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【华天科技(002185.SZ)】技术创新及产能建设共驱业务发展——跟踪报告之五(刘凯/黄筱茜)

Core Viewpoint - The company reported a steady growth in revenue and profit in the first half of 2025, driven by increased demand in the封测 industry, particularly in automotive electronics and memory sectors [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 7.78 billion, representing a year-on-year growth of 15.81%, and a net profit attributable to shareholders of 226 million, with a year-on-year increase of 1.68% [4]. - In Q2 2025, the company recorded a revenue of 4.21 billion, an increase of 643 million compared to Q1, marking a new high for quarterly revenue; the net profit for Q2 was 245 million, up by 264 million from Q1 [5]. - The gross margin for the first half of 2025 was 10.82%, while the net margin stood at 3.02%. The company has been focusing on cost reduction and efficiency improvement, with sales, management, and R&D expense ratios decreasing year-on-year [5]. Group 2: Technological Innovation - The company has made progress in developing high-density memory and automotive-grade products, completing the development of ePoP/PoPt high-density memory and FCBGA packaging technology for smart cockpits and autonomous driving [6]. - The company has successfully completed the wiring of its 2.5D/3D packaging production line and has initiated research and development for CPO packaging technology, with key unit process development currently underway [6]. - The company has mastered advanced integrated circuit packaging technologies including SiP, FC, TSV, Bumping, Fan-Out, WLP, and 3D [6]. Group 3: Advanced Packaging Initiatives - The company has established a wholly-owned subsidiary, Huatiang Advanced, focusing on the development of products related to AI, XPU, memory, and automotive electronics, while promoting the maturation of 2.5D platform technology and FOPLP [7]. - Subsidiaries such as Huatiang Kunshan, Huatiang Jiangsu, Pangu Semiconductor, Huatiang Nanjing, and UNISEM are primarily engaged in advanced packaging business, with efforts to gradually release production capacity from various investment projects [7][8]. - The establishment of Nanjing Huatiang Advanced Packaging Co., Ltd. aims to accelerate the development of the company's advanced packaging business and expand its market share in the advanced封测 industry [8].