电子：封测行业盈利能力提升，并购活动增加

Investment Rating - The report rates the integrated circuit packaging and testing industry as "Recommended" [1]. Core Viewpoints - The integrated circuit packaging and testing industry is experiencing a recovery, with 13 core companies reporting a total revenue of 22.379 billion yuan in Q3 2024, a year-on-year increase of 13.39%, and a net profit of 1.102 billion yuan, a year-on-year increase of 78.85% [1]. - The performance of the packaging and testing industry has shown continuous positive growth for four consecutive quarters, driven by the peak season for consumer electronics and the sustained demand for advanced packaging [1][2]. - The average gross profit margin for the industry in Q3 2024 was 14.57%, an increase of 1.16 percentage points year-on-year, while the average net profit margin was 4.34%, an increase of 1.3 percentage points year-on-year [2]. - The industry is witnessing increased merger and acquisition activities, with domestic companies like Tongfu Microelectronics and Changdian Technology actively acquiring stakes in other firms to enhance their competitive edge [3]. Summary by Sections Revenue and Profitability - In Q3 2024, the total revenue of 13 core integrated circuit packaging and testing companies reached 22.379 billion yuan, marking a 13.39% increase year-on-year [1]. - The net profit for the same period was 1.102 billion yuan, reflecting a significant year-on-year growth of 78.85% [1]. - Companies such as Jingfang Technology and Weicai Technology reported substantial revenue growth rates of 47.31% and 52.47%, respectively [1]. Industry Trends - The average inventory turnover days for the packaging and testing industry in Q3 2024 was 58.71 days, indicating a downward trend despite a slight increase compared to the previous quarter [2]. - The report highlights that the recovery in demand and the gradual penetration of high-value advanced packaging are key drivers for the industry's profitability [2]. Mergers and Acquisitions - The report notes a trend of foreign packaging and testing companies adjusting their business strategies in response to pressures in the U.S. and rising labor costs in China, leading to increased M&A activities among domestic firms [3]. - Notable acquisitions include Tongfu Microelectronics' announcement to acquire a 26% stake in Jinglong Technology and Changdian Technology's acquisition of 80% of Di Semiconductor [3]. Investment Recommendations - The report suggests focusing on companies such as Changdian Technology, Tongfu Microelectronics, Yongxi Electronics, Huada Technology, Weicai Technology, and Jingfang Technology as potential investment opportunities due to their strong performance and growth prospects [3].