资料来源：公司财报，长城证券产业金融研究院 Q2 归母净利润环比+32%，主要受益于稼动率提升至 70%带动毛利率提升。 25H1 营收 186.05 亿元，同比+20.1%，归母净利润 4.71 亿元，同比-24.0%。 25Q2 单季度营收 92.70亿元，同比+7.2%，环比-0.7%，归母净利润 2.67亿元， 同比-44.8%，环比+31.5%。营收同比增长主要受益于内需拉动及部分客户提前 投料；归母净利润同比下降系并购和建厂资金投入加大及汇兑损失致 25Q2 财务 费用率同比+1.66pct，以及研发费用率同比+0.63pct。 证券研究报告 | 公司动态点评 2025 年 08 月 25 日 长电科技（600584.SH） 25Q2 归母净利润环比+32%，运算电子与汽车电子双轮驱动成长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 29,661 | 35,962 | 41,122 | 45,999 | 51,616 | | 增长率 yoy（ ...

Core Viewpoint - Yongxi Electronics is issuing convertible bonds to raise a total of 1.165 billion yuan, primarily for the research and industrialization of advanced packaging technology, which is crucial for enhancing its competitiveness in the semiconductor packaging industry [1][2]. Group 1: Fundraising and Investment - The total amount raised from the convertible bonds is 1.165 billion yuan, with 900 million yuan allocated for the development and industrialization of multi-dimensional heterogeneous advanced packaging technology [1]. - The remaining funds will be used to supplement working capital and repay bank loans [1]. Group 2: Technology and Market Position - Yongxi Electronics focuses on high-end advanced packaging technology, with products used in various fields including RF front-end chips, application processor SoC chips, and AIoT chips [1]. - The company has a total investment of 1.464 billion yuan for the multi-dimensional heterogeneous advanced packaging technology project, which will enhance its production capacity to 90,000 units per year once fully operational [1]. - The company has consistently increased its R&D expenditures, with amounts of 122 million yuan, 145 million yuan, and 217 million yuan planned for the years 2022 to 2024, respectively [2]. Group 3: Competitive Advantage - The focus on multi-dimensional heterogeneous packaging technology is seen as a key competitive advantage in the high-performance chip sector, which is critical for future competition among advanced packaging companies [1][2]. - The company aims to narrow the gap with international leaders in the high-end packaging market, which has been dominated by major global players [2].

Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]

Core Viewpoint - Company Qizhong Technology plans to raise up to 850 million yuan through convertible bonds to invest in two projects aimed at enhancing its advanced packaging and testing capabilities for integrated circuits [1][5]. Investment Projects - The total investment for the high-pin-count micro-sized bump packaging and testing project is approximately 41.95 million yuan, with the company planning to use 41.9 million yuan from the raised funds [3]. - The advanced power and flip-chip packaging technology renovation project at Qizhong Technology (Suzhou) has a total investment of about 43.17 million yuan, with 43.1 million yuan expected to be funded from the new issuance [3]. - The combined total investment for both projects is around 85.11 million yuan, with the company intending to utilize 85 million yuan from the fundraising [3]. Business Focus and Market Position - Over half of the raised funds will be allocated to enhance the packaging and testing capacity for non-display chips, which currently contribute less than 10% to the company's revenue in 2024 [5]. - Qizhong Technology is one of the few domestic firms capable of large-scale production of various bump manufacturing technologies and has maintained a leading position in advanced packaging technology [6]. - The company reported a projected revenue of nearly 2 billion yuan in 2024, with its display driver chip packaging business expected to sell 1.845 billion units, generating 1.758 billion yuan in revenue, ranking third globally in this sector [6]. Financial Performance and Stock Status - Since its IPO in April 2023, Qizhong Technology's stock has underperformed, trading below its initial offering price of 12.1 yuan per share, with a notable drop to around 8 yuan [9]. - The company has experienced a decline in net profit, reporting 313 million yuan in 2024, a decrease of 15.71% year-on-year, attributed to rising costs such as equipment depreciation and employee compensation [10]. - The company plans to repurchase shares at a price not exceeding 16.61 yuan per share, with a total repurchase amount between 75 million and 150 million yuan [9].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The target price of Yongxi Convertible Bonds on the first - day of listing is expected to be between 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28%. The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103% [3][20][21]. 3. Summary According to the Directory 3.1 Yongxi Convertible Bonds New Issue Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Yongxi Convertible Bonds are priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 1.165 billion yuan, the initial conversion price is 28.39 yuan, and the conversion parity on June 25, 2025, is 103.77 yuan. The calculated pure bond value is 83.7 yuan. The game terms are normal. Overall, the bond issuance scale is relatively high, the liquidity is acceptable, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][16]. 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is integrated circuit packaging and testing. The main products and services include five major categories with over 2,100 mass - produced varieties. The funds raised from this issuance are mainly used for the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", which can optimize the company's capital structure and enhance its competitiveness [3][19]. - The target price of Yongxi Convertible Bonds on the first - day of listing is 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28% [3][20]. 3.1.3 Convertible Bond New Issue Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103%. Assuming the old shareholders' placement ratio is 30% - 50%, the scale available for the market is 583 million - 816 million yuan. Referring to recent similar bond issues, the online effective subscription number is assumed to be 7.92 million households [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main business is integrated circuit packaging and testing, with five major product categories and over 2,100 mass - produced varieties [22]. - The main upstream industries are packaging and testing raw materials and equipment industries, and the company has established good long - term cooperative relationships with many suppliers. The main downstream industry is the IC design industry, and the market scale and development speed of the downstream industry directly affect the company's sales revenue [22][23]. 3.2.2 Company's Operating Conditions - The company's recent operating income has shown an overall upward trend. From 2022 to Q1 2025, the operating income was 2.177 billion yuan, 2.391 billion yuan, 3.609 billion yuan, and 945 million yuan respectively, with year - on - year growth rates of 5.96%, 9.82%, 50.96%, and 30.12% respectively [26]. - The company's comprehensive gross profit margin has shown a fluctuating trend. From 2022 to Q1 2025, the comprehensive gross profit margin was 21.91%, 13.9%, 17.33%, and 14.19% respectively, and the net profit margins were 6.3%, - 5.65%, 1.09%, and 0.96% respectively [27]. - The company's recent period expenses have shown an upward trend, and the R & D expenses have gradually increased. The accounts receivable have shown a slight fluctuation, and the accounts receivable turnover rate has shown a slight downward trend but is at a medium level compared with the industry [31][33][36]. - The company's recent attributable net profit has shown a fluctuating trend. In 2023, the company suffered a loss, and in 2024, it turned losses into profits [40]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - The company's equity structure is relatively concentrated. As of June 10, 2025, the top two major shareholders hold 25.69% of the shares in total, and the top ten major shareholders hold 52.92% of the shares in total. The company's direct controlling shareholder is Yongshunxin Electronics, and the actual controller is Wang Shunbo, who holds 31.70% of the total shares. The company has 2 wholly - owned subsidiaries, 1 controlling subsidiary, and 2 affiliated companies [42][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technological innovation, talent reserve, customer cooperation, and quality assurance. It focuses on the advanced packaging field, has a large number of patents, a complete R & D system, and good cooperation with well - known design companies, and has established a quality control system [47][48][49]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise a total of no more than 1.165 billion yuan. 900 million yuan is planned to be invested in the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", with a total investment of 1.464 billion yuan. After the project is completed, it will form an annual production capacity of 90,000 pieces of multi - dimensional heterogeneous advanced packaging products, and the project has good economic benefits [50].

