半导体封测板块24半年报业绩总结

Investment Rating - The report maintains an "Outperform" rating for the semiconductor packaging and testing sector [1][31]. Core Insights - The semiconductor industry is experiencing a recovery in demand, particularly driven by AI technology, which is pushing advancements in packaging technology [2][4]. - The global packaging market is projected to reach $89.9 billion in 2024, reflecting a year-on-year growth of 9.4%, while China's packaging market is expected to reach 289.1 billion yuan, growing by 3.0% year-on-year [2]. - Major companies in the sector, such as Changdian Technology, Tongfu Microelectronics, and Huatian Technology, have reported significant growth in revenue and net profit, with some companies seeing net profit increases exceeding 200% year-on-year [2]. Summary by Sections Semiconductor Industry Overview - The semiconductor industry is recovering from inventory destocking that occurred in 2022-2023, with inventory levels stabilizing in 2024 [2][13]. - The average turnover days for IC design companies and semiconductor distributors decreased by 69.78 days year-on-year by the end of Q1 2024 [2]. Company Performance - Changdian Technology reported a revenue of 15.487 billion yuan in H1 2024, a year-on-year increase of 27.22%, with a net profit of 619 million yuan, up 24.96% year-on-year [9]. - Tongfu Microelectronics achieved a revenue of 11.08 billion yuan in H1 2024, with a net profit of 323 million yuan, marking a return to profitability [15]. - Huatian Technology's revenue reached 6.718 billion yuan in H1 2024, reflecting a year-on-year growth of 32.02%, with a net profit of 223 million yuan, up 254.23% year-on-year [18]. Market Trends - The global semiconductor market is expected to grow by 16% in 2024, with AI chips and storage chips showing strong demand [7]. - The advanced packaging segment is gaining traction due to the increasing performance requirements driven by AI applications [22]. - The advanced packaging market is projected to account for nearly half of the global packaging market, which was valued at $85.7 billion in 2023 [22]. Investment Recommendations - The report suggests focusing on companies involved in advanced packaging equipment and materials, such as Shanghai Xinyang and Aisen Co., as they are expected to benefit from the recovery in the semiconductor cycle driven by AI demand [4].