Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is overall stable, with an active layout in advanced packaging [1] - The company achieved a revenue of 17.08 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 7.4% [1] - The net profit attributable to the parent company for the first three quarters was 550 million yuan, a significant increase of 967.8% year-on-year [1] - The company is well-positioned to capitalize on opportunities in the advanced packaging market, particularly in high-performance products for servers and clients [1] Financial Performance Summary - Revenue for 2023 is projected at 22.269 billion yuan, with a year-on-year growth of 3.9% [2] - Expected revenue for 2024 is 25.947 billion yuan, reflecting a growth of 16.5% [2] - The net profit attributable to the parent company for 2024 is estimated at 819 million yuan, a substantial increase of 383.4% compared to 2023 [2] - The gross margin is expected to improve from 11.7% in 2023 to 13.2% in 2024 [2] - Earnings per share (EPS) is projected to rise from 0.11 yuan in 2023 to 0.54 yuan in 2024 [2] Market Opportunities - The global AI chip market is forecasted to grow by 33% in 2024, reaching 71.3 billion USD, with further growth expected in subsequent years [1] - The company is expanding its production capacity in Penang to meet the increasing demand from major clients like AMD, particularly in AI chip packaging [1] - The company is leveraging its long-term partnerships with industry leaders to enhance its market position in advanced packaging [1]

证券代码：002156 证券简称：通富微电 公告编号：2024-069 通富微电子股份有限公司 关于持股 5%以上股东股份变动比例达 1%的公告 公司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。 通富微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日在指定 信息披露媒体《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《大 股东减持股份预披露公告》（公告编号：2024-061），公司股东国家集成电路产业投 资基金股份有限公司（以下简称"产业基金"）计划自披露减持计划公告日起 15 个交易日后的 3 个月内（即 2024 年 11 月 4 日至 2025 年 2 月 3 日），以集中竞价 或大宗交易方式减持持有的公司股份不超过 45,527,907 股（即不超过公司股份总 数的 3%）。 | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | ...

证券时报网讯，通富微电再度涨停，5个交易日内录得4个涨停，累计涨幅为41.41%，累计换手率为 105.35%。 截至13:48，该股今日成交量3.91亿股，成交金额126.61亿元，换手率25.78%。 最新A股总市值达527.06亿元，A股流通市值527.00亿元。 ...

Investment Rating - The investment rating for the company is "Buy - A" [1] Core Views - The company has turned profitable in the first three quarters of 2024, with a total revenue of 17.081 billion yuan, representing a year-on-year increase of 7.38%. In Q3 2024, the revenue was 6.001 billion yuan, showing a slight year-on-year increase of 0.04% and a quarter-on-quarter increase of 3.50% [1] - The net profit attributable to the parent company for the first three quarters of 2024 was 553 million yuan, a significant turnaround from a net loss of 64 million yuan in the same period of 2023. In Q3 2024, the net profit was 230 million yuan, marking an 85.32% year-on-year increase and a 2.53% quarter-on-quarter increase [1] - The company plans to invest 200 million yuan to indirectly hold equity in AAMI, enhancing the stability and security of its supply chain [1] Financial Performance Summary - For the first three quarters of 2024, the company's financial expenses were 375 million yuan, a decrease of 49.14% year-on-year, primarily due to a significant reduction in exchange losses. Interest income increased by 81.70% year-on-year to 66 million yuan, attributed to improved fund management and increased deposit income [1] - Other income rose by 64.40% year-on-year to 140 million yuan, mainly due to the recognition of government subsidies [1] Revenue and Profit Forecast - The revenue forecast for 2024 to 2026 has been adjusted to 23.806 billion yuan, 28.231 billion yuan, and 32.813 billion yuan, with growth rates of 6.9%, 18.6%, and 16.2% respectively. The net profit forecast has been adjusted to 804 million yuan, 1.205 billion yuan, and 1.567 billion yuan, with growth rates of 374.4%, 50.0%, and 30.0% respectively [2][3] - The company's P/E ratios are projected to be 54.2, 36.1, and 27.8 for the years 2024, 2025, and 2026 respectively [2][3] Investment Strategy - The report suggests maintaining the "Buy - A" rating, considering the weak recovery in the semiconductor industry and the company's significant improvement in Q3 financial results. The company is expected to benefit from advancements in packaging technology and deepening cooperation with major clients like AMD [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company reported significant year-on-year growth in Q3 2024, with revenue reaching 60.01 billion yuan, a YoY increase of 0.04% and a QoQ increase of 3.5%. The net profit attributable to shareholders was 2.3 billion yuan, showing a YoY increase of 85.32% and a QoQ increase of 2.53% [4][5] - The semiconductor industry is experiencing a weak recovery phase, prompting a slight downward adjustment in the company's profit forecasts for 2024-2026. The expected net profits for 2024, 2025, and 2026 are 7.46 billion yuan, 12.01 billion yuan, and 15.72 billion yuan, respectively [4][5] - The company is positioned as a leading player in advanced packaging, benefiting from the industry's recovery and the growth potential of advanced packaging technologies [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 170.81 billion yuan, a YoY increase of 7.83%. The net profit attributable to shareholders was 5.53 billion yuan, reflecting a YoY increase of 6.16 billion yuan [4][5] - The company's operating expenses ratio was 10.24%, a decrease of 2.4 percentage points YoY, indicating improved cost management [5] - The company’s revenue and profit forecasts indicate a gradual increase in revenue from 23.69 billion yuan in 2024E to 32.87 billion yuan in 2026E, with net profit expected to rise from 746 million yuan in 2024E to 1.57 billion yuan in 2026E [7][9] Industry Outlook - The semiconductor industry is showing signs of recovery, with increased capacity utilization and effective cost control contributing to improved performance [5][6] - The company is expanding its capacity through multiple advanced packaging projects, which are expected to support long-term growth and meet the demand for high-end products in various sectors [6][9]

