Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1]. Core Views - The company's performance in the first half of 2024 showed significant improvement, with revenue reaching 6.718 billion yuan, a year-on-year increase of 32.02%, and net profit attributable to the parent company at 223 million yuan, up 254.23% year-on-year [1]. - The recovery in the integrated circuit market has positively impacted the company's operations, allowing it to seize market opportunities and enhance customer engagement [1]. - The company has expanded its automotive electronics packaging capacity and accelerated the mass production of high-end products, including various advanced packaging technologies [2]. - The company has received 11 patent authorizations in the first half of 2024, with a focus on quality management and customer satisfaction [2]. - The company is actively pursuing cost reduction and efficiency improvement through automation upgrades, enhancing production efficiency [2]. - The establishment of the Pangu Semiconductor project and the launch of the Shanghai Huatian testing base are significant milestones for the company's growth strategy [2]. Financial Summary - The company reported a total revenue of 11,298.25 million yuan in 2023, with a projected increase to 13,023.49 million yuan in 2024, reflecting a growth rate of 15.27% [5]. - The net profit attributable to the parent company is expected to rise from 226.32 million yuan in 2023 to 615.54 million yuan in 2024, indicating a growth rate of 171.98% [5]. - The company's earnings per share (EPS) is projected to increase from 0.07 yuan in 2023 to 0.19 yuan in 2024 [5]. - The company's asset-liability ratio is projected to be 41.66% in 2024, down from 43.34% in 2023, indicating improved financial stability [7].

证券研究报告 | 公司动态点评 2024 年 08 月 30 日 华天科技（002185.SZ） 24H1 利润端显著改善，先进封装规模持续扩大 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 11,906 | 11,298 | 13,300 | 15,825 | 18,217 | | 增长率 yoy （ % ） | -1.6 | -5.1 | 17.7 | 19.0 | 15.1 | | 归母净利润（百万元） | 754 | 226 | 684 | 1,088 | 1,549 | | 增长率 yoy （ % ） | -46.7 | -70.0 | 202.3 | 59.1 | 42.3 | | ROE （ % ） | 5.3 | 1.5 | 4.3 | 6.5 | 8.5 | | EPS 最新摊薄（元） | 0.24 ...

Group 1: Company Overview and Performance - The company achieved a revenue of 6.718 billion CNY in the first half of 2024, representing a year-on-year increase of 32.02% [2] - The net profit attributable to shareholders was 223 million CNY, with a significant year-on-year growth of 254.23% [3] - In Q2 2024, the net profit reached 166 million CNY, showing a quarter-on-quarter increase of 190.53% [3] Group 2: Production Bases and Product Lines - The main production bases include Tianshui, Xi'an, Kunshan, Nanjing, Shaoguan, and newly established facilities in Jiangsu and Shanghai [2] - Tianshui focuses on lead frame products, while Xi'an specializes in substrate products such as QFN and DFN [2] - The Jiangsu facility produces advanced packaging products like Bumping and WLCSP, and the Shanghai facility is engaged in wafer testing and finished product testing [2] Group 3: Industry Trends and Future Outlook - The global semiconductor market is experiencing a recovery, with sales expected to reach 611.2 billion USD in 2024 and 687.4 billion USD in 2025 [3] - The semiconductor industry in China is growing rapidly, driven by demand in consumer electronics, automotive electronics, and AI applications [3] - The packaging and testing segment is becoming increasingly competitive and is expected to achieve full domestic substitution [3] Group 4: Research and Development - The company invests over 5% of its revenue in R&D, with 4.23 billion CNY allocated in the first half of 2024, accounting for 6.29% of revenue [3] - Key R&D focuses include advanced packaging technologies such as Fan-Out and automotive electronics [3] Group 5: Financial Health and Capital Expenditure - The company is experiencing a recovery in gross margin, with significant improvements noted in Q1 and Q2 of 2024 [4] - Capital expenditures for the first half of 2024 exceeded 2 billion CNY, primarily for advanced packaging investments, expected to total around 3.5 billion CNY for the year [4] - The company is actively seeking acquisition opportunities to enhance packaging technology and optimize customer structure [4]

天水华天科技股份有限公司 2024 年半年度报告全文 1 天水华天科技股份有限公司 2024 年半年度报告 2024 年 8 月 天水华天科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 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。 公司负责人肖胜利、主管会计工作负责人宋勇及会计机构负责人(会计主管人员)裴永 亮声明：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。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因素： 1、受半导体行业景气状况影响的风险 公司经营业绩与半导体行业的景气状况紧密相关，半导体行业发展过程中的波动使公 司面临一定的行业经营风险。另外，随着集成电路封装测试行业的竞争越来越激烈，也将 加大公司的经营难度。 2、产品生产成本上升的风险 公司主要原材料的价格变化及人力成本的上升，会给公司成本控制带来一定困难。 3、技术研发与新产品开发失败的风险 集成电路产业的快速发展和电子产品的频繁更新换代，使得公司 ...

