Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant year-on-year increase in Q1 2024 performance, with revenue reaching 5.282 billion yuan, up 13.79% year-on-year, and a net profit of 98 million yuan, up 2064.01% year-on-year [3] - The company plans to acquire a 26% stake in Jinglong Technology for 1.378 billion yuan, which is expected to provide stable financial returns and enhance growth momentum [4] - The company has successfully validated advanced packaging technologies, including 2D+ and 3D stacking, and plans to invest 4.89 billion yuan in 2024 to expand its advanced packaging capabilities [5] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 12.14%, an increase of 2.69 percentage points year-on-year [3] - The projected net profits for 2024, 2025, and 2026 are 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan, respectively, with corresponding EPS of 0.64 yuan, 0.83 yuan, and 1.08 yuan [3] - The company's revenue is expected to grow from 25.994 billion yuan in 2024 to 36.252 billion yuan in 2026, reflecting a compound annual growth rate of 17.3% [6]

Investment Rating - Buy rating maintained for Tongfu Microelectronics (002156 SZ) [1][4] Core Views - Tongfu Microelectronics' Q1 2024 revenue increased by 13 8% YoY, with a 2024 revenue target of 25 28 billion yuan, up 13 52% YoY [1] - The company is AMD's largest packaging and testing supplier, holding over 80% of AMD's orders, and is expected to benefit from the growth in AI demand [1] - Memory-related monthly revenue hit a record high in 2023, with automotive product projects growing by 200% YoY [1] - The company is investing in advanced packaging R&D, including 2D+ and 3D stacking technologies, and plans to acquire a 26% stake in Jinglong Technology for 1 378 billion yuan [1] Financial Performance - In 2023, the company achieved revenue of 22 269 billion yuan (YoY +3 92%), with 95% coming from IC packaging and testing, and net profit attributable to shareholders of 169 million yuan (YoY -66 24%) [1] - Q1 2024 revenue was 5 282 billion yuan (YoY +13 8%, QoQ -17%), with net profit attributable to shareholders of 98 million yuan (YoY +2064%, QoQ -58%) [1] - Gross margin in Q1 2024 was 12 14% (YoY +2 7pct, QoQ -0 5pct) [1] Industry Trends - AI server and AI terminal demand is increasing, with MIC forecasting a 24 7% CAGR for AI server shipments from 2022 to 2027 [1] - Gartner predicts that by the end of 2024, GenAI smartphone and AI PC shipments will reach 240 million and 54 5 million units, respectively, with a penetration rate of 22% [1] Financial Forecasts - Forecasted net profit attributable to shareholders for 2024-2026 is 865 million yuan, 1 293 billion yuan, and 1 514 billion yuan, respectively [1] - The company's PE ratio as of April 26, 2024, is 37x for 2024, 25x for 2025, and 21x for 2026 [1] Revenue Composition - In 2023, 94 9% of the company's revenue came from IC packaging and testing, with the remaining from materials sales, mold fees, waste, and other services [5] Profit Trends - The company's net profit attributable to shareholders showed significant volatility from 2017 to 2023, with a sharp decline in 2023 [6] Quarterly Performance - Q1 2024 revenue was 5 282 billion yuan, with a YoY growth of 13 8% and QoQ decline of 17% [7] - Q1 2024 net profit attributable to shareholders was 98 million yuan, with a YoY increase of 2064% and QoQ decline of 58% [7] Profitability Metrics - Gross margin and net margin trends from 2017 to 2023 show fluctuations, with gross margin at 12 14% in Q1 2024 [8][9] Financial Ratios - Key financial ratios for 2024-2026 include a forecasted ROE of 5 9%, 8 2%, and 8 9%, and a gross margin of 13% for all three years [11]

Investment Rating - The report maintains a "Recommended" investment rating for Tongfu Microelectronics [2][6] Core Views - In Q1 2024, Tongfu Microelectronics achieved a revenue of 5.282 billion yuan, a year-on-year increase of 13.79%, and a net profit attributable to shareholders of 98 million yuan, a staggering year-on-year growth of 2064.01% [2][7] - The company plans to acquire 26% of Jinglong Technology for 1.378 billion yuan to enhance its testing business layout, addressing geopolitical impacts and strengthening its strategic positioning [8][9] - The semiconductor packaging and testing industry is expected to benefit from the recovery of downstream markets, with projected net profits for 2024-2026 being 1.135 billion, 2.256 billion, and 2.947 billion yuan respectively [9][10] Financial Summary - Revenue and Profit Forecasts: - 2024E Revenue: 27.177 billion yuan, 2025E Revenue: 33.157 billion yuan, 2026E Revenue: 40.605 billion yuan [7][10] - 2024E Net Profit: 1.135 billion yuan, 2025E Net Profit: 2.256 billion yuan, 2026E Net Profit: 2.947 billion yuan [9][10] - Key Financial Ratios: - Gross Margin: Expected to improve from 11.7% in 2023 to 15.5% in 2026 [7][11] - Net Margin: Expected to rise from 0.8% in 2023 to 7.3% in 2026 [7][11] - Return on Equity (ROE): Projected to increase from 1.2% in 2023 to 15.0% in 2026 [7][11] Market Position - Tongfu Microelectronics is recognized as a leading player in the semiconductor packaging and testing sector, consistently ranking among the top ten global semiconductor packaging and testing companies [6][9] - The company provides comprehensive services including integrated circuit design, packaging, and testing, with applications in 5G communications, smart mobile terminals, and automotive electronics [6][9]

