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 ...

长电科技（ [Table_StockNameRptType] 600584） 公司点评 聚集高性能封装，加速运算电子、汽车电子布局 | | | | | | | [Table_BaseData] 收盘价（元） | 33.43 | | --- | --- | | 近 12 个月最高/最低（元） | 47.92/24.01 | | 总股本（百万股） | 1,789 | | 流通股本（百万股） | 1,789 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 598 | | 流通市值（亿元） | 598 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% 6% 35% 63% 91% 4/24 7/24 10/24 1/25 长电科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_CompanyReport] 相关报告 1.单季度收入历史新高，聚焦高性能 先进封 ...

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。 ...

颀中科技 20250429 摘要 • 颀中科技 2025 年第一季度净利润同比大幅下滑超 60%，主要受折旧费用、 股权激励摊提、研发费用增加、合肥厂稼动率不足及友商降价等多重因素 影响，导致营业净利率创历史新低，仅为 7%。 • 公司大尺寸 LCD 业务稼动率虽达 80%以上，但河北厂表现不佳，COP 封 装技术表现良好占比达 26%。受降价影响，测试制程占比下降，COG 占 比 9%，DBS 占比 1%。外销占比 36%，内销占比 64%，未来内销比例 有望提升。 • 黄金价格飙升推动铜镍金工艺发展，颀中科技已导入该技术，苏州产能 18,000 片，合肥 10,000 片并开始认证，预计 5 月底量产，虽营收或下 降，但加工费增加且毛利提升，封测厂面临成本压力。 • 受特朗普关税政策影响，大尺寸电视出货预计 6 月下滑，但二季度产出需 求仍增长 10%，中小尺寸显示器持平，笔记本电脑赶货，手机维修市场和 中低阶 DVI IC 需求增幅明显，二季度铜凸块需求有所增幅。 • OLED 业务占比一季度约为 19%，上半年接近 30%，受特朗普事件影响， 欧美市场增幅受阻。预计下半年联咏、敦泰和瑞鼎等公司将推出高 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved operating revenue of 35.962 billion yuan, 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 [2][4]. - The company continues to optimize its product structure and global layout, maintaining robust growth driven by the recovery of the semiconductor industry and structural differences in downstream applications [10]. - The company has made significant investments in advanced packaging technology and capacity expansion, particularly in AI and automotive electronics, which are expected to drive future growth [10]. Financial Performance - In Q4 2024, the company reported operating revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72%, with a net profit of 533 million yuan, up 7.28% year-on-year and 16.66% quarter-on-quarter [10]. - The gross margin for Q4 2024 reached 13.34%, an increase of 1.12 percentage points quarter-on-quarter, while the net profit margin rose to 4.93%, up 0.14 percentage points quarter-on-quarter [10]. - The company’s capital expenditure in Q4 2024 was 1.502 billion yuan, a year-on-year increase of 116.21% and a quarter-on-quarter increase of 23.17%, laying a strong foundation for future growth [10]. Market Segmentation - In 2024, the revenue breakdown by market application was as follows: Communication Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial and Medical Electronics 7.0% [10]. - The computing electronics segment saw a year-on-year revenue growth of 38.1%, while the automotive segment grew by 20.5%, both outperforming market averages [10]. Subsidiary Performance - Key subsidiaries reported the following revenues: Xinke Jinpeng 12.185 billion yuan (up 7.39%), Changdian Korea 15.815 billion yuan (up 28.93%), and Changdian Advanced 1.688 billion yuan (up 35.36%) [10]. - Net profits for these subsidiaries were 1.893 billion yuan, 307 million yuan, and 325 million yuan, respectively, with net profit margins of 19.25% and 15.54% for Changdian Advanced and Xinke Jinpeng [10]. Research and Development - The company maintained a strong focus on R&D, with total R&D expenditure reaching 1.718 billion yuan in 2024, a year-on-year increase of 19.33% [10]. - Plans for 2025 include increased investment in advanced packaging R&D, targeting breakthroughs in high-end 3D packaging and other key areas [10].