TFME(SZ:002156) Quan Jing Wang·2025-08-29 00:41Core Viewpoint - Tongfu Microelectronics (通富微电) has demonstrated strong growth in revenue and net profit in the first half of 2025, capitalizing on the structural growth of the global semiconductor market, particularly in AI, automotive electronics, and high-performance computing sectors [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 13.038 billion yuan, representing a year-on-year increase of 17.67% [2] - The net profit attributable to shareholders reached 412 million yuan, up 27.72% year-on-year, with a non-recurring net profit of 420 million yuan, reflecting a 32.85% increase [2] - The basic earnings per share were 0.2715 yuan, marking a 27.46% growth [2] - The net cash flow from operating activities surged by 34.47% year-on-year to 2.48 billion yuan, indicating improved efficiency in working capital management [2] Market Demand and Strategic Positioning - The company's growth is driven by strong demand in the global semiconductor market, which reached a scale of 346 billion dollars, growing by 18.9% year-on-year in the first half of 2025 [3] - Tongfu Microelectronics has increased its market share in various application fields, including mobile chips, automotive electronics, and home appliances, becoming a strategic partner for several leading clients [3] - The company has formed a strong partnership with AMD, being its largest packaging and testing supplier, accounting for over 80% of AMD's total orders [3] Technological Advancements - The company has made significant breakthroughs in advanced packaging technology, with large-size FCBGA products entering mass production and progress in optical-electrical co-packaging (CPO) technology [4] - As of June 30, 2025, the company has filed over 1,700 patent applications, with nearly 70% being invention patents, and has over 800 authorized patents [4] Capacity Expansion and Future Prospects - Major projects such as the Nantong Tongfu 2D+ advanced packaging technology upgrade and the integrated circuit testing center renovation are progressing steadily, laying a solid foundation for future capacity release and technological upgrades [5] - The acquisition of a 26% stake in Jinglong Technology enhances the company's competitive advantage in high-end integrated circuit testing [5] Governance and Sustainable Development - The company emphasizes organizational and talent development, optimizing its structure and enhancing leadership training to build a future-oriented talent pool [6] - The digital transformation efforts have significantly improved manufacturing and management levels, with a comprehensive score exceeding 99.28% of enterprises nationwide [6] - The company is committed to environmental protection and corporate governance, achieving multiple environmental standards without major safety or environmental incidents [6] Industry Outlook - The semiconductor packaging and testing market is expected to benefit from the ongoing demand growth in emerging fields such as AI and new energy vehicles [7] - The industry is poised for a historical leap from "catching up" to "keeping pace" and potentially "leading" due to policy support, market demand, and technological advancements [7]