Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The company is actively positioning itself in the FOPLP (Fan-Out Panel Level Packaging) sector, seizing opportunities in domestic packaging technology transformation [1] - The establishment of Jiangsu Pangu Semiconductor Technology Co., Ltd. marks a significant step towards the industrialization of multi-chip high-density panel-level fan-out packaging technology, with an expected annual output value exceeding 900 million yuan upon full production [1][2] - The advanced packaging technology is gaining attention due to its ability to meet the demands for miniaturization, lightweight, low cost, high density, and high reliability in the AI era [1] - The company is expected to see revenue growth driven by the increasing demand for advanced packaging solutions, particularly in the context of AI and high-performance computing [2] Financial Projections - Revenue projections for the company from 2024 to 2026 are 13.02 billion, 15.39 billion, and 17.28 billion yuan, with growth rates of 15.2%, 18.2%, and 12.3% respectively [2][3] - Net profit attributable to shareholders is projected to be 592 million, 910 million, and 1.28 billion yuan for the same period, with growth rates of 161.6%, 53.6%, and 41.1% respectively [2][3] - The company's PE ratios are expected to be 43.7, 28.5, and 20.2 for the years 2024, 2025, and 2026 [2][3] Market Position and Competitive Advantage - The company aims to enhance its market share in the advanced packaging sector through the development and application of panel-level packaging technology [1] - The FOPLP technology offers significant advantages in terms of area utilization and cost reduction, with a cost decrease of up to 66% compared to traditional packaging methods [1] - The company is well-positioned to capitalize on the growing demand for advanced packaging in various applications, including automotive chips, where approximately 66% of chips can utilize FOPLP technology [1]

证券代码：002185 证券简称：华天科技 公告编号：2024-028 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"）及子公司自 2024 年 6 月 1 日至 2024 年 6 月 30 日期间，获得的政府补助具体情况如下所示： | 获得补助的主体 | 收款时间 | 补助形式 | 补助金额 （万元） | 补助类型 | 会计处理 | | --- | --- | --- | --- | --- | --- | | 华天科技（昆山）电子有限 公司 | 2024/6/12 | 现金 | 346.17 | 与收益相关 | 递延收益 | | 华天科技（江苏）有限公司 | 2024/6/28 | 现金 | 4,000.00 | 与收益相关 | 其他收益 | | 其他单笔 万元以下的补 100 | 2024/6/1/- | 现金 | 195.75 | 与收益相关 | 其他收益或 | | 助合计 | 2024/6/30 | | | | 递延收益 | | 与收 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The report highlights the advantages of indium sheets over traditional thermal interface materials (TIM) in terms of thermal conductivity, which is crucial for efficient heat management in high-performance chips [1][3] - The increasing demand for AI computing power is expected to drive the need for advanced packaging solutions, benefiting the company as it continues to release production capacity [3][4] - The company has successfully achieved mass production of indium sheet packaging technology, optimizing heat dissipation solutions for various high-performance applications [1][3] Financial Performance and Projections - The company's revenue projections for 2024 to 2026 have been adjusted to 13.02 billion, 15.39 billion, and 17.28 billion CNY, with growth rates of 15.2%, 18.2%, and 12.3% respectively [1][4] - The net profit attributable to the parent company is forecasted to be 592 million, 910 million, and 1.28 billion CNY for the same period, with growth rates of 161.6%, 53.6%, and 41.1% respectively [4][5] - The report indicates a significant improvement in gross margin from 8.9% in 2023 to 18.8% by 2026, reflecting enhanced operational efficiency [4][5] Market Position and Competitive Advantage - The company is positioned to increase its market share in the advanced packaging sector due to its innovative technologies and continuous capacity expansion [3][4] - The integration of various advanced packaging technologies, such as 3D Matrix, is expected to enhance the company's reliability and density in chip integration [3][4] Analyst Insights - Analysts suggest that the company's advancements in indium sheet technology and its ability to meet high standards in quality control will support its growth trajectory in the semiconductor industry [1][3]

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。 证券代码：002185 证券简称：华天科技 公告编号：2024-027 天水华天科技股份有限公司 2023 年年度权益分派实施公告 一、股东大会审议通过权益分派方案等情况 1、天水华天科技股份有限公司（以下简称"公司"或"本公司"）2023 年 年度权益分派方案已获2024年4月26日召开的2023年年度股东大会审议通过。 2023 年 年 度 股 东 大 会 决 议 公 告 详 见 2024 年 4 月 27 日 巨 潮 资 讯 网 （http://www.cninfo.com.cn）及刊登于《证券时报》的 2024-024 号公司公告。 2、本次权益分派方案披露至实施 2023 年度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，公司则以权益分派股权登记日享有利润分配 权的股份总数为基数，按照分配总额不变的原则对每 10 股分红金额进行相应调 整。自本次权益分派方案披露至实施期间，享有利润分配权的公司股本总额未发 生变化。 3、本次实施的权益分派方案与公司 2023 年年度股东大会审议通过的权益 ...

