Core Viewpoint - Tongfu Microelectronics reported a significant increase in net profit and revenue for the first half of 2025, indicating strong operational performance and advancements in product development [1] Financial Performance - The company achieved a revenue of 13.038 billion yuan, representing a year-on-year growth of 17.67% [1] - The net profit attributable to shareholders was 412 million yuan, reflecting a year-on-year increase of 27.72% [1] Product Development - The company made important progress in the development of large-size FCBGA, which has entered the mass production stage [1] - Research and engineering assessment for ultra-large size FCBGA has been completed [1] - The company addressed product warping and heat dissipation issues through optimization of product structure design, material selection, and process improvements [1] Technological Advancements - Breakthroughs were achieved in the field of Chip-on-Package (CPO) technology, with related products passing preliminary reliability tests [1]

通富微电子股份有限公司 2025 年半年度报告全文 通富微电子股份有限公司 2025 年半年度报告 2025-040 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连 带的法律责任。 公司负责人石磊、主管会计工作负责人廖洪森及会计机构负责人(会计主管 人员) 陶翠红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉及的未来发展战略及规划等前瞻性描述，属于计划性事项，不构 成公司对投资者的实质性承诺。 公司已在本报告第三节中详细描述存在的行业与市场波动的风险，新技术、 新工艺、新产品无法如期产业化风险，主要原材料供应及价格变动风险，汇率风 险，国际贸易风险，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 2025 年 8 月 1 通富微电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第 ...

Core Viewpoint - Tongfu Microelectronics is a leading company in the packaging and testing industry, providing comprehensive services across various sectors including AI, high-performance computing, 5G, consumer electronics, IoT, automotive electronics, and industrial control [1] Group 1: Company Overview - Tongfu Microelectronics ranks fourth globally and second in mainland China among the top ten OSAT manufacturers, according to the Global Outsourced Semiconductor Assembly and Test (OSAT) ranking by Chip Thought Research Institute for 2024 [1] - The company has established production capacity in multiple locations including Nantong, Hefei, Xiamen, Suzhou, and Penang, Malaysia [1] Group 2: Industry Outlook - The global semiconductor market is projected to reach $635.1 billion in 2024, representing a year-on-year growth of 19.8%, with further growth expected to $718.9 billion in 2025, a 13.2% increase [1] - The advanced packaging market is anticipated to grow at a compound annual growth rate (CAGR) of 10.68% from 2023 to 2029, driven by demand in AI, high-performance computing, and smart automotive sectors [3] Group 3: Strategic Partnerships - Tongfu Microelectronics has become AMD's largest packaging supplier, accounting for over 80% of AMD's total orders, following the acquisition of 85% stakes in AMD's Suzhou and Penang facilities [2] - AMD's market share in consumer CPUs and AI GPUs is expected to increase, with AMD's CPU market share reaching 39.6% globally and 50.2% in desktop CPUs as of Q2 2025, surpassing Intel [2] Group 4: Financial Performance - In Q1 2025, Tongfu Microelectronics achieved revenue of 6.092 billion yuan, a year-on-year increase of 15.34%, indicating steady growth [1] - Profit forecasts for the company from 2025 to 2027 are projected at 1.064 billion, 1.384 billion, and 1.853 billion yuan respectively, with year-on-year growth rates of 57.00%, 30.11%, and 33.90% [4]