证券代码：002185 证券简称：华天科技 公告编号：2024-034 天水华天科技股份有限公司 第七届董事会第十七次会议决议公告 公司第七届董事会第十七次会议决议 同意 9 票，反对 0 票，弃权 0 票。 2024 年 半 年 度 报 告 全 文 及 摘 要 内 容 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn），2024 年半年度报告摘要详见刊登于《证券时报》 的 2024-035 号公司公告。 二、审议通过了《董事会关于募集资金存放与使用情况的专项报告（2024 年半年度）》。 同意 9 票，反对 0 票，弃权 0 票。 《董事会关于募集资金存放与使用情况的专项报告（2024 年半年度）》内容 详见巨潮资讯网（http://www.cninfo.com.cn）和刊登在《证券时报》的 2024-036 号公司公告。 备查文件： 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"）第七届董事会第十七次会 议通知和议案等材料于 2024 年 8 月 16 日以电子邮件和书面送达方式送达 ...

上市公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方 | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 年 2024 | 月占用 1-6 累计发生金额（不 | 年 2024 用资金的利息 | 月占 1-6 | 年 2024 偿还累计发生 | 月 1-6 | 年 2024 6 期末占用资 | 月 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 司的关联关系 | 的会计科目 | 用资金余额 | | | | | | | | | | | | | | | | | | 含利息） | （如有） | | 金额 | | 金余额 | | | | | 控股股东、实际控制 | | | | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | ...

证券代码：002185 证券简称：华天科技 公告编号：2024- 036 天水华天科技股份有限公司董事会 关于募集资金存放与使用情况的专项报告 （2024 年半年度） 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。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》和深圳证券交易所颁布的《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》《上市公司募集资金年度存放与使 用情况报告格式》等有关规定，天水华天科技股份有限公司（以下简称"公司"） 董事会将截至 2024 年 6 月 30 日募集资金存放与实际使用情况专项报告如下： 一、募集资金基本情况 1、 实际募集资金金额及资金到位时间 经中国证券监督管理委员会《关于核准天水华天科技股份有限公司非公开发 行股票的批复》（证监许可[2021]2942号）核准，公司于2021年10月向特定投资 者非公开发行人民币普通股（A股）464,480,874股，每股发行价格为10.98元， 募集资金总额为5,099,999,996.52元，扣除发行费用（不含税）5 ...

经认真审核，监事会认为公司董事会编制的《董事会关于募集资金存放与使 用情况的专项报告（2024 年半年度）》中关于募集资金存放与使用情况的披露与 实际情况相符。 证券代码：002185 证券简称：华天科技 公告编号：2024-037 天水华天科技股份有限公司 第七届监事会第十四次会议决议公告 本公司及监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"）第七届监事会第十四次会 议通知和议案等材料已于 2024 年 8 月 16 日以电子邮件和书面送达方式送达各位 监事，并于 2024 年 8 月 27 日以通讯表决方式召开。会议应参加表决的监事 3 人，实际参加表决的监事 3 人。本次会议符合《公司法》及《公司章程》的有关 规定。会议审议通过了如下决议： 一、审议通过了公司《2024 年半年度报告全文及摘要》。 经认真审核，监事会认为董事会编制和审核公司 2024 年半年度报告全文及 摘要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 同意 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.94 yuan [2][3] Core Views - The company is a leading domestic integrated circuit packaging and testing enterprise, with its industrial scale ranking among the top ten globally in the packaging and testing industry [1] - The company has been continuously expanding its product lines, with significant advancements in advanced packaging technologies and processes, including FOPLP, 2.5D, and 3D NAND Flash 32-layer ultra-thin chip stacking [1] - The company has achieved mass production of high-density RF SiP modules for 5G flagship smartphones and UFS3.1 products with FC+WB hybrid packaging [1] - The company has obtained 42 authorized patents in 2023, including 15 invention patents [1] - The company is actively promoting the localization of equipment and materials to ensure supply chain security, with progress in the verification and procurement of domestic packaging equipment and materials [2] Financial Performance - The company's revenue is expected to grow from 11,906 million yuan in 2022 to 17,478 million yuan in 2026, with a CAGR of 10.1% [3] - Net profit attributable to the parent company is forecasted to increase from 754 million yuan in 2022 to 1,380 million yuan in 2026, with a CAGR of 16.8% [3] - The company's gross margin is expected to improve from 16.8% in 2022 to 15.0% in 2026 [6] - The company's ROE (diluted) is projected to rise from 4.8% in 2022 to 7.4% in 2026 [6] Valuation Metrics - The company's current market capitalization is 254.44 billion yuan, with a total share capital of 3.204 billion shares [4] - The company's P/E ratio is expected to decrease from 34x in 2022 to 18x in 2026 [3][6] - The company's P/B ratio is forecasted to decline from 1.6x in 2022 to 1.4x in 2026 [6] Industry Overview - The global packaging and testing industry is highly concentrated, with the top ten companies accounting for over 75% of the market share, and this trend is expected to continue [1] - The domestic packaging and testing industry is the only segment in the integrated circuit industry chain that can compete comprehensively with international companies, with domestic companies like the report's subject company having reached a similar level of technological capability as foreign and joint venture enterprises [1]

证券代码：002185 证券简称：华天科技 公告编号：2024-033 天水华天科技股份有限公司 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。 2024 年第一次临时股东大会决议公告 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： （1）现场会议召开时间：2024 年 8 月 12 日（星期一）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 8 月 12 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 8 月 12 日 9:15 至 15:00 期间的任意时间。 2、现场会议召开地点：甘肃省天水市秦州区赤峪路 88 号公司六楼会议室 3、会议的召开方式：本次股东大会采用现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会 5、会议主持人：公司董事长肖胜利先生 6、会议召开的 ...