Investment Overview - Shanghai Huitong Energy Co., Ltd. (the "Company") subsidiary Huidexinyuan plans to invest RMB 30 million in a fund managed by Guoyi (Ningbo) Private Equity Investment Fund Management Co., Ltd. [1][2] - The investment aims to leverage professional investment resources in semiconductor key materials and advanced packaging sectors, while also seeking financial returns [2][5] - The investment does not require approval from the Company's board or shareholders and does not constitute a related party transaction or a major asset restructuring as per regulations [2][5] Guoyi Investment Details - Guoyi Investment was established on March 5, 2019, with a registered capital of RMB 35 million [2][3] - The company specializes in private equity fund management and venture capital fund management services, pending registration with the China Securities Investment Fund Association [2][3] Fund Structure and Terms - The fund to be established will have a total size of RMB 110 million, with a duration of 7 years, including a 4-year investment period and a 3-year exit period [4][5] - Management fees are set at 2% during the investment period and 1.5% during the exit period, with no fees during any extensions [5] - The profit distribution mechanism prioritizes the return of principal to investors, with excess returns shared between general and limited partners at a ratio of 20:80 [5] Impact on the Company - The investment is expected to enhance the Company's positioning in the semiconductor sector without significantly impacting its daily operations or financial status [2][5] - The funding will come from the Company's own resources and will not lead to any competition within the industry or constitute a related party transaction [5][6]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体芯闻综合，谢谢 。 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 | | 推荐阅读 | | --- | --- | | 10万亿，投向半导体 | | | 芯片巨头，市值大跌 | | | 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC-V一定会胜出 | | 台积电今日公布2025年4月营收报告。 2025年4月合并营收约为新台币3,495亿6,700万元，较上月 增加了22.2% ，较去年同期增加了48.1% 。累计2025年1至4月营收约为新台币11,888亿2,100万 元，较去年同期增加了43.5% 。 值得关注的是，台积电持续扩大在台湾先进封装布局，近期业界传出，台积电WMCM（多晶片模 组）已进入试产阶段，预计在今(2025)年第四季于嘉义厂P1建置mini line，未来该技术会在嘉义 实现量产，且为「专厂专用」，主要应用在苹果手机，目的是进行升级取代过去的InFo-PoP技 术。 台积电前几年先 ...

Core Insights - The global semiconductor industry showcased significant performance in Q1 2025, with SMIC's latest financial report drawing considerable attention [1] Financial Performance - SMIC achieved a revenue of 16.301 billion yuan in Q1 2025, representing a substantial year-on-year increase of 29.4% [3] - The net profit reached 1.356 billion yuan, marking an impressive year-on-year growth of 166.5% [3] - The gross margin remained stable at 22.5% [3] Growth Drivers - The growth in performance was attributed to several factors, including changes in international circumstances leading to increased customer shipments, domestic policy support for bulk product demand, and a recovery in the industrial and automotive sectors [3] - A reduction in R&D and administrative expenses also contributed to the increase in net profit [3] Product and Market Structure - Revenue from 12-inch wafers accounted for 78.1% of total revenue, becoming the core growth engine for the company [4] - The Chinese market remained the primary revenue source, contributing 84.3%, while the U.S. and Eurasian markets showed recovery with contributions of 12.6% and 3.1%, respectively [4] - The revenue share from industrial and automotive sectors increased significantly to 9.6%, driven by strategic investments in electric vehicles and industrial control [4] Challenges and Market Outlook - Despite strong financial results, SMIC faced challenges such as extended customer payment cycles, resulting in a negative net cash flow from operating activities of -1.17 billion yuan [5] - The global semiconductor market experienced seasonal fluctuations, with a year-on-year sales increase of 18.8% to $167.7 billion, but a quarter-on-quarter decline of 2.8% [5] - SMIC holds a 6% market share, ranking third globally, but faces price competition from Taiwanese foundries [5] - For Q2, cautious guidance was provided, with expected revenue decline of 4%-6% and gross margin reduction to 18%-20% due to the end of the pre-pull cycle for consumer electronics [5] Strategic Focus - The company emphasized the importance of maintaining strategic focus and resilience in the face of intensified competition and price declines [6] - Continuous innovation and deepening core business operations are seen as essential for sustaining competitiveness in the market [6]

