通富微电：通富超威新基地竣工，一期聚焦FCBGA高端先进封测

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, indicating expected relative performance exceeding 15% over the next 6-12 months [2][3]. Core Insights - The completion of the new base for Tongfu Microelectronics (通富微电) in Suzhou focuses on advanced packaging and testing for high-end processors, particularly FCBGA technology, which is expected to achieve mass production by January 2025 [2]. - The company is the fourth largest packaging and testing enterprise globally and has a significant partnership with AMD, enhancing its position in the xPU market [3]. - The cloud computing market in China is projected to grow significantly, with a total market size of 616.5 billion in 2023, reflecting a 35.5% increase from 2021, and is expected to exceed 2.1 trillion by 2027 [2][3]. - The integration of AI and cloud computing is anticipated to drive demand for high-performance computing chips, with the global AI chip market expected to grow by 33% in 2024 [2][3]. Financial Projections - Revenue forecasts for 2024 to 2026 are 23.806 billion, 28.231 billion, and 32.813 billion respectively, with growth rates of 6.9%, 18.6%, and 16.2% [3][4]. - The net profit attributable to shareholders is projected to be 804 million, 1.205 billion, and 1.567 billion for the same years, with growth rates of 374.4%, 50.0%, and 30.0% respectively [3][4]. - The company maintains a gross margin of approximately 13.7% in 2024, improving to 14.4% and 14.7% in the following years [4]. Market Position and Strategy - The company is enhancing its advanced packaging capabilities, with over 70% of its revenue coming from this segment, and is investing in R&D for new technologies [2][3]. - The introduction of new packaging technologies, such as Cornerfill and CPB, aims to improve chip reliability and performance, catering to the growing demand in sectors like AI and cloud computing [2][3]. - The company is also focusing on expanding its product offerings in high-performance computing and advanced packaging platforms to meet the evolving needs of its clients [2][3].