Group 1: Market Overview and Growth Projections - The global semiconductor sales are expected to reach $697.2 billion in 2025, with a projected double-digit growth according to the Semiconductor Industry Association [2][3] - The recovery of consumer markets such as mobile phones and computers, along with innovations in robotics, will drive the sales of integrated circuit products [3][4] Group 2: Company Performance and Financial Highlights - In 2024, the company reported a 28% year-on-year increase in revenue and a 172.29% increase in net profit attributable to shareholders [4] - The company's order volume and capacity utilization have significantly increased due to the recovery in demand for electronic terminal products [3][4] Group 3: Advanced Packaging and Technological Developments - The company is expanding its advanced packaging capabilities through subsidiaries, with ongoing construction and production in locations such as Jiangsu and Shanghai [2][3] - Future growth points include a focus on AI, XPU, memory, and automotive electronics applications, as well as advancements in 2.5D platform technology and CPO packaging technology [2][3] Group 4: Competitive Positioning - The company aims to enhance its market competitiveness in advanced packaging as its subsidiaries ramp up production and expand their scale [2][3] - Compared to peers, the company has shown significant growth in both revenue and net profit, although the extent of growth varies among competitors [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 [5]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 14.46 billion yuan, a year-on-year increase of 28.00%, and net profit attributable to the parent company of 616.25 million yuan, up 172.29% year-on-year [1][5]. - The company is positioned to benefit from the recovery cycle in the integrated circuit industry, leveraging its customer-centric approach to enhance product quality and drive sales growth both domestically and internationally [1][2]. - The company has made substantial advancements in advanced packaging technology, completing the construction and debugging of its 2.5D production line, and achieving mass production of various high-tech products [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 14.46 billion yuan, with a net profit of 616.25 million yuan, reflecting a growth rate of 172.29% [1][11]. - The company expects continued growth, with projected net profits of 956.53 million yuan in 2025 and 1.25 billion yuan in 2026 [4][11]. Sales and Market Development - The company has strengthened its customer management and product quality assurance, resulting in domestic sales of 9.27 billion yuan and international sales of 5.19 billion yuan, representing year-on-year growth of 35.75% and 16.16%, respectively [2]. - The company has successfully developed 236 new customers, optimizing its product and customer structure [2]. Technological Innovation - The company has achieved significant milestones in advanced packaging technology, including the completion of its 2.5D production line and the successful mass production of high-integration products [3]. - In 2024, the company completed the packaging of 57.51 billion integrated circuits, marking a year-on-year increase of 22.56% [3]. Production and Efficiency - The company has implemented automation in its production processes, enhancing efficiency and reducing costs, with new production bases in Jiangsu and Shanghai now operational [4]. - The company has completed all fundraising investment projects, gradually releasing production capacity to support further industry expansion [4].

Core Viewpoint - The semiconductor outsourcing packaging and testing company, Huada Technology, has experienced significant growth in its performance due to the recovery in demand for electronic terminal products and increased order volumes [1][2]. Financial Performance - In 2024, Huada Technology achieved a revenue of 14.46 billion yuan, representing a year-on-year increase of 28% [1][2]. - The net profit for the same period was 616 million yuan, showing a remarkable growth of 172.29% [1][2]. - The company successfully turned around its non-recurring net profit from a loss of 30.8 million yuan in the previous year to a profit of 33.42 million yuan, marking a year-on-year increase of 110.85% [2]. - In Q4 2024, the company reported a revenue of 3.93 billion yuan, up 21.7% year-on-year, and a net profit of 259 million yuan, an increase of 80.7% [2]. Production and Capacity Expansion - Huada Technology completed the packaging of 57.514 billion integrated circuits in 2024, a year-on-year increase of 22.56% [3]. - The company also packaged 1.7642 million wafer-level integrated circuits, which is a growth of 38.58% compared to the previous year [3]. - The total assets of Huada Technology reached 38.24 billion yuan by the end of 2024, reflecting a growth of 13.3% from the previous year [3]. Investment in Advanced Packaging - The global advanced packaging market is projected to grow from 37.8 billion USD in 2023 to 69.5 billion USD by 2029, with a CAGR of 10.7% [4]. - Huada Technology is investing in advanced packaging capacity, including a 3 billion yuan project for its subsidiary in Jiangsu, which is set to partially commence production in 2025 [4]. - A second phase of the advanced packaging industry base in Nanjing is under construction with an investment of 10 billion yuan, expected to be completed by 2028, aiming for an annual output value of 6 billion yuan [4]. - An investment of 4.8 billion yuan for upgrading the automotive electronics production line is also underway, projected to generate an additional sales revenue of 2.159 billion yuan annually [4]. Research and Development - Huada Technology has consistently increased its R&D investment, with cumulative R&D expenses reaching 2.345 billion yuan from 2022 to 2024 [5][6]. - In 2024, the company made significant progress in advanced packaging technology, completing the construction of a 2.5D production line and achieving customer certification for FOPLP technology [6]. - The company was granted 29 patents in 2024, including 26 invention patents, indicating a strong commitment to technological innovation [6].

