智通财经5月9日电，日月光投控4月销售额522.1亿元台币，同比增长13.9％。 ...

Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in the semiconductor packaging and testing sectors, with specific revenue growth expectations for Q2 2025 [2][16]. Core Insights - The company reported Q1 2025 revenue of NT$148.15 billion, a 12% year-over-year increase, despite a 9% quarter-over-quarter decline. The gross margin improved to 16.8%, up 1.1 percentage points year-over-year [3][7]. - The semiconductor packaging segment generated NT$86.67 billion in revenue, a 17% year-over-year increase, while the electronic manufacturing services (EMS) segment saw a 5% year-over-year growth despite a 17% quarter-over-quarter decline [10][12]. - The company anticipates a 9%-11% quarter-over-quarter revenue growth in the semiconductor packaging business for Q2 2025, with an expected gross margin increase of 140-180 basis points [16]. Summary by Sections Q1 2025 Performance Overview - The company achieved a consolidated revenue of NT$148.15 billion, with a gross margin of 16.8% and a net profit of NT$75.54 billion [3][7]. - The semiconductor packaging division's revenue was NT$86.67 billion, with a gross margin of 22.6%, while the EMS division's revenue was NT$62.3 billion, with a gross margin of 8.9% [10][12]. Business Segment Analysis - **Semiconductor Packaging**: Revenue of NT$86.67 billion, with a gross margin of 22.6%. The segment is expected to see continued growth, particularly in AI-related testing services [10][11]. - **Electronic Manufacturing Services**: Revenue of NT$62.3 billion, with a gross margin of 8.9%. The segment faced challenges due to supply constraints and seasonal fluctuations [12][13]. Demand and Market Outlook - The demand in the automotive sector is expected to grow, while other electronic sectors are gradually recovering. The company is optimistic about its automotive business growth this year [4][32]. - The company has low direct exposure to U.S. market risks, with less than 10% of its EMS shipments going to the U.S., allowing for flexibility in production location adjustments [4][31]. Q2 2025 Guidance - The semiconductor packaging business is projected to grow by 9%-11% quarter-over-quarter, while the EMS segment is expected to decline by 10% year-over-year [16].

半导体封测龙头日月光投控与面板大厂友达4月30日日均松口规划赴美设厂。日月光投控财务长董宏思 表示，已应客户邀请评估赴美建产能，内部已积极展开讨论，并且"相当有兴趣"；友达董座彭双浪透 露："考虑赴美设后段模组或成品组装厂"。 董宏思透露，已应客户邀请，正评估是否有机会在美国设立运营据点，以支持客户业务发展。不过，目 前尚未有具体投资时程与规模等进一步细节，最终投资拍板与否，关键在于经济规模效益与未来市况， 投资项目预期会是中国台湾现有服务的延伸，但实际细节仍取决于当时的市场情况与经济条件。 谈及关税战的影响，董宏思指出，虽然部分客户提前拉货，但并未观察到客户订单动态出现重大变化， 目前电子代工服务业务直接出货到美国的比重不到10%，可通过移转部分零组件至其他生产据点来应 对。 日月光封测业务直接出货到美国的比重非常低，目前难以具体量化影响，但预期关税的影响对竞争对手 的冲击，将远大于日月光。 展望本季，日月光投控指出，根据对当前业务状况的评估及汇率假设，第二季度封测事业新台币营收将 季增9%至10%，封测事业毛利率将季增1.4至1.8个百分点；EMS新台币营收将年减10%，营益率将年减 1个百分点。法人预估 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 20.8 billion, 25.9 billion, and 29.9 billion respectively, corresponding to EPS of 1.16, 1.45, and 1.67 [6][8]. Core Insights - The company reported a record high quarterly revenue of 93.4 billion in Q1 2025, representing a year-on-year growth of 36.4%, with net profit attributable to shareholders reaching 2.0 billion, up 50.4% year-on-year [5][6]. - The company is focusing on high-performance packaging technology and expanding into high-value markets such as automotive electronics, high-performance computing, storage, and 5G communications, enhancing its core competitiveness [6]. - Revenue distribution for 2024 shows that communication electronics accounted for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0%, with all markets except industrial showing double-digit growth [6]. Financial Performance - The company’s revenue and profit growth in Q1 2025 was driven by a focus on advanced technologies and key application markets, with significant contributions from the acquisition of Shengdie Semiconductor [6][8]. - The company’s revenue from computing electronics grew by 38.1% year-on-year, while automotive electronics saw a growth of 20.5%, both outperforming market averages [6]. - The financial projections for 2024-2027 indicate a steady increase in revenue and net profit, with revenue expected to grow from 35.96 billion in 2024 to 50.60 billion in 2027, and net profit from 1.61 billion to 2.99 billion [8][9]. Market Position and Strategy - The company has established itself as a leader in semiconductor advanced packaging technology, with over a decade of experience in large FCBGA packaging and testing technology [6]. - The company has launched the XDFOI chiplet high-density multi-dimensional heterogeneous integration series process, which is now in mass production and is applicable in high-performance computing, AI, 5G, and automotive electronics [6]. - The company is actively involved in the automotive electronics sector, being the first packaging and testing enterprise from mainland China to join the international AEC automotive electronics committee [6].

