消费电子终端需求增加 华海诚科2024年营收、净利双增

Core Viewpoint - Huahai Chengke reported a significant increase in revenue and net profit for the year 2024, indicating a positive trend in the semiconductor packaging materials market as it enters a recovery phase after a downturn that began in late 2022 [1][4]. Financial Performance - The company's operating revenue reached 332 million yuan, a year-on-year increase of 17.23% - The net profit attributable to shareholders was 40 million yuan, up 26.63% year-on-year - The net profit after deducting non-recurring items was 34 million yuan, reflecting a growth of 24.59% year-on-year [1] - Cash flow from operating activities decreased significantly to 2.9765 million yuan, down 90.58% year-on-year, primarily due to increased employee compensation and reduced government subsidies [1] Product Performance - Revenue from epoxy encapsulation materials was 316 million yuan, an increase of 18.81% year-on-year, with a gross margin of 25.16%, down 0.40 percentage points from the previous year - Adhesive revenue was 15 million yuan, growing by 8.44% year-on-year, but with a gross margin of 35.05%, down 7.02 percentage points from the previous year [2][3] Market Position and Competition - Huahai Chengke is a leading domestic semiconductor packaging materials manufacturer, increasing its market share in traditional packaging while making technological breakthroughs in advanced packaging [4] - In the traditional packaging sector, domestic manufacturers dominate the market for epoxy encapsulation materials, while foreign brands have largely retreated - In advanced packaging fields like QFN, BGA, and FOWLP, foreign brands maintain a monopoly, with domestic brands still in the early stages of sales or R&D [5] Product Development and Future Outlook - The company is focusing on high-value-added products, although some products still face margin pressure - Huahai Chengke has successfully developed high-end packaging materials for advanced packaging applications, currently undergoing customer validation, with mass production expected to take time [6][5] - The company is progressing on investment projects, including a high-density integrated circuit packaging project, with 63.83% of the planned investment completed [7]