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。 证券代码：002185 证券简称：华天科技 公告编号：2024-026 一、获取补助的基本情况 天水华天科技股份有限公司 天水华天科技股份有限公司（以下简称"公司"）及子公司自 2024 年 4 月 3 日至 2024 年 5 月 31 日期间，获得的政府补助具体情况如下所示： 公司及子公司收到与收益相关的政府补助时，用于补偿企业以后期间的相关 费用或损失的，确认为递延收益，并在确认相关费用的期间，计入当期损益或冲 减相关成本；用于补偿企业已发生的相关费用或损失的，直接计入当期损益或冲 减相关成本。 | 获得补 | 提供补助 | 获得补助的 | | 补助 | 补助金 | | | 会计 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 助的主 | 的主体 | 原因或项目 | 收款时间 | 形式 | 额（万 | 补助类型 | 补助依据 | 处理 | | 体 | | | | | 元） | | | | | 天水华 天科技 | 天 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown rapid revenue growth in Q1 2024, with a year-on-year increase of 38.72%, indicating a recovery trend in the integrated circuit industry [2] - The company is expanding its advanced packaging capabilities and has successfully entered trial production phases at new facilities, enhancing its market position [2][4] - Despite a challenging market environment, the company is actively managing costs and improving its service to key clients, which is expected to support future growth [2][4] Financial Summary - Revenue for 2023 was 11,298 million yuan, down 5.1% year-on-year, while Q1 2024 revenue reached 3,106 million yuan, up 38.72% year-on-year [1][2] - The net profit for 2023 was 226 million yuan, a decrease of 70.0% year-on-year, but Q1 2024 net profit improved to 57 million yuan, up 153.62% year-on-year [1][2] - The company's gross margin for 2023 was 8.91%, down 7.93 percentage points year-on-year, but improved to 8.52% in Q1 2024 [2][4] - The projected net profit for 2024-2026 is estimated at 684 million yuan, 1,088 million yuan, and 1,549 million yuan respectively, with corresponding EPS of 0.21, 0.34, and 0.48 yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported significant year-on-year growth in Q1 2024, with operating revenue reaching 3.106 billion yuan, an increase of 38.72% year-on-year, while net profit attributable to shareholders was 57 million yuan, up by 1.63 billion yuan year-on-year [3] - The gross margin improved to 8.52%, up by 4.53 percentage points year-on-year, indicating a positive trend in profitability [3] - The company is expected to benefit from the gradual recovery of the packaging and testing industry, with projected net profits for 2024, 2025, and 2026 estimated at 664 million, 1.03 billion, and 1.537 billion yuan respectively [3] Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 3.106 billion yuan, a year-on-year increase of 38.72% and a quarter-on-quarter decrease of 3.83% [3] - The net profit attributable to shareholders was 57 million yuan, showing a year-on-year increase of 1.63 billion yuan, but a quarter-on-quarter decrease of 60.24% [3] - The gross margin for Q1 2024 was 8.52%, up by 4.53 percentage points year-on-year, while the net margin was 1.84%, an increase of 6.59 percentage points year-on-year [3] - The company plans to complete its fundraising investment projects in 2024, which will support the construction of new production lines and enhance its packaging capacity [5] Shareholder Confidence - The controlling shareholder, Huaten Electronics Group, increased its stake in the company by approximately 21 million shares, representing 0.66% of the total shares, with a total investment of 162 million yuan, reflecting confidence in the company's long-term development [4] Customer Development and Capacity Expansion - The company has actively expanded its customer base, achieving the introduction of 302 customers by the end of 2023, and is focused on enhancing service for existing key clients [5] - The company is also investing in new production facilities, with ongoing construction at Unisem Gopeng and completed facilities at Huaten Jiangsu and Huaten Shanghai, aimed at increasing production capacity [5]

股 票 研 究 [Table_industryInfo] 电子元器件/信息科技 [ Table_Main[华ITnaf 天bol]e 科_Ti技tle]( 002185) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩回暖信号显著，先进封装规模提振 目标价格： 11.76 上次预测： 11.76 公 ——华天科技年报业绩点评 当前价格： 7.87 司 舒迪(分析师) 陈豪杰(研究助理) 2024.04.28 更 021-38676666 021-38038663 [交Ta易bl数e_M据a rket] 新 shudi@gtjas.com chenhaojie026733@gtjas.com 证书编号 S0880521070002 S0880122080153 52周内股价区间（元） 5.85-10.07 报 总市值（百万元） 25,219 告 本报告导读： 总股本/流通A股（百万股） 3,204/3,204 受市场需求回暖，公司利润逐季显著修复，随着市场景气度回升、新客户拓展及新扩 流通 B股/H股（百万股） 0/0 流通股比例 100% 产产能释放，未来成长空间广阔。 日均成交量（百万股 ...