Group 1 - The three major indices opened lower and continued to decline, with technology sectors such as storage chips, AI, and advanced packaging experiencing a pullback [1] - The Sci-Tech Chip ETF (588200) fell over 2% with a trading volume exceeding 700 million yuan, and it has seen significant net inflows of over 800 million yuan in the last three trading days [1] - The Sci-Tech Chip ETF tracks an index that selects securities related to semiconductor materials, equipment, chip design, manufacturing, packaging, and testing from companies listed on the Sci-Tech Innovation Board [1] Group 2 - In April, 162 public fund institutions conducted a total of 9,796 research activities on A-share listed companies, marking a 129.47% month-on-month increase and setting a new high for research activity this year [2] - The electronic sector has gained attention due to breakthroughs in AI technology, increased demand for computing power, and continuous iterations in consumer electronics, with the semiconductor supply chain becoming a focal point [2] - Domestic support for the semiconductor industry is increasing, and the electronic sector is benefiting from policy incentives and external environmental catalysts, leading to a focus on companies in this space [2]

Core Viewpoint - Hongchang Electronics is actively expanding its capital and production capacity to address industry cycles and pursue long-term growth opportunities, despite facing short-term profit pressures due to market conditions [1][5]. Financial Performance - In Q1 2025, Hongchang Electronics reported revenue of 560 million yuan, a year-on-year increase of 15.21%, while net profit attributable to shareholders decreased by 45.65% to approximately 6.46 million yuan [2]. - For the full year 2024, the company achieved revenue of 2.14 billion yuan, down 4.29% year-on-year, and net profit attributable to shareholders was approximately 50.61 million yuan, a decline of 41.59% [3][4]. Capital Increase and Project Launch - On May 7, Hongchang Electronics announced a capital increase of 28 million USD to its wholly-owned subsidiary, Zhuhai Hongchang Electronic Materials Co., Ltd., raising its registered capital from 85.9 million USD to 113.9 million USD [1]. - The company also launched the second phase of its project for producing 140,000 tons of liquid epoxy resin, with a total investment of 779 million yuan, which took four years from project approval to production [1][2]. Market and Product Development - Hongchang Electronics has made significant progress in technology and commercial partnerships, including obtaining Intel certification for its high-frequency and high-speed resin, which can be used in 5G/AI servers [3]. - The company is also working on advanced packaging supply chains and has accelerated the introduction of copper-clad laminate products into the electric vehicle charging pile market [3]. Future Outlook - Despite current profit pressures, the company is positioning itself for future growth by expanding production capacity and focusing on high-end materials, with expectations that new capacities will gradually contribute to performance as demand in emerging sectors like AI servers and electric vehicles increases [5].