电子 公 2024年04月27日 司 报 通富微电(002156.SZ) 告 24Q1利润高增，拟收购京隆科技完善测试业务布局 推荐 ( 维持 ) 事项： 公司发布2024年财报，2024年一季度，公司实现营业收入52.82亿元，同比增 股价:21.12元 长13.79%；实现归母净利润0.98亿元，同比增长2064.01%。 公 主要数据 平安观点： 行业 电子 司 公司网址 www.tfme.com ...

通富微电子股份有限公司 关于收购京隆科技（苏州）有限公司 26%股权的公告 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。 证券代码：002156 证券简称：通富微电 公告编号：2024-037 重要内容提示： 交易内容：通富微电子股份有限公司（以下简称"公司"或"通富微电"） 拟以现金 13.78 亿元（含税金额）收购京元电子股份有限公司（以下简称"京元 电 子 "） 通 过 KYEC Microelectronics Co.,Ltd. （ 以 下 简 称 " KYEC Microelectronics"或"KYEC"）持有的京隆科技（苏州）有限公司（以下简称 "京隆科技"、"目标公司"）26%的股权。本次交易前，公司未持有京隆科技股权， 京元电子通过 KYEC Microelectronics 持有京隆科技 92.1619%的股权；本次交 易完成后，公司将持有京隆科技 26%的股权。 本次交易不构成关联交易，不构成重大资产重组，本次交易的实施不存 在重大法律障碍。 本次交易已经公司第八届董事会第三次会议审议通过，尚需提交公司股 东大会审议批准。 风险提示： ...

