TFME(SZ:002156) Xin Lang Zheng Quan·2025-10-31 10:01Core Viewpoint - Tongfu Microelectronics is a leading integrated circuit packaging and testing company, achieving significant revenue and profit growth in the semiconductor industry, driven by advanced packaging demands, particularly from AI applications [2][6]. Group 1: Company Overview - Tongfu Microelectronics was established on February 4, 1994, and listed on the Shenzhen Stock Exchange on August 16, 2007. The company is headquartered in Nantong, Jiangsu Province, and is recognized for its full industry chain service capabilities in integrated circuit packaging and testing [1]. - The company operates in various sectors, including semiconductor packaging, storage, nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - In Q3 2025, Tongfu Microelectronics reported a revenue of 20.116 billion yuan, ranking second among 13 companies in the industry. The top competitor, Changjiang Electronics Technology, achieved a revenue of 28.669 billion yuan, while the industry average was 5.49 billion yuan [2]. - The net profit for the same period was 999.4 million yuan, the highest in the industry, with Changjiang Electronics' net profit at 951 million yuan and the industry average at 250 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 63.04%, an increase from 59.46% year-on-year and above the industry average of 40.98% [3]. - The gross profit margin was reported at 15.26%, up from 14.33% year-on-year but still below the industry average of 20.20% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.05% to 350,700, with an average holding of 4,327.16 shares, a decrease of 21.29% [5]. - Among the top ten shareholders, Hong Kong Central Clearing Limited held 53.7918 million shares, an increase of 28.7179 million shares from the previous period [5]. Group 5: Market Outlook - Huachuang Securities noted that Tongfu Microelectronics achieved record high performance in Q3 2025, driven by the recovery of industry demand and product structure optimization. The company is well-positioned to benefit from the growing demand for advanced packaging driven by AI [6]. - Dongguan Securities highlighted the company's continuous high growth in operating performance, particularly in mid-to-high-end product revenues, and its strategic partnership with AMD as a core packaging supplier [6].