通富微电子股份有限公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 通富微电子股份有限公司（以下简称"公司"）股票（证券代码：002156，证券简 称：通富微电）连续两个交易日（2024 年 10 月 31 日、2024 年 11 月 1 日）收盘价格 涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》的规定，公司股票交易 属于异常波动的情况。 二、公司关注、核实情况说明 1、公司前期所披露的信息，不存在需要更改、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影 响的未公开重大信息； 证券代码：002156 证券简称：通富微电 公告编号：2024-068 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》等有 1 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董 事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定应予以披露而 未披露的、对公司股票及其衍生品种交易价格产生较 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index performance [10]. Core Insights - The company reported a revenue of 17.081 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 7.38%. The net profit attributable to shareholders reached 553 million yuan, with a remarkable year-on-year increase of 967.83% [2][6]. - In Q3 2024 alone, the company achieved a revenue of 6.001 billion yuan, with a quarter-on-quarter growth of 3.50% and a year-on-year growth of 0.04%. The net profit for the same quarter was 230 million yuan, showing a quarter-on-quarter increase of 2.53% and a year-on-year increase of 85.32% [2][6]. - The company is positioned as a leading player in advanced packaging, driven by the growing demand for AI chips, which is expected to see a 33% increase in the global market size in 2024 [6]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 23.951 billion yuan, with a growth rate of 7.55%. The net profit is expected to be 790 million yuan, reflecting a staggering growth rate of 366.42% [7]. - The earnings per share (EPS) for 2024 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 52 for 2024, 36 for 2025, and 27 for 2026 [6][7]. - The company maintains a stable gross margin of 14.64% and a net margin of 4.33% for Q3 2024, with improvements in both margins compared to previous periods [6]. Market Position and Future Outlook - The company has established strong partnerships with industry leaders like AMD, which is expected to boost its high-performance packaging business due to the increasing demand for AI chips [6]. - The report anticipates a compound annual growth rate (CAGR) of 107.95% for net profit from 2024 to 2026, indicating robust growth potential in the coming years [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company achieved a revenue of 17.08 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 7.38%. The net profit attributable to shareholders was 553 million yuan, with a net profit margin increase of 4.1 percentage points to 3.66% [1]. - The Memory Phase II project expansion is progressing smoothly, with the capacity to provide 150,000 wafers per month after expansion, enhancing the company's position in the semiconductor packaging and testing sector [1]. - The company has indirectly acquired equity in AAMI, a lead frame supplier, which is expected to improve supply chain stability and security [1]. - Due to the weak recovery in downstream demand, the net profit forecasts for 2024-2026 have been adjusted downwards to 890 million, 1.21 billion, and 1.55 billion yuan respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 17.08 billion yuan, with a net profit of 553 million yuan, marking a significant turnaround from losses in the previous year [1]. - The gross margin for the first three quarters was 14.33%, an increase of 3.05 percentage points year-on-year, while the third quarter gross margin was 14.64% [1]. - Research and development expenses increased by 10.95% to 957 million yuan, with a research expense ratio of 5.60% [1]. - The company’s earnings per share for 2024E is projected at 0.59 yuan, with a price-to-earnings ratio of 41.9 [2][10]. Future Outlook - The company is expected to benefit from the domestic semiconductor supply chain localization, maintaining an "Outperform the Market" rating [1][3]. - The revenue forecast for 2024 is set at 23.83 billion yuan, with a growth rate of 7% [2]. - The net profit is projected to grow significantly in the coming years, with a forecasted increase of 425.1% in 2024 [2].