证券研究报告|电子 [Table_Title] 2024Q4 营收规模超百亿，先进封装盈利能 力有望提升 投资要点: ⚫ 2024Q4 单季度营收超百亿，再创单季度营收新高：2024 年第四季度， 营收方面，公司实现单季度营业收入 109.84 亿元，同比+18.99%，环比 +15.73%；毛利率方面，2024Q4 单季度毛利率为 13.34%，同比+0.17pct， 环比+1.11pct；营收再创单季度历史新高，毛利率有所提升，主要系下 游需求持续复苏，产能利用率提升。期间费用方面，2024Q4 销售费用 率 / 管 理 费 用 率 / 研 发 费 用 率 / 财 务 费 用 率 分 别 为 0.60%/3.58%/4.43%/0.32%，同比分别+0.05pct/+1.25pct/+0.55pct/- 0.93pct，期间费用整体同比+0.92pct；净利率方面，2024Q4 单季度净 利率为 4.93%，同比-0.45pct，环比+0.15pct，毛利率上升但净利率下 降，主要系费用率增长所致。归母净利润方面，2024Q4 公司实现归母 净利润 5.33 亿元，同比+7.28%，环比+16.63%。现 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 5 月 6 日 投资建议 海外天然气、 TDI 价格上涨，国际油价、醋酸价 格下跌 五月份，行业受关税相关政策、原油价格大幅波动等因素影响较大，建议整体均衡配置，关注 自主可控日益关键的电子材料公司，以及分红派息政策稳健的能源企业等。 行业动态 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250427》20250427 《化工行业周报 20250420》20250421 《化工行业周报 20250413》20250413 中银国际证券股份有限公司 具备证券投资咨询业务资格 强于大市 化工行业周报 20250505 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 本周（04.28-05.04）均价跟踪的 100 个化工品种中，共有 22 个品种价格上涨，47 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 880 million yuan for 2024, representing a year-on-year growth of about 30.2%. The net profit attributable to shareholders was approximately 190 million yuan, with a year-on-year increase of about 28.3%. The gross margin was approximately 34.8%, showing a slight decline of 0.3 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 260 million yuan, a year-on-year growth of about 47.1%, but a quarter-on-quarter decline of about 4.7%. The net profit attributable to shareholders was approximately 50 million yuan, with a year-on-year increase of about 19.7% and a quarter-on-quarter decline of about 29.6% [5] - The strong performance in 2024 and Q1 2025 is attributed to high demand in the mask plate downstream market, steady capacity expansion, product structure adjustments towards high-end AMOLED and advanced packaging products, and effective cost control [5] Financial Performance Summary - The company expects net profits for 2025, 2026, and 2027 to be approximately 296 million, 403 million, and 583 million yuan respectively, with corresponding P/E ratios of 22.14, 16.26, and 11.23 [9] - The revenue for 2024 is projected at 876 million yuan, with a year-on-year growth of 30.2%. The gross margin is expected to be 34.8% [13] - The company is also expected to see a rise in the revenue contribution from semiconductor mask plates, with ongoing projects aimed at producing 40nm and 28-40nm mask plates [8][9]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 Source：moneyDJ ，谢谢 。 FOPLP(面板级扇出型封装)成为新的先进封装竞逐市场，封测大厂力成(6239)执行长谢永达昨(29) 日于法说会上透露，公司正与一家美国客户合作验证中，即日前宣布投产晶圆代工龙头2奈米制程 的公司(这意指超微AMD)。尽管公司未公布合作细节，供应链则透露，公司技术将应用在PC或游 戏机芯片，最快2027年可以看到产品上市。 国内封测厂多年来一直在推行FOPLP案，至今约莫9年，但一直没有看到有太多终端应用落地，主 要是因为起初因良率问题而迟迟未见显著成效，客户端态度也相对观望。再加上，早前应用层次停 留在RF IC、PMIC等相对成熟领域，如今在台积电(2330)登高一呼下，封测厂也加速转往消费性 电子、AI等更多元的应用场域。 谢永达表示，力成的FOPLP 技术自2016 年量产以来，当时技术相对简单，经过历年来的持续优 化，目前朝异质整合发展，规格主要采510X515 毫米。他也强调，目前全球真正具大规模FOPLP 生产能力的业者仅有公司一家，良率也大幅超出预期，现正与与一家美国客户合作验证中。 关 注 ...

4月28日，光力科技（300480）半导体装备板块全资子公司光力瑞弘电子科技有限公司(ADT)与锐杰微 科技(郑州)有限公司(RMT)签署战略合作协议。双方将围绕先进封装的磨切领域开展深度合作，共同搭 建"需求牵引、技术攻坚、产业验证"的协同创新联盟框架，打造"材料表征-设备优化-工艺验证-应用闭 环"的国产全自动化先进封装研发生产平台。此次合作标志着国内先进封装产业链上下游企业协同创 新、突破技术瓶颈的重要实践迈出实质性步伐。(人民财讯) ...