Financial Performance - Revenue for Q1 2024 reached CNY 3,106,029,786.01, an increase of 38.72% compared to CNY 2,238,999,876.69 in the same period last year[3] - Net profit attributable to shareholders was CNY 57,034,044.42, a significant turnaround from a loss of CNY 106,370,486.95 in the previous year, representing a growth of 153.62%[3] - The net profit for Q1 2024 was CNY 57,608,980.41, a significant improvement compared to a net loss of CNY 126,698,022.92 in the same period last year, marking a turnaround of approximately 145.4%[18] - Operating profit reached CNY 65,325,685.12, compared to a loss of CNY 139,824,859.60 in Q1 2023, indicating a recovery in operational performance[18] - Total operating revenue for Q1 2024 was CNY 3,106,029,786.01, an increase from CNY 2,238,999,876.69 in the same period last year, representing a growth of approximately 38.7%[17] - Total operating costs for Q1 2024 amounted to CNY 3,271,515,122.85, up from CNY 2,480,386,796.07, indicating a rise of about 32.0%[17] Cash Flow and Investments - Operating cash flow increased by 229.08% to CNY 553,860,693.87, up from CNY 168,303,238.32 year-on-year, driven by higher cash receipts from sales[6] - Cash flow from operating activities generated CNY 553,860,693.87, up from CNY 168,303,238.32 in the previous year, reflecting a year-over-year increase of approximately 228.5%[19] - The company incurred a total cash outflow from investing activities of CNY 2,014,553,605.26, compared to CNY 884,444,686.04 in the previous year, indicating increased investment activity[19] - Financing activities generated a net cash inflow of CNY 2,221,291,621.29, a substantial increase from CNY 553,432,350.54 in Q1 2023, highlighting improved financing conditions[20] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 35,917,941,271.51, a 6.42% increase from CNY 33,751,820,450.19 at the end of the previous year[3] - The total liabilities increased to CNY 16,799,846,414.69 from CNY 14,627,792,974.78, which is an increase of approximately 14.9%[16] - Cash and cash equivalents at the end of the period were CNY 6,653,777,479.39, up from CNY 5,468,991,927.78, indicating a growth of about 21.8%[15] - The inventory balance at the end of Q1 2024 was CNY 2,164,881,006.49, slightly up from CNY 2,126,493,100.56, reflecting an increase of approximately 1.8%[15] - The company reported a decrease in short-term borrowings to CNY 3,115,958,917.50 from CNY 2,404,834,921.63, which is a significant increase of about 29.5%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 291,288, with no preferred shareholders having voting rights[8] - The largest shareholder, Tianshui Huati Technology Group Co., Ltd., holds 22.59% of shares, totaling 723,774,508 shares[8] - The second-largest shareholder, Huaxin Investment Management Co., Ltd., holds 3.21% of shares, totaling 102,914,400 shares[8] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for over 28%[8] - The company has not disclosed any related party relationships or concerted actions among the top shareholders[9] - There were no changes in the number of shares lent out under margin trading for the top shareholders during the reporting period[10] - The company reported a total of 723,774,508 shares held by Tianshui Huati Technology Group Co., Ltd. under normal accounts, with no shares lent out[10] - The report indicates that there were no changes in the status of shares for the top ten shareholders due to margin trading activities[12] - The company has not identified any new or exiting shareholders among the top ten during the reporting period[12] Research and Development - Research and development expenses rose by 35.06% to CNY 187,011,966.53, reflecting increased investment in R&D activities[6] - Research and development expenses increased to CNY 187,011,966.53 from CNY 138,469,608.06, reflecting a growth of approximately 35.0%[17] Other Income and Comprehensive Income - The company received government subsidies amounting to CNY 104,289,370.51, contributing to the overall increase in other income[4] - The company reported a total comprehensive income of CNY 8,310,574.88, a recovery from a loss of CNY 98,184,039.24 in the same quarter last year[18] - The basic and diluted earnings per share for Q1 2024 were CNY 0.0178, recovering from a loss of CNY 0.0332 per share in the same quarter last year[18] - The company reported a decrease in other comprehensive income attributable to the parent company, amounting to CNY -62,039,527.33, compared to an increase of CNY 17,545,189.73 in Q1 2023[18] Equity - The total equity attributable to shareholders of the parent company was CNY 15,893,829,596.14, up from CNY 15,849,983,538.60, indicating a marginal increase[16] - The weighted average return on equity improved to 0.36%, up from -0.68% in the previous year[3]

证券代码：002185 证券简称：华天科技 公告编号：2024-024 天水华天科技股份有限公司 2023 年年度股东大会决议公告 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。 重要提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （二）会议出席情况 本次股东大会采取现场会议与网络投票相结合的方式召开。参加本次股东大 会现场会议和网络投票的股东及股东授权代表共 23 人，代表公司有表决权股份 924,908,499 股，占公司股份总数的 28.8629%。其中： 1 1、现场会议股东出席情况 （1）现场会议召开时间：2024 年 4 月 26 日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的时间为 2024 年 4 月 26 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深交所互联网投票系统投票的时间为 2024 年 4 月 26 日 9:15 ...