Key Points Industry/Company 1. **Industry**: AI Series, Semiconductor Industry 2. **Company**: Tong Hua Wei Dian, AI Packaging Leader Core Views and Arguments 1. **Title of Report**: "24QE Performance Improvement, AI Packaging Leader, Future Recovery in Prospects" 2. **Report Focus**: Analysis of Tong Hua Wei Dian's performance and prospects in the AI packaging industry 3. **Performance Improvement**: Reference to "24QE" suggests a specific quarter or period with improved performance [1] Other Important Content 1. **Presentation**: Suggestion to refer to the accompanying PowerPoint presentation for additional information [1]

AI系列的第十讲,通货微电的一个覆盖报告的解读,标题是24QE业绩改善,然后AI封装龙头,今后景气复苏。我们这边在那个线上的时候呢,同步也有一个PPT,大家如果方便的话也可以看一下那个PPT,然后在线的那个投资人的话呢,我这边就语音汇报。 整体上来讲的话就是说通负它属于咱们先进封装的一个核心公司整体的框架其实分为两个大的一个主线首先一个主线是顺周期的一个主线另外一个主线就是AI的主线就是在目前AI的一个发展情况下AI封装其实也有望迎来一个比较大的发展这两个主线然后这两个主线也是贯穿了我们这个报告的一个整个的一个写作 然后报告的框架大家可以看到这个目录其实大概分为这样的一个三个方面首先是公司整体的一个情况的介绍然后第二部分是介绍这个AI它的一个先进封装对那个公司的一个推广 然后第三方面是介绍那个公司你收购那个京东科技第三方测试对公司的一个战略意义主要是分为这三个层面然后我们前期在这个海报的一个那个就是设计过程中的话呢也讲到了那个主要的一个看点首先一个就是说那个云测AI和专测AI那个同步链是如何同时受益然后另外来讲的话呢就是他当前的一个封测紧急度怎么样 然后另外就是金融科技的一个收购的它的一个意义对我们先看一下公 ...

Financial Data and Key Indicators Changes - In Q1 2024, the company reported a revenue of 5.282 billion, representing a year-on-year growth of 14% compared to the previous year [21] - The net profit for Q1 2024 approached 100 million, indicating a significant improvement from the previous year [21] - The overall revenue for 2023 was 22.269 billion, with a year-on-year increase of 4% [18] - The net profit for 2023 was 170 million, a decline of 66% year-on-year, primarily due to decreased capacity utilization and gross margin [20] Business Line Data and Key Indicators Changes - The company has multiple packaging plants, including those focused on high-performance computing chips and DRAM packaging, which are crucial for its growth strategy [9][10] - The advanced packaging technology is expected to see increased demand due to the rise of AI applications, which will drive the company's growth [26][29] Market Data and Key Indicators Changes - The global semiconductor sales showed a recovery trend, with a year-on-year growth of 11.6% in December 2023, indicating a positive market environment for the company [39] - The advanced packaging market is projected to grow significantly, with expectations of increasing from 45% to 54% market share by 2026 [35] Company Strategy and Development Direction - The company is focusing on advanced packaging technology to meet the growing demands of AI chips, which require higher performance and efficiency [26][29] - The planned acquisition of a stake in a financial technology company is aimed at enhancing the company's testing capabilities and overall performance [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the semiconductor market and its potential to improve capacity utilization and profitability in the coming quarters [40] - The company is well-positioned to benefit from the increasing demand for AI-related packaging solutions, which is expected to drive future growth [26][29] Other Important Information - The company has a strong focus on R&D, with R&D expenses increasing from 688 million to 1.162 billion from 2019 to 2023, reflecting a commitment to innovation [24] - The company has applied for a total of 1,544 patents, with over 60% related to advanced packaging technology, indicating a robust intellectual property portfolio [16] Q&A Session Summary Question: What is the significance of the acquisition of the financial technology company? - The acquisition is expected to enhance the company's earnings and improve its testing technology capabilities, as the financial technology company is a leader in the semiconductor testing field [49][50] Question: How does the company plan to leverage AI growth? - The company aims to capitalize on the increasing demand for advanced packaging solutions driven by AI applications, which will enhance chip performance at lower costs [26][29]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2]. Core Insights - The company has shown significant improvement in Q1 2024, with a year-on-year revenue growth of 14% and a dramatic increase in net profit due to a low base effect from the previous year [12]. - The company is positioned as a leading semiconductor packaging firm in China, benefiting from a deep partnership with AMD, which accounts for over 80% of its orders [6][8]. - The report highlights the company's strategic acquisitions and technological advancements in advanced packaging, which are expected to drive future growth, particularly in the AI sector [18][23]. Summary by Sections Company Overview - The company is a leading domestic semiconductor packaging manufacturer, established in 1997 and listed in 2007, with a significant focus on advanced packaging technologies [6]. - It has developed a multi-site production strategy with seven major production bases, enhancing its ability to serve clients effectively [7]. Financial Performance - In 2023, the company achieved a revenue of 222.69 billion yuan, a year-on-year increase of 3.92%, despite a challenging market environment [12]. - The net profit for 2023 was 1.69 billion yuan, reflecting a decline of 66.2% due to industry downturns and currency fluctuations [12]. - Q1 2024 saw a revenue of 52.82 billion yuan, with net profit soaring to 0.98 billion yuan, a 2064% increase compared to the same period last year [12]. Market Position and Strategy - The company has established a strong foothold in the semiconductor packaging industry, leveraging its relationship with AMD to capture significant market share [6][8]. - The report emphasizes the importance of advanced packaging technologies as a critical area for growth, particularly in the context of increasing demand driven by AI applications [18][21]. Future Outlook - The company is expected to benefit from the growing demand for advanced packaging solutions as the semiconductor industry recovers and AI technologies proliferate [18][23]. - The report forecasts revenue growth rates of 12.6%, 14.9%, and 15.5% for the years 2024 to 2026, respectively, indicating a positive outlook for the company's financial performance [2].