智通财经4月30日电，日月光投控第一季度净利润75.5亿元台币，预估78.1亿元台币，营收1,481.5亿元台 币，预估1,433.7亿元台币，每股收益1.75元台币，预估1.81元台币。 ...

点击招商研究小程序查看PDF报告原文 长电科技是全球第三/国内第一的OSAT厂商，在中国/韩国/新加坡拥有八大生产基地和两大生产中心。 长电科技发布2024年年报和2025年一季报，结合公告信息，点评如下： 长电科技25Q1营收受晟碟并表影响同比高增长，单季利润率同比相对稳定。 2024年：营收359.62亿 元，同比+21.24%，晟碟在24Q4已并表贡献收入，归母净利润16.1亿元，同比+9.44%，毛利率13.06%， 同比-0.59pct，净利率4.48%，同比-0.48pct。25Q1：营收93.35亿元，同比+36.4%/环比-15%，同比高增 长部分系晟碟并表贡献，归母净利润2.03亿元，同比+50.4%/环比-61.9%，毛利率12.63%，同比+0.43pct/ 环比-0.71pct，净利率2.18%，同比+0.23pct/环比-2.74pct。 子公司方面，星科金朋、长电韩国、江阴长电为公司2024年利润核心贡献点。 1）星科金朋：24年营收 121亿元，同比+5.8%，净利润2.6亿美元，同比+118%，订单量增加，产能利用率有所提升；2）长电韩 国：24年营收157亿元，同比+27%， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company reported a revenue of 9.335 billion RMB in Q1 2025, representing a year-on-year growth of 36.44% but a quarter-on-quarter decline of 15.01%. The gross margin was 12.63%, up 0.43 percentage points year-on-year but down 0.71 percentage points quarter-on-quarter. The net profit attributable to shareholders was 203 million RMB, a year-on-year increase of 50.39% but a quarter-on-quarter decrease of 61.86% [1][2] - The growth in revenue and profit is primarily attributed to the consolidation of Shengdi Semiconductor and an increase in orders from the advanced packaging market both domestically and internationally. The company is optimistic about future performance driven by new capacity releases and the ramp-up of advanced packaging business [1][2][3] Summary by Sections Financial Performance - In Q1 2025, the company focused on advanced technologies and key application markets, achieving significant revenue growth in computing electronics (92.9%), automotive electronics (66.0%), and industrial and medical electronics (45.8%). This optimization in business structure contributed to a gross margin increase [2] - The company completed the acquisition of Shengdi Semiconductor, which reported a revenue of 799 million RMB and a net profit of 94 million RMB in Q4 2024. The consolidation of Shengdi has positively impacted the company's Q1 2025 performance [2] Market Outlook - The global semiconductor market is expected to grow by 19% to 627 billion USD in 2024, which will drive an 8% growth in the global packaging and testing market to 82 billion USD. The report is optimistic about the recovery of the semiconductor market and structural growth in AI-related fields [3] - The company is actively expanding its production capacity, with a new automotive electronics packaging production base in Shanghai expected to commence operations in the second half of 2025. The company is also set to benefit from high-performance computing, AI, and automotive electronics demand [3] Valuation Metrics - The report forecasts net profits for 2025, 2026, and 2027 to be 2.04 billion RMB, 2.38 billion RMB, and 2.90 billion RMB respectively, with corresponding EPS of 1.14 RMB, 1.33 RMB, and 1.62 RMB. The company is assigned a 2025 PE ratio of 41.0x, which is a premium compared to the industry average of 33.5x due to its leading position in advanced packaging technologies [4][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is the third-largest OSAT manufacturer globally and the largest in China, with significant growth in revenue and profit driven by the consolidation of Shengdi Semiconductor [1][5] - The company is expected to see increased revenue contributions from Shengdi in 2025, with a planned fixed asset investment of 8.5 billion RMB to enhance production capacity [5] - The company has established strong partnerships with leading clients in various sectors, including automotive electronics and high-performance computing, indicating a positive growth trajectory [5] Financial Performance Summary - In 2024, the company reported revenue of 35.962 billion RMB, a year-on-year increase of 21.24%, and a net profit of 1.610 billion RMB, up 9.44% year-on-year [5][11] - For Q1 2025, revenue reached 9.335 billion RMB, reflecting a year-on-year growth of 36.4%, while net profit was 203 million RMB, up 50.4% year-on-year [5] - The company’s revenue projections for 2025-2027 are 41.89 billion RMB, 47.08 billion RMB, and 51.90 billion RMB, respectively, with corresponding net profits of 2.013 billion RMB, 2.371 billion RMB, and 2.732 billion RMB [5][11] Market Demand and Client Segmentation - The demand from downstream clients is showing varied trends, with significant growth in computing and automotive electronics, both exceeding 50% year-on-year in Q1 2025 [5] - The revenue breakdown for 2024 indicates that communication electronics accounted for 44.8%, consumer electronics 24.1%, and computing electronics 16.2% [5] Investment Recommendations - The company is positioned as a leader in the domestic packaging and testing sector, with ongoing investments in new facilities and acquisitions to strengthen its market position [5] - The expected earnings per share (EPS) for 2025-2027 are projected at 1.12 RMB, 1.33 RMB, and 1.53 RMB, with price-to-earnings (PE) ratios of 29.1, 24.7, and 21.4, respectively [5][11]