Group 1: Company Developments - Huatian Technology (华天科技) reported its 2024 annual report, highlighting ongoing research and development in advanced packaging technologies, particularly focusing on Chiplet, automotive electronics, and board-level packaging [1] - The company has completed the construction and equipment debugging of its 2.5D production line, which is crucial for mainstream computing chips [1] - Huatian's R&D investment aims to develop 2.5D packaging technology for applications in AI, big data, and high-performance computing, with a goal to increase market share [1] Group 2: Industry Trends - Changdian Technology (长电科技) is also investing in 2.5D packaging technology, with its XDFOI®Chiplet series entering stable mass production [2] - This technology focuses on high-density heterogeneous integration solutions, covering 2D, 2.5D, and 3D integration technologies, indicating a trend towards collaborative design and integrated testing [2] - Both Huatian and Changdian are prioritizing R&D in high-performance computing 2.5D advanced packaging, while Tongfu Microelectronics (通富微电) has not reported similar projects in its 2023 annual report [3] Group 3: Competitive Landscape - Tongfu Microelectronics is upgrading its large-size multi-chip Chiplet packaging technology, developing new processes to enhance chip reliability, although it lacks a focus on 2.5D packaging [3] - The competitive landscape shows a clear focus among leading companies on advanced packaging technologies, particularly in the context of high-performance computing and AI applications [2][3]

| 获得补助的主体 | 收款时间 | 补助 | 补助金额 | 补助类型 | 会计处理 | | --- | --- | --- | --- | --- | --- | | | | 形式 | （万元） | | | | 华天科技（江苏）有限公司 | 2025/3/31 | 现金 | 6,700.00 | 与收益相关 | 其他收益 | 上述补助资金已经到账，占公司最近一期经审计归属于上市公司股东的净利 润的 10.87%。上述政府补助与公司日常经营活动相关，但不具有可持续性。 二、补助的类型及其对上市公司的影响 1、补助的类型 证券代码：002185 证券简称：华天科技 公告编号：2025-019 天水华天科技股份有限公司 关于获得政府补助的公告 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。 一、获取补助的基本情况 天水华天科技股份有限公司（以下简称"公司"）全资子公司华天科技（江 苏）有限公司于 2025 年 3 月 31 日收到政府补助款项 6,700 万元，具体如下： 公司及子公司收到的上述政府补助，预计将增加公司 2025 年度利润总额人 1 民币 6,70 ...

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0.56%。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即嘉实中创400ETF，持股增加占比小幅上 涨。本期较上一季度持股减少的公募基金共计12个，主要包括华夏国证半导体芯片ETF、国联安半导体 ETF、南方中证500ETF、天弘中证500指数增强A、鹏华前海万科REITs等，持股减少占比达1.17%。本 期较上一季度新披露的公募基金共计256个，主要包括国泰CES半导体芯片行业ETF、芯片、广发国证 半导体芯片ETF、华夏中证500ETF、嘉实中证500ETF等。本期较上一季未再披露的公募基金共计5个， 包括汇添富沪深300指数增强A、光大保德信中证500指数增强A、长信电子信息量化混合A、富安达中 证500指数增强A、蜂巢润和六个月持有期混合A。 2025年4月1日，华天科技(002185.SZ)发布2024年年度报告。截至2025年3月31日，共有281个机构投资 者披露持有华天科技A股股份，合计持股量达12.07亿股，占华天科技总股本的37.67%。其中，前十大 机构投资者包括天水华天电子集团股 ...