证券代码：002156 证券简称：通富微电 公告编号：2024-048 通富微电子股份有限公司 关于第一期员工持股计划股票出售完毕的公告 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。 鉴于通富微电子股份有限公司（以下简称"公司"）第一期员工持股计划（以 下简称"员工持股计划"、"本员工持股计划"、"本次员工持股计划"或"本期员 工持股计划"）持有的公司股票已全部出售完毕，根据中国证券监督管理委员会 《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司 自律监管指引第 1 号—主板上市公司规范运作》及公司《第一期员工持股计划》 相关规定，现将本次员工持股计划的相关情况公告如下： 见公司于 2021 年 6 月 11 日 刊 登 于 证 券 时 报 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的相关公告。 根据公司《第一期员工持股计划》的相关规定，本员工持股计划的存续期为 60 个月,自公司公告标的股票过户至本员工持股计划名下之日（即 2021 年 6 月 9 日）起满 12 个月、24 个月、36 个月，每期 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-047 通富微电子股份有限公司 2023 年年度权益分派实施公告 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1个 月（含1个月）以内，每10股补缴税款0.024000元；持股1个月以上至1年（含1年） 的，每10股补缴税款0.012000元；持股超过1年的，不需补缴税款。】 二、股权登记日与除权除息日 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。 特别提示： 1、通富微电子股份有限公司（以下简称"本公司"或"公司"）2023年年度权 益分派方案已获2024年5月13日召开的2023年度股东大会审议通过：以公司2023年12 月31日总股本1,516,825,349股为基数，向全体股东每10股派发现金红利0.12元（含 税），本次不进行资本公积转增股本，不送红股。董事会、股东大会审议利润分配 预案后至实施权益分派股权登记日期间，如享有利润分配权的股份总数发生变动， 则以未来实施分配方案时股权登记日享有利润分配权的股份总数为基数，按照分配 比例不变的原则进行调整。 2、本次具 ...

通富微电子股份有限公司 关于第一期员工持股计划第三个锁定期届满的提示性公告 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"）于 2020 年 12 月 24 日召开第 六届董事会第二十一次会议和第六届监事会第十六次会议，并于 2021 年 1 月 11 日召开 2021 年第一次临时股东大会，会议审议通过了《关于<公司第一期员工持 股计划（草案）>及其摘要的议案》等相关议案，具体内容详见公司于 2020 年 12 月 26 日 及 2021 年 1 月 12 日刊登于证券时报及巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》的相关规 定，公司第一期员工持股计划（以下简称"员工持股计划"、"本员工持股计划"、 "本次员工持股计划"或"本计划"）第三个锁定期于 2024 年 6 月 9 日届满，现 将本员工持股计划锁定期届满等相关情况公告如下： 证券代码：00 ...

