长电科技（600584）：点评报告：2024Q4营收规模超百亿，先进封装盈利能力有望提升

Investment Rating - The investment rating for the company is "Add" [3] Core Insights - The company reported a revenue of 35.962 billion yuan for the year 2024, representing a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [1] - In Q1 2025, the company achieved a revenue of 9.335 billion yuan, a significant year-on-year increase of 36.44%, with a net profit of 203 million yuan, reflecting a 50.39% year-on-year growth [1] - The advanced packaging business is expected to enhance profitability, while traditional packaging faces pressure due to rising raw material costs [2][9] Summary by Sections Revenue and Profitability - In Q4 2024, the company achieved a quarterly revenue of 10.984 billion yuan, marking an 18.99% year-on-year increase and a 15.73% quarter-on-quarter increase. The gross margin for this quarter was 13.34%, up 0.17 percentage points year-on-year and 1.11 percentage points quarter-on-quarter [2] - The net profit margin for Q4 2024 was 4.93%, down 0.45 percentage points year-on-year but up 0.15 percentage points quarter-on-quarter, primarily due to increased expense ratios [2] - The company reported a net cash flow from operating activities of 5.834 billion yuan for 2024, a year-on-year increase of 31.50%, indicating strong cash generation capabilities [2] Business Segments - The advanced packaging segment, particularly through subsidiaries like Xingke Jinpeng, saw significant revenue growth, with 2024 revenue reaching 1.695 billion USD, a year-on-year increase of 5.82% [8] - The automotive electronics segment grew by 20.5% year-on-year, with plans for a new production base in Shanghai expected to enhance future revenue [9] Financial Forecasts - The company is projected to achieve revenues of 40.241 billion yuan in 2025, 43.951 billion yuan in 2026, and 46.816 billion yuan in 2027, with corresponding net profits of 2.311 billion yuan, 2.808 billion yuan, and 3.254 billion yuan respectively [10] - The estimated PE ratios for 2025, 2026, and 2027 are 25.34x, 20.85x, and 17.99x respectively, indicating a favorable valuation trend [10]