证券代码：002185 证券简称：华天科技 公告编号：2025-015 特别提示： 2023年股票期权激励计划首次授予部分第一个行权期符合本次行权条件 的激励对象 2,467 名，可行权的股票期权数量共计 6,345.90 万份，行权价格为 7.24 元/股。 本次行权采用自主行权模式。 本次可行权股票期权若全部行权，公司股份仍具备上市条件。 本次行权事宜需在相关机构办理完毕相应的行权手续后方可行权，敬请 投资者注意。 天水华天科技股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日召开 第七届董事会第二十一次会议、第七届监事会第十七次会议，审议通过了《关于 2023 年股票期权激励计划首次授予部分第一个行权期行权条件成就的议案》。 根据《上市公司股权激励管理办法》、公司《2023 年股票期权激励计划（草案）》 的规定及公司 2023 年第一次临时股东大会的授权，董事会认为公司 2023 年股票 期权激励计划首次授予部分第一个行权期行权条件已经成就。现将有关事项公告 如下： 天水华天科技股份有限公司 关于2023年股票期权激励计划首次授予部分第一个 行权期行权条件成就的公告 本公司及董事会全体成 ...

证券代码：002185 证券简称：华天科技 公告编号：2025-014 天水华天科技股份有限公司 关于调整2023年股票期权激励计划首次授予部分激 励对象名单及授予数量并注销部分股票期权的公告 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。 天水华天科技股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日召开 第七届董事会第二十一次会议、第七届监事会第十七次会议，审议通过了《关于 调整公司 2023 年股票期权激励计划首次授予部分激励对象名单及授予数量并注 销部分股票期权的议案》。现将有关事项公告如下： 一、2023 年股票期权激励计划已履行的审批程序 1、2023 年 11 月 28 日，公司召开第七届董事会第十一次会议，审议通过了 《关于<2023 年股票期权激励计划（草案）>及其摘要的议案》、《关于<2023 年股票期权激励计划实施考核管理办法>的议案》、《关于提请股东大会授权董 事会办理公司 2023 年股票期权激励计划有关事项的议案》。 同日，公司召开第七届监事会第九次会议，审议通过了《关于<2023 年股票 期权激励计划（草案）>及其 ...

北京市竞天公诚律师事务所上海分所 关于 天水华天科技股份有限公司 2023 年股票期权激励计划 首次授予部分第一个行权期 行权条件成就及注销部分股票期权 之 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二五年三月 北京市竞天公诚律师事务所上海分所 法律意见书 北京市竞天公诚律师事务所上海分所 关于天水华天科技股份有限公司 2023 年股票期权激励计划首次授予部分第一个行权期 1 北京市竞天公诚律师事务所上海分所 法律意见书 本所仅就与公司本次行权及注销相关的法律问题发表意见，且仅根据中国现 行法律法规发表法律意见，并不依据任何中国境外法律发表法律意见。本所不对 本激励计划所涉及的股票期权价值等问题的合理性以及会计、财务等非 ...

天水华天科技股份有限公司 非经营性资金占用及其他关 联资金往来情况汇总表的专 项审计报告 大信专审字[2025]第 9-00024 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ WUYIGE Cerlified Public Accountants LLP & 1 . Room 2206 22/F. Xuevuan International Tower No 1 Zhichun Road Haidian Dist. Beijing, China, 100083 II i :: Telenhone. lkxl III. Internet 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 9-00024 号 天水华天科技股份有限公司全体股东: 我们接受委托,审计了天水华天科技股份有限公司(以下简称"贵公司")的财务报表, 包括 2024年 12 月 31 日合并及母公司资产负债表、2024年度合并及 ...