证券代码：002156 证券简称：通富微电 公告编号：2024-045 暨 2022 年股票期权激励计划实施完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）于 2024 年 5 月 24 日召开第 八届董事会第四次会议、第八届监事会第四次会议，会议分别审议通过了《关于 注销 2022 年股票期权激励计划部分股票期权的议案》《关于 2022 年股票期权激 励计划授予的第二个行权期未达行权条件及注销相关股票期权的议案》，鉴于公 司 80 名激励对象因个人原因未在 2022 年股票期权激励计划第一个行权截止日 2024 年 5 月 17 日前完成自主行权，根据公司《2022 年股票期权激励计划（草 案）》（以下简称"本激励计划"）的规定，公司将对以上激励对象已获授尚未 行权的股票期权合计 522,777 份予以注销；鉴于公司 2022 年股票期权激励计划 授予的股票期权第二个行权期行权条件未达成，公司将对 2022 年股票期权激励 计划 729 名激励对象持有的第二个行权期已获授但不具备行权条件的共计 4,883 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The industry is gradually recovering, and the company's performance is in the process of repair. In 2023, the company achieved revenue of 22.27 billion yuan, a year-on-year increase of 3.9%. Each quarter saw revenue growth compared to the previous year, indicating resilience in operations [1][6] - The company's major customer business continues to grow, with a strong partnership with AMD, which accounts for over 80% of its orders. Despite a challenging market environment in 2023, the revenue from major customers increased by 7.95% [1][15] Summary by Sections Industry Recovery and Performance Repair - The company reported a revenue of 22.27 billion yuan in 2023, up 3.9% year-on-year, with quarterly revenue growth observed throughout the year. The fourth quarter revenue was 6.36 billion yuan, reflecting a 4.1% year-on-year increase and a 6.1% quarter-on-quarter increase [1][6] - The gross margin for 2023 was 11.7%, down 2.2 percentage points year-on-year, primarily due to the gradual recovery of industry conditions and traditional business capacity utilization [1][6] - The net profit attributable to shareholders was 170 million yuan, a decline of 66.2% year-on-year, influenced by both the decrease in gross margin and non-operating factors [1][9] Major Customer Business Growth - The company has established a strong partnership with AMD through mergers and joint ventures, becoming AMD's largest packaging and testing supplier. The revenue from major customers has consistently grown for seven consecutive years, with total revenue from two major facilities reaching 15.529 billion yuan in 2023, up 7.95% [1][15] - The automotive electronics and power semiconductor sectors also showed significant growth, with automotive product project revenue increasing by 200% year-on-year [2][16] - The company has successfully developed and scaled production for SiC modules in collaboration with leading industry players, enhancing its market share in photovoltaic storage and new energy vehicle electronics [2][16] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 819 million yuan, 1.21 billion yuan, and 1.54 billion yuan, respectively, with corresponding EPS of 0.54, 0.80, and 1.01 yuan. The latest closing price corresponds to P/E ratios of 38.3, 25.9, and 20.4 times for the respective years [2][3]

证券代码：002156 证券简称：通富微电 公告编号：2024-041 通富微电子股份有限公司 第八届董事会第四次会议决议公告 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"）第八届董事会第四次会议， 于 2024 年 5 月 14 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四次会议于 2024 年 5 月 24 日以通讯表决方 式召开。公司全体 8 名董事中董事夏鑫先生为 2022 年股票期权激励计划的激励 对象，对本次董事会议案回避表决，实际有表决权的票数为 7 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 表决结果：7 票同意；0 票反对；0 票弃权。 2、审议通过了《关于 2022 年股票期权激励计划授予的第二个行权期未达行 权条件及注销相关股票期权的议案》 根据《激励计划》《2022 年股票期权激励计划实施考核管理办法》的相关规 定，在约定期间内未申请行权的股票期权或因未达到行权条 ...