Core Viewpoint - Tongfu Microelectronics has shown a positive stock performance with a year-to-date increase of 3.37% and significant gains over various time frames, indicating strong market interest and potential growth in the semiconductor industry [2]. Company Overview - Tongfu Microelectronics, established on February 4, 1994, and listed on August 16, 2007, is located in Chongchuan Development Zone, Nantong, Jiangsu Province. The company specializes in integrated circuit packaging and testing, with 95.97% of its revenue derived from these activities and 4.03% from the sale of molds and materials [2]. - As of March 31, 2025, the company had 295,100 shareholders, a decrease of 10.48% from the previous period, with an average of 5,142 circulating shares per shareholder, an increase of 11.71% [2]. Financial Performance - For the first quarter of 2025, Tongfu Microelectronics reported a revenue of 6.092 billion yuan, representing a year-on-year growth of 15.34%. The net profit attributable to shareholders was 101 million yuan, reflecting a 2.94% increase compared to the previous year [2]. Stock Performance and Trading Activity - On August 27, the stock price of Tongfu Microelectronics rose by 2.04%, reaching 30.50 yuan per share, with a trading volume of 1.611 billion yuan and a turnover rate of 3.53%. The total market capitalization stood at 46.287 billion yuan [1]. - The net inflow of main funds was 51.9837 million yuan, with large orders accounting for significant portions of both buying and selling activities [1]. Dividends and Shareholder Information - Since its A-share listing, Tongfu Microelectronics has distributed a total of 454 million yuan in dividends, with 233 million yuan distributed over the past three years [3]. - As of March 31, 2025, major shareholders included Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to previous periods [3].

Core Viewpoint - The National Big Fund's stock concept has seen a significant increase of 5.00%, ranking second among concept sectors, with notable gains from companies like SMIC, Shengke Communication, and Jingjiawei, which rose by 14.19%, 12.82%, and 10.00% respectively [1][2]. Group 1: Market Performance - The National Big Fund stock concept sector experienced a net inflow of 7.57 billion yuan, with 38 stocks receiving net inflows, and 17 stocks exceeding 100 million yuan in net inflows [2]. - SMIC led the net inflow with 2.579 billion yuan, followed by Changdian Technology, Tongfu Microelectronics, and Chipone Technology with net inflows of 1.109 billion yuan, 627 million yuan, and 431 million yuan respectively [2][3]. Group 2: Stock Performance - The top performers in the National Big Fund stock concept included SMIC with a 14.19% increase, Changdian Technology with a 6.18% increase, and Tongfu Microelectronics with a 4.71% increase [3][4]. - The stocks with the highest net inflow ratios were Tongfu Microelectronics at 14.83%, Changdian Technology at 13.93%, and Yandong Microelectronics at 12.93% [3][5].

Core Insights - The New Quality 50 concept index rose by 3.18%, ranking 7th among concept sectors, with 46 stocks increasing in value, including Kunlun Wanwei and Cambricon, which hit a 20% limit up [1] - The sector saw a net inflow of 3.049 billion yuan, with 26 stocks receiving net inflows, and 12 stocks exceeding 100 million yuan in net inflow [1] Sector Performance - The top-performing concept sectors included: - China AI 50: +5.31% - National Big Fund Holdings: +5.00% - SMIC Concept: +3.67% - MCU Chips: +3.64% - Automotive Chips: +3.46% - Storage Chips: +3.44% - New Quality 50: +3.18% [1] - The sectors with declines included: - Hair Medical: -1.01% - Soybeans: -0.94% - Hyperbaric Oxygen Chambers: -0.76% [1] Fund Flow Analysis - The leading stocks in terms of net inflow ratio were: - Tongfu Microelectronics: 14.83% - Kunlun Wanwei: 14.22% - Sitaiwei: 12.28% [2] - The top stocks by net inflow included: - Kunlun Wanwei: 1.286 billion yuan - Tongfu Microelectronics: 626.57 million yuan - China Unicom: 452.04 million yuan [2][3] Stock Performance - Notable stock performances included: - Kunlun Wanwei: +20.01% with a turnover rate of 17.29% - Tongfu Microelectronics: +4.71% with a turnover rate of 9.29% - China Unicom: +4.06% with a turnover rate of 3.85% [2][3] - Stocks with significant declines included: - New Morning Technology: -2.80% - Aerospace Electric: -0.66% - Wolong Materials: -0.16% [4]