Group 1 - The article highlights the economic strength of Jiangsu province, showcasing the competitive dynamics among its 13 cities, referred to as "Thirteen Taibao" [1][25] - Suzhou leads with a GDP of 2.67 trillion yuan in 2024, making it the only city in Jiangsu to surpass 2 trillion yuan, and it is recognized as a national economic powerhouse [2][4] - Suzhou's industrial output is projected to exceed 4.7 trillion yuan in 2024, with a foreign trade volume of 2.62 trillion yuan, indicating its status as a global manufacturing and innovation hub [4][7] Group 2 - Nanjing and Wuxi follow Suzhou, with GDPs of 1.85 trillion yuan and over 1.5 trillion yuan respectively, highlighting their roles as the provincial capital and manufacturing leaders [8][10] - Nanjing's digital economy contributes 16.5% to its GDP, while Wuxi is recognized for its strengths in the Internet of Things and semiconductor industries [10][12] - Emerging cities like Nantong and Changzhou have also joined the trillion-yuan club, driven by their unique industrial strengths [13][14] Group 3 - Suzhou's growth trajectory shows an average annual increase of over 150 billion yuan over the past decade, aiming for a GDP target of 3 trillion yuan by 2026 [7][8] - The article emphasizes the growth potential of northern Jiangsu cities, with Huai'an leading the province with a growth rate of 7.1% [16][18] - Jiangsu's industrial landscape is characterized by "hidden champions," with companies like InnoSilicon and Jiangsu Hengtong leading in their respective fields [20][24] Group 4 - Jiangsu's strategic "1650" industrial layout includes 14 national advanced manufacturing clusters, ensuring all cities are part of the national advanced manufacturing top 100 [27][28] - The province boasts 706 listed companies with a total market value of approximately 7.06 trillion yuan, with Suzhou having the highest number of listed firms [27][28] - The competitive landscape among Jiangsu's cities is portrayed as a collaborative effort to enhance the province's global competitiveness, rather than mere rivalry [28][31]

Group 1 - The semiconductor industry is experiencing a mild recovery in demand in 2024 after significant adjustments in 2022 and 2023, leading to an increase in company orders and improved operating performance year-on-year [1] - Company achieved a revenue of 667 million yuan in 2024, representing a year-on-year growth of 20.25%, while the net profit attributable to shareholders was a loss of 102 million yuan, showing a reduction in losses [1] - In Q1 2025, the company reported a revenue of 132 million yuan, a year-on-year increase of 6.5%, with a net profit attributable to shareholders of a loss of 32.17 million yuan [1] Group 2 - The company has completed testing and mass production of various product series in wafer testing, including third-generation semiconductors and power management [2] - The company is expanding its product coverage in high-density matrix lead frame packaging technology, with significant progress in mass production of SOP and TSSOP products [2] - The first quarter losses were attributed to reduced other income, increased financial expenses, and higher depreciation and amortization compared to the previous year [2] Group 3 - The semiconductor industry is foundational for electronic information and IoT sectors, with long-term growth prospects despite short-term challenges [3] - Future profit drivers for the company include increased capacity utilization, development of third-generation semiconductor packaging, rapid ramp-up of power device production lines, and enhanced market expansion efforts [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [9][15]. Core Insights - The company has shown significant improvement in profitability, with a revenue increase of 50.96% year-on-year in 2024, reaching 3.609 billion yuan, and a net profit of 66.33 million yuan, marking a substantial turnaround from previous losses [4][5]. - The company has successfully expanded its customer base, particularly with overseas clients, and has optimized its customer structure, with 19 clients generating over 50 million yuan in sales, including 14 clients exceeding 100 million yuan [5][6]. - The gross margin improved to 17.33% