公司研究 华创证券研究所 证券分析师：岳阳 证 券 研 究 报 告 长电科技（600584）2025 年半年报点评 强推（维持） 25H1 收入保持增长，先进封装+车规产能布 局助力长期成长 事项： 评论： 集成电路 2025 年 08 月 23 日 | 目标价：43.9 | 元 | | --- | --- | | 当前价：38.84 | 元 | 《长电科技（600584）2024 年半年报点评：业绩 重回高增轨道，发力先进封装未来可期》 2024-08-25 《长电科技（600584）2024 年一季报点评：业绩 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 公司基本数据 | 总股本(万股) | 178,941.46 | | --- | --- | | 已上市流通股(万股) | 178,941.46 | | 总市值(亿元) | 695.01 | | 流通市值(亿元) | 695.01 | | 资产负债率(%) | 42.84 | | 每股净资产(元) | 15.58 | | 12 个月内最高/最低价 | 46.55/27.78 | 市场表现对比图(近 12 个月) -8% ...

以下文章来源于半导体封测 ，作者观芯者 半导体封测 . 汇集半导体设计、制造、封测、材料和设备等领域，行业资讯、技术前沿、发展趋势。 近期，贵州贵芯半导体有限公司深陷多重危机，这一消息经"观芯者"披露后引发行业关注。该公司位于 贵州省贵安新区综合保税区内，曾怀揣着完善西南地区半导体产业链的宏伟目标，如今却因"下落不 明"、经营异常以及法律纠纷等问题，成为半导体项目暴雷的又一典型案例。 贵芯半导体成立于 2017 年 6 月，注册资本达 5000 万元，其股东具有港资背景。其中，安晟电子持股 85%，认缴 4250 万元；香港天立科技持股 15%，认缴 750 万元。公司成立之初，宣称拥有专业的半导 体研发团队和强大的封测技术，工程团队成员均来自国内外知名半导体封装厂，立志打造一座多元化、 多功能的半导体封装测试厂，为西南地区半导体产业发展注入新动力。 半导体行业作为技术、资金密集型产业，需要企业进行长期投入和稳健运营。贵芯半导体的暴雷，本质 上是"口号式布局"的失败。从技术层面看，该公司缺乏核心技术突破，无法在激烈的市场竞争中立足； 从经营层面看，又缺乏合规经营能力，导致企业内部管理混乱，资金链断裂。种种问题 ...

其中，纽威流体二期高端精密阀门扩产项目预计投资5亿元，扩增高端工业阀门智能生产线等，达产后 新增年产值可达8亿元。和林微纳三期手机光学镜头组件及半导体封测业务扩产项目计划总投资7.6亿 元，用于手机光学镜头组件、半导体封测业务的扩产，达产后新增年产值可达8.7亿元。计划总投资6亿 元的珂玛科技（301611）二期先进陶瓷结构功能模块化产品扩产项目，则将全部用于生产先进陶瓷结构 功能模块化产品，预计新增年产值将达到6亿元以上。毫厘电子二期电力电子液冷产品扩产项目计划投 资5.5亿元，将建设各类液冷产线15条，预计新增年产各类冷板100万片，达产后新增年产值可达8亿 元。 此次签约项目都是太湖科学城功能片区的"老朋友"，涵盖光子、智能制造等新兴领域，计划新增工业用 地198.62亩，预计投产后将实现年产值31亿元。 本报讯(轲晓渚)8月18日，苏州高新区太湖科学城重点项目增资扩产签约仪式举行，总投资24.1亿元的优 质产业项目落地，为地区光子、智能制造等产业强链、补链、延链。 ...

颀中科技 20250821 摘要 2025 年第二季度，合肥颐中科技毛利率回升至 31.3%，营业利润率达 14.3%，税后净利润为 6,900 万元，每股收益 0.06 元，显示扩产效益， 但税后净利润同比仍衰退 18%。 2025 年上半年，合肥颐中科技营收 9.95 亿元，同比增长 6.6%，毛利 率 27.7%，营业费用 1.56 亿元，同比增长三成，税后净利润 9,900 万 元，每股收益 0.08 元。全年毛利率预计稳守 30%以上。 2025 年上半年，12 寸制程收入占比 84%，8 寸制程占比 16%。高清 电视占营收 38%，智能手机 44%，笔电 7%，显示器约 5%，电子标签 1%，平板 2%。电源管理 IC 营收占比 73%，射频为 17%。 截至 2025 年 6 月底，公司货币资金 10.46 亿元，总资产 69.3 亿元， 总负债 8 亿元，负债率 12%，股东权益 60.73 亿元，流动比例 3.41， 负债权益比 0.04，财务状况稳健。 大尺寸 TV 的 COF 稼动率较高，平均 85%至 90%。Q3 各制程段均有 增长预期，高阶测试机几乎满载。研发人员扩充集中在非显示 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ：内容来自 镜报 。 封装产能持续满载，不只有封测白名单带来的转单效应，AI驱动下的先进封装需求也持续高涨， 日月光在8月11日公告花65亿元买下稳懋在南科高雄产区的厂房，展现稳固龙头地位，并近一步扩 大版图的企图心，业内人士也分析，这次转单效应，日月光正是最大受惠者。 封测产能持续满载，尤其在封测白名单转单效应持续发酵下，业界预估营收贡献很快会看到。为了 因应产能全面满载，半导体封测龙头日月光投控在8月11日公告，旗下日月光半导体将以新台币65 亿元向稳懋半导体购买位于高雄路竹区的南科高雄园区厂房及附属设施，日月光向本报表示，这将 用于扩充先进封装产能。 业内人士分析，日月光集团原先就有中国厂，旗下矽品也有中国苏州厂，专门服务中国客户，这次 因为美国对中国半导体扩大管制而颁布的「封测白名单」，符合规定的除了上面表列的业者外，厂 房还不能在中国，在中国业界品质有口碑的日月光，将会是转单最大受惠者。 中国封测产业蓬勃发展，除了原先最具代表性的长电科技外，现在还有天水华天、通富微电，不过 业内人士表示，中国客户还是会到日月光中国厂乃至矽品苏州厂，正是因为考量品质、 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The semiconductor industry is experiencing a recovery, which is expected to drive demand for the company's products. The company is anticipated to enter a period of accelerated performance in the second half of 2025 as production capacity is gradually released and orders are fulfilled [4]. - The company reported a revenue of 7.78 billion yuan in the first half of 2025, a year-on-year increase of 15.81%, and a net profit attributable to shareholders of 226 million yuan, up 1.68% year-on-year. The automotive electronics and memory orders saw significant growth [1][4]. - The company is actively investing in advanced packaging technologies, including high-density memory and automotive-grade products, which are expected to enhance its market position [2][3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.21 billion yuan, an increase of 6.43 billion yuan from Q1, marking a record high for a single quarter. The net profit for Q2 was 245 million yuan, up 264 million yuan from Q1 [1]. - The gross margin for the first half of 2025 was 10.82%, with a net margin of 3.02%. The company has successfully reduced its sales, management, and R&D expense ratios compared to the previous year [1]. Technological Advancements - The company has completed the development of ePoP/PoPt high-density memory and automotive-grade FCBGA packaging technology for smart cockpits and autonomous driving applications. It has also initiated research on CPO packaging technology [2]. - The establishment of a wholly-owned subsidiary, Huati Advanced, aims to focus on AI, XPU, memory, and automotive electronics applications, further enhancing the company's advanced packaging capabilities [3]. Profit Forecast and Valuation - The profit forecasts for the company are set at 994 million yuan for 2025, 1.38 billion yuan for 2026, and 1.60 billion yuan for 2027. The report anticipates a significant increase in net profit growth rates over the next few years [4][10].

Group 1 - The semiconductor industry is experiencing an overall recovery, leading to increased market demand in the packaging and testing sector, resulting in steady growth in orders and operating performance for the company, which achieved a net profit of 226 million yuan in the first half of 2025 [1] - In the first half of 2025, the company reported operating revenue of 7.78 billion yuan, a year-on-year increase of 15.81%, and a net profit of 226 million yuan, a year-on-year increase of 1.68% [1] - The second quarter saw significant growth in both revenue and net profit, with the company achieving operating revenue of 4.21 billion yuan, an increase of 643 million yuan from the first quarter, marking a record high for a single quarter [1] Group 2 - The company has completed the development of ePoP/PoPt high-density memory and automotive-grade FCBGA packaging technology for smart cockpits and autonomous driving applications in the first half of the year [2] - The company has also initiated the research and development of CPO packaging technology, with key unit process development currently underway, and completed product validation for various clients in FOPLP packaging [2] - The shareholder structure has seen changes, with the Huaxia Guozheng Semiconductor Chip ETF increasing its holding from 1.38% to 1.39%, and the CSI 500 ETF purchasing 5.099 million shares, raising its holding from 1.03% to 1.18% [2]

Core Viewpoint - Huada Technology is establishing Nanjing Huada Advanced Packaging Co., Ltd. with a registered capital of 2 billion yuan, integrating its three core segments to capitalize on the explosive growth in the global advanced packaging market [1] Company Summary - Huada Technology is consolidating its subsidiaries, Huada Jiangsu, Huada Kunshan, and Huada Advanced No. 1 Fund, to form a new entity focused on advanced packaging [1] - The company is adopting a "cash + heavy asset" investment model, with Huada Jiangsu contributing land, real estate, and machinery, while Huada Kunshan and the Advanced No. 1 Fund provide cash support [1] - The establishment of Nanjing Huada Advanced is expected to create new business growth opportunities for the company and positively impact the semiconductor packaging and testing industry [1] Industry Summary - The global advanced packaging market is experiencing explosive growth, with major players like TSMC, Intel, and Samsung increasing their investments [1] - It is predicted that by 2027, the advanced packaging market will surpass traditional packaging for the first time [1] - The development of Nanjing Huada Advanced is anticipated to enhance domestic 2.5D/3D advanced packaging testing technology and contribute to the overall competitiveness of China's semiconductor industry [1]

Core Viewpoint - The company, Qipai Technology, has announced a plan to raise no more than 159 million yuan through a private placement, primarily to supplement its working capital, amidst ongoing financial losses over the past three and a half years [2][5]. Group 1: Fundraising Details - Qipai Technology plans to issue shares at a price of 20.11 yuan per share, with a total of no more than 7.9 million shares to be issued [5]. - The issuance will be fully subscribed by the actual controllers, Liang Dazhong, Bai Ying, and their son Liang Huate, indicating their strong support and confidence in the company's future [5][8]. - The funds raised will be used entirely to improve the company's liquidity, which is crucial given the capital-intensive nature of the semiconductor packaging and testing industry [8]. Group 2: Financial Performance - The company has reported continuous losses, with net profits of -58.57 million yuan in the first half of 2025, which is a deterioration of 18.07 million yuan compared to the same period last year [11]. - Revenue for the first half of 2025 was 326 million yuan, reflecting a year-on-year growth of 4.09% [11]. - The company has experienced a significant stock price rebound since April, with an overall increase of over 21% year-to-date, although it faced a decline of 3.90% on August 14, closing at 26.38 yuan per share [9][11]. Group 3: Company Background and Industry Position - Qipai Technology is a leading domestic semiconductor packaging and testing company in South China, having been listed on the STAR Market in June 2021 [10]. - The company has developed several core technologies in semiconductor packaging, including GaN RF power amplifier packaging technology and high-density matrix integrated circuit packaging technology, which provide it with a competitive edge in the industry [10]. - Despite its technological advancements, the company has struggled financially, with projected revenues of 540 million yuan, 554 million yuan, and 667 million yuan for 2022, 2023, and 2024, respectively, alongside increasing net losses [10].

Core Viewpoint - The semiconductor packaging leader, ASE Technology Holding Co., announced a significant acquisition to enhance its advanced packaging capacity, driven by strong demand from high-performance computing (HPC) clients and the growing need for advanced packaging solutions [2][4]. Group 1: Acquisition and Expansion Plans - ASE Technology plans to acquire a facility from Win Semiconductors for NT$6.5 billion (approximately US$215 million) to expand its advanced packaging capacity in Kaohsiung [2]. - The new facility acquisition is expected to contribute NT$19.39 billion (approximately US$640 million) in profits, translating to a pre-tax earnings contribution of NT$4.57 per share [2]. - ASE's new K28 plant is set to begin construction in October 2024 and is expected to be completed by 2026, focusing on CoWoS advanced packaging capacity [2][3]. Group 2: Financial Performance and Projections - ASE's revenue for the third quarter is projected to increase by 12% to 14% in USD terms, with a corresponding increase of 6% to 8% in New Taiwan Dollar terms, despite a slight decline in gross margin due to currency appreciation [3][4]. - The advanced packaging and testing business is expected to contribute an additional US$1 billion in revenue compared to 2024, representing a 10% annual growth rate for the packaging segment [3][4]. - The company anticipates that the demand for high-end packaging, particularly 2.5D and 3D packaging, will continue to rise, necessitating the expansion to alleviate capacity constraints [3][4]. Group 3: Market Outlook and Strategic Positioning - ASE is optimistic about the recovery of the global semiconductor market by 2026, leveraging its technological leadership and capacity advantages to solidify its market position [4]. - The company aims to enhance its turnkey services, integrating advanced packaging and testing, with testing revenue growth expected to outpace packaging revenue growth this year [3][4]. - ASE's revenue for July reached NT$51.542 billion, marking a 4.1% month-over-month increase and a 7.95% year-over-year increase for the first seven months of the year [4].