Group 1 - The advanced packaging concept sector rose by 2.94%, ranking 10th among concept sectors, with 116 stocks increasing, including significant gains from Cambrian, Shengmei Shanghai, and others reaching a 20% limit up [1] - Major stocks in the advanced packaging sector that saw notable increases include Xuguang Electronics up 10.03%, Chipone Technology up 11.60%, and Tianzhun Technology up 11.44% [1][3] - The sector experienced a net inflow of 5.308 billion yuan, with 74 stocks receiving net inflows, and 17 stocks exceeding 100 million yuan in net inflows, led by Changdian Technology with 1.109 billion yuan [2] Group 2 - The top three stocks by net inflow ratio in the advanced packaging sector are Xuguang Electronics at 24.07%, Deep Technology at 19.28%, and Tongfu Microelectronics at 14.83% [3] - The advanced packaging concept saw a significant number of stocks with positive performance, with 20 stocks hitting the daily limit up, indicating strong market interest [1][2] - The overall market sentiment in the advanced packaging sector appears positive, as evidenced by the substantial net inflows and the number of stocks experiencing significant price increases [2][3]

各位老铁，中午好！我是帮主郑重。今天上午的A股市场，科技主线强势回归——沪指稳步上行逼近3800点关口，半导体板块全线爆发，盛美上海20CM涨 停，寒武纪、海光信息等硬科技龙头涨幅居前。但行情火热之余，咱得保持清醒：这波上涨是昙花一现还是趋势起点？机会背后有哪些风险？帮主带你深度 剖析！ 一、市场整体态势：科技领涨，量能暗藏玄机 三大指数集体收红，创业板指涨超2.5%，但两市成交额较前一日缩量约600亿。这说明什么？资金并非全面进攻，而是集中涌入半导体等科技板块。结构性 行情特征明显，需警惕板块分化风险。 二、半导体暴涨的三大核心逻辑 - 制造层（中芯国际、华虹半导体）：扩产进度决定业绩弹性，需跟踪产能利用率及良率变化； - 设计应用层（寒武纪、海光信息）：AI算力、汽车电子需求驱动，但波动大，需警惕估值泡沫。 四、中长线策略：聚焦确定性，避免追高 1. 核心设备优先：半导体设备国产化率不足50%，替代空间广阔，北方华创等龙头受益明确； 2. 借道ETF布局：科创半导体ETF一键覆盖设备、设计、制造环节，分散个股风险； 3. 严守安全边际：短期警惕获利盘抛压（部分个股年内涨幅超200%），回调至20日均线附近 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.00 CNY based on a 50x PE valuation for 2025 [3][6]. Core Views - The company benefits from a stable core customer base and the AI wave, being the primary packaging supplier for AMD, which accounts for over 50% of its revenue in 2024 [11]. - The global advanced packaging market is expected to grow to 65 billion USD by 2027, with the company positioned to leverage advanced packaging technologies to enhance performance and reduce costs [11]. - The company is actively investing in capacity expansion, with a total planned investment of 6 billion CNY in 2025 to upgrade existing products and meet the demand for large multi-chip servers and AI products [11]. Financial Forecasts and Investment Recommendations - The company is projected to achieve earnings per share of 0.68 CNY, 0.86 CNY, and 1.08 CNY for the years 2025, 2026, and 2027 respectively, reflecting adjustments in revenue and expense rates [3][12]. - Revenue is expected to grow from 22,269 million CNY in 2023 to 34,393 million CNY in 2027, with a compound annual growth rate of approximately 11.6% [5][14]. - Operating profit is forecasted to increase significantly from 243 million CNY in 2023 to 2,369 million CNY in 2027, indicating a strong recovery and growth trajectory [5][14].

（编辑 王雪儿） 证券日报网讯 通富微电8月20日在互动平台回答投资者提问时表示，相比6年前，公司股价是有较大幅 度上涨的。二级市场股价受全球经济环境、大盘走势、行业景气度、市场情绪、投资者心理预期、公司 基本面、资金面等诸多因素影响。公司始终坚持脚踏实地做好主营业务，希望抓住集成电路行业发展机 遇，通过提升经营业绩，回报广大投资者。 ...