证券代码：002156 证券简称：通富微电 公告编号：2024-035 通富微电子股份有限公司 第八届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届监事会第三次会议， 于 2024 年 4 月 16 日以邮件等方式发出会议通知，各位监事已知悉与所议事项相 关的必要信息。公司第八届监事会第三次会议于 2024 年 4 月 26 日以通讯表决方 式召开。公司全体 3 名监事均行使了表决权，会议实际有效表决票 3 票。会议召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 1、审议通过了《公司 2024 年第一季度报告》 础，经公司与交易对方协商确定。京隆科技运营模式和财务状况良好，其在高端 集成电路专业测试领域具备差异化竞争优势。公司收购京隆科技部分股权可提高 公司投资收益，为公司带来稳定的财务回报。本次交易不涉及关联交易，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情形，审议程序合法 合规，不存在损害公司及 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-034 通富微电子股份有限公司 第八届董事会第三次会议决议公告 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。 一、董事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届董事会第三次会议， 于 2024 年 4 月 16 日以邮件等方式发出会议通知，各位董事已知悉与所议事项相 关的必要信息，公司第八届董事会第三次会议于 2024 年 4 月 26 日以通讯表决方 式召开。公司全体 8 名董事均行使了表决权，会议实际有效表决票 8 票。会议召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 公司拟以现金 13.78 亿元（含税金额）收购京元电子股份有限公司（以下简 称"京元电子"）通过 KYEC Microelectronics Co.,Ltd.（以下简称"KYEC Microelectronics"）持有的京隆科技（苏州）有限公司（以下简称"京隆科技"） 26%股权。公司将与京元电子、KYEC Microelectronics、苏州工业园区产 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥5,282,023,999.11, representing a 13.79% increase compared to ¥4,641,782,943.17 in the same period last year[3] - Net profit attributable to shareholders was ¥98,492,388.55, a significant increase of 2,064.01% from ¥4,551,383.81 in Q1 2023[3] - The basic earnings per share rose to ¥0.0650, up 2,066.67% from ¥0.0030 in the previous year[3] - The company reported a significant increase in net profit from continuing operations, which reached ¥115,762,127.67, a 967.74% increase from ¥10,841,812.47 in Q1 2023[7] - The company’s total profit for the quarter was ¥125,917,037.07, compared to a loss of ¥77,338,507.19 in the same period last year[7] - The company's EBITDA for Q1 2024 was 1.07 billion RMB, an increase of 18.76% compared to 901 million RMB in Q1 2023[8] - Total operating revenue for the current period reached ¥5,282,023,999.11, an increase of 13.8% compared to ¥4,641,782,943.17 in the previous period[17] - Net profit for the current period was ¥115,762,127.67, a significant recovery from a net loss of ¥77,338,507.19 in the previous period[18] - The company recorded a total comprehensive income of ¥119,246,918.92, compared to a loss of ¥40,698,377.45 in the previous period[19] Cash Flow and Investments - The net cash flow from operating activities decreased by 23.84% to ¥790,288,598.98, down from ¥1,037,698,369.06 in the same period last year[3] - Cash inflow from investment activities rose by 74.91% to 299,857,879.20 RMB, primarily due to increased redemption of financial products[8] - The net cash flow from investment activities was -943,956,478.68 RMB, an improvement from -2,196,064,852.26 RMB in the same period last year[8] - The total cash outflow from investment activities was 1,243,814,357.88 CNY, down from 2,367,496,388.88 CNY in the previous year[21] - The company's cash and cash equivalents increased to CNY 4,476,431,324.17 from CNY 4,467,793,572.99, reflecting a slight growth[14] - The cash flow from operating activities was not detailed in the provided data, indicating a focus on investment and financing activities[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥35,020,875,704.46, a slight increase of 0.41% from ¥34,877,709,853.20 at the end of the previous year[3] - The total liabilities of the company were CNY 20,200,194,690.77, slightly up from CNY 20,183,867,942.87[16] - The company's equity attributable to shareholders increased to CNY 14,026,264,469.82 from CNY 13,917,141,774.57, showing a growth of approximately 0.8%[16] - Accounts receivable rose significantly to CNY 4,213,419,068.09, up from CNY 3,888,080,164.75, indicating a growth of approximately 8.4%[14] - Inventory levels increased to CNY 3,197,460,535.25 from CNY 3,142,226,534.80, representing a growth of about 1.8%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 138,436[9] - The largest shareholder, Nantong Huada Microelectronics Group Co., Ltd., held 19.90% of the shares, totaling 301,941,893 shares[9] Government Support and Taxation - The company reported a 221.96% increase in tax refunds received, amounting to ¥309,290,849.75 compared to ¥96,063,772.43 in the previous year[7] - The company recognized government subsidies as other income, which increased by 99.51% to ¥49,752,824.33 from ¥24,937,132.87 in the same period last year[7] - The company’s tax expenses for the current period were ¥10,154,909.40, compared to a tax benefit of ¥88,180,319.66 in the previous period[18] Other Financial Metrics - The company’s weighted average return on equity improved to 0.70%, up from 0.03% in the previous year[3] - Research and development expenses were ¥285,652,870.54, slightly decreased from ¥292,631,418.89 in the previous period[17] - The company’s investment income improved to a loss of ¥7,888,422.31, an improvement from a loss of ¥14,881,925.27 in the previous period[18] - The total operating costs amounted to ¥5,198,773,432.23, up from ¥4,779,649,579.25, reflecting a growth of 8.8%[17] Audit and Reporting - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[22] - The report was released on April 26, 2024, indicating timely communication of financial performance to stakeholders[22]

证券代码：002156 证券简称：通富微电 公告编号：2024-038 通富微电子股份有限公司 关于 2023 年度股东大会增加临时议案 暨召开 2023 年度股东大会补充通知的公告 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。 通富微电子股份有限公司（以下简称"公司"）2024 年 4 月 11 日召开的第 八届董事会第二次会议审议通过了《召开 2023 年度股东大会的议案》，公司将 于 2024 年 5 月 13 日召开 2023 年度股东大会。具体内容详见 2024 年 4 月 13 日 在巨潮资讯网上（http://www.cninfo.com.cn）披露的《召开 2023 年度股东大 会的通知》（公告编号：2024-032）。现就本次股东大会新增议案的相关事项说明 如下： 2024 年 4 月 26 日，公司收到控股股东南通华达微电子集团股份有限公司出 具的《关于提请通富微电子股份有限公司 2023 年度股东大会增加临时议案的通 知》，通知的内容为：贵公司第八届董事会第三次会议、第八届监事会第三次会 议已于 2024 年 4 月 26 日审议通过了 ...

之保荐总结报告书 | 保荐机构名称： | 海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z22531000 | 经中国证券监督管理委员会《关于核准通富微电子股份有限公司非公开发行股 票的批复》（证监许可〔2022〕261 号）批复，通富微电子股份有限公司（以下简 称"上市公司"、"公司"或"发行人"）非公开发行股票 18,419.97 万股，每股面值人民 币 1 元，每股发行价格人民币 14.62 元，募集资金总额为人民币 269,299.99 万元， 扣除发行费用后，实际募集资金净额为人民币 267,837.21 万元。本次发行证券已于 2022 年 11 月 14 日在深圳证券交易所主板上市。海通证券股份有限公司（以下简称 "保荐机构"或"海通证券"）担任其持续督导保荐机构，持续督导期间为 2022 年 11 月 14 日至 2023 年 12 月 31 日。 2023 年 12 月 31 日，持续督导期已届满，海通证券根据《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司 ...