Core Viewpoint - The company reported strong financial performance in 2024, driven by global economic recovery and strategic product optimization, achieving a revenue of 35.962 billion yuan and a net profit of 1.610 billion yuan, reflecting year-on-year growth of 21.24% and 9.44% respectively [1][2]. Financial Performance - In Q4 2024, the company achieved a revenue of 10.984 billion yuan, representing a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72% [2]. - The net profit for Q4 2024 was 533 million yuan, with a year-on-year growth of 7.28% and a quarter-on-quarter growth of 16.66% [2]. - The overall gross margin for Q4 2024 reached 13.34%, up by 1.12 percentage points quarter-on-quarter, while the net margin increased to 4.93%, up by 0.14 percentage points [3]. Inventory and Capital Expenditure - The company's inventory decreased to 3.792 billion yuan, down nearly 20% from Q3, with inventory turnover days reduced to 40.23, a decrease of 18.33% [3]. - Accounts receivable turnover days also improved, decreasing to 49.95, down by 8.50% [3]. - Capital expenditure in 2024 reached 1.502 billion yuan, showing a significant year-on-year increase of 116.21% and a quarter-on-quarter increase of 23.17% [3]. Market and Product Strategy - The company has focused on high-performance packaging technology and high-value applications, accelerating its strategic layout in automotive electronics, high-performance computing, storage, and 5G communications [3]. - Revenue by market application in 2024 was distributed as follows: Communications Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial & Medical Electronics 7.0% [3]. - The computing electronics segment saw a year-on-year revenue growth of 38.1%, while the automotive segment grew by 20.5% [3]. Subsidiary Performance - Core subsidiaries reported the following revenues: Xinke Jinpeng 12.185 billion yuan (+7.39%), Changdian Korea 15.815 billion yuan (+28.93%), and Changdian Advanced 1.688 billion yuan (+35.36%) [3]. - Net profits for these subsidiaries were 1.893 billion yuan (+120.89%), 307 million yuan (+22.21%), and 325 million yuan (+257.14%) respectively [3]. Research and Development - The company maintained a strong focus on R&D, with total R&D expenditure reaching 1.718 billion yuan, an increase of 19.33% year-on-year [4]. - Plans for 2025 include increased investment in advanced packaging R&D, targeting breakthroughs in high-end 3D packaging, large-size devices, optoelectronic integration, RF performance enhancement, miniaturization, vertical power supply, and thermal management technologies [4].