各位尊敬的投资人大家早上好我是中泰电子分析师尤凡今天非常荣幸请到痛复威电的总理蒋总给大家做一个公司三季度的一个业绩的交流会今天会议主要也分为两部分首先并不能请蒋总对公司前三季度以及三季度的一个情况做一个介绍以及对公司未来的一个趋势做一个介绍然后再部分进入问答环节然后就市场关心的问题我们进行交流下面有请蒋总 各位投资者大家早上好首先感谢中泰证券组织这样一次在三季度后的一个电话会议也感谢各位投资者对于同股微剑的关注公司的三季报实际上是昨天晚上报的也算是新鲜出炉吧这是这样一个机会 一些基因数据可能还有一些简单的对比分析跟各位做一个介绍和交流那么随后我们再进行这个问答环节那么先看一下我们丹基报的一个数据那么从 今年一到九月份公司实现营收是170.81亿元这个同比增长大概7.38%那么同样的这个一到九月份实现的规模距离是5.53亿元这个同比去年的一到九月份是大幅扭亏应该讲跟去年的那个机会相比大概增长了 6.16亿元的规模利润 这个数字是5.41亿元这个同比也是跟去年同比也是大幅的扭亏为盈那么也是增加了大概0.1亿大约7个亿左右的扣费后的规模性利润这个是大概先介绍一下一到九月份的一个数据那么第二个是在介绍一下Q3单季度的 ...

Investment Rating - The report maintains a "Recommend" rating for Tongfu Microelectronics (002156 SZ) [4] Core Views - Tongfu Microelectronics achieved revenue of 17 081 billion yuan in the first three quarters of 2024, a year-on-year increase of 7 38% The company turned a profit with net profit attributable to the parent company of 553 million yuan and non-GAAP net profit of 541 million yuan [2] - In Q3 2024, the company's revenue reached 6 001 billion yuan, a slight year-on-year increase of 0 03% and a quarter-on-quarter increase of 3 5% The gross profit margin improved to 14 64%, up 1 93 percentage points year-on-year Net profit attributable to the parent company surged 85 48% year-on-year to 230 million yuan [2] - The company is expected to achieve revenues of 23 779 billion yuan, 28 207 billion yuan, and 32 962 billion yuan in 2024, 2025, and 2026, respectively Net profit attributable to the parent company is projected to be 744 million yuan, 1 207 billion yuan, and 1 673 billion yuan for the same periods [2] - The report highlights the company's strong position in advanced packaging, particularly benefiting from the growing demand in AI and data center markets, driven by its close partnership with AMD [2] Financial Performance and Forecast - Revenue growth is expected to accelerate from 6 78% in 2024 to 18 62% in 2025 and 16 86% in 2026 [5] - Net profit attributable to the parent company is forecasted to grow significantly, with a 338 97% increase in 2024, followed by 62 25% in 2025 and 38 67% in 2026 [5] - The company's gross margin is projected to improve steadily, reaching 15% by 2026, up from 11 67% in 2023 [5] - ROE is expected to rise from 1 22% in 2023 to 9 67% in 2026, reflecting improved profitability and efficiency [5] Business Development and Strategy - Tongfu Microelectronics is advancing its R&D in advanced packaging technologies, particularly in FCBGA chip packaging for high-performance applications in photoelectric communication, consumer electronics, and AI [2] - The company is expanding production capacity through major projects, including new factories in Suzhou and Penang, to meet growing demand for advanced packaging [2] - The company's partnership with AMD remains a key driver, with Tongfu Microelectronics accounting for over 80% of AMD's packaging and testing orders The strong performance of AMD's data center business, particularly the MI300 GPU, is expected to benefit the company [2] Valuation Metrics - The company's PE ratio is projected to decline from 50x in 2024 to 22x in 2026, reflecting strong earnings growth [5] - PB ratio is expected to decrease from 2 5x in 2024 to 2 2x in 2026, indicating improved valuation attractiveness [5] - EV/EBITDA is forecasted to drop from 9 31x in 2024 to 6 40x in 2026, further supporting the investment case [5]