的并购。今年2月，通富微电公告称已完成收购京元电 子持有的京隆科技26%股权，交易金额为13.78亿元。 净利大幅增长 除此之外，Memory业务方面，公司深化与原厂协同，营收同比增长超40%。显示驱动芯片板块客户结 构持续优化，成功导入行业头部客户，并完成RFID先进切割工艺的量产落地。在FCBGA产品方面，公 司聚焦国内重点客户，自第二季度起实现月度销售额阶梯式增长，实现FC全线增长52%。同时，公司 立足市场最新技术前沿，积极 ...

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.55%。 2025年4月12日，通富微电(002156.SZ)发布2024年年度报告。截至2025年4月11日，共有357个机构投资 者披露持有通富微电A股股份，合计持股量达6.49亿股，占通富微电总股本的42.74%。其中，前十大机 构投资者包括南通华达微电子集团股份有限公司、国家集成电路产业投资基金股份有限公司、苏州园丰 资本管理有限公司-苏州工业园区产业投资基金(有限合伙)、香港中央结算有限公司、华芯投资管理有限 责任公司-国家集成电路产业投资基金二期股份有限公司、中国建设银行股份有限公司-华夏国证半导体 芯片交易型开放式指数证券投资基金、中国农业银行股份有限公司-中证500交易型开放式指数证券投资 基金、国泰君安证券股份有限公司-国联安中证全指半导体产品与设备交易型开放式指数证券投资基 金、中国银行股份有限公司-国泰CES半导体芯片行业交易型开放式指数证券投资基金、江阴米利都私 募基金管理合伙企业(有限合伙)-米利都新动力私募证券投资基金，前十大机构投资者合计持股比例达 39.03%。相较于上一季度，前 ...

内部控制审计报告 致同审字（2025）第 110A008882 号 通富微电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了通富微电子股份有限公司（以下简称通富微电公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 通富微电子股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的 程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，通富微电公司于 2024 年 12 月 31 日按照《企业内部控制基本 规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 致同会计师事 ...

关于通富微电子股份有限公司 2024 年度募集资金 存放与实际使用情况 鉴证报告 致同会计师事务所（特殊普通合伙） 目 录 关于通富微电子股份有限公司 2024 年度募集资金 存放与实际使用情况鉴证报告 通富微电子股份有限公司 2024 年度募集资金 存放与实际使用情况的专项报告 1-3 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于通富微电子股份有限公司 2024 年度募集资金存放与实际使用情况 鉴证报告 致同专字（2025）第 110A005732 号 通富微电子股份有限公司全体股东： 我们接受委托，对后附的通富微电子股份有限公司（以下简称 通富微电 公司）《2024 年度募集资金存放与实际使用情况的专项报告》（以下简称 "专项报告"）执行了合理保证的鉴证业务。 按照《上市公司监管指引第 2号——上市公司募集资金管理和使用的监管 要求（2022 年修订）》和《深圳证券交易所上市公司自律监管指引第 1 号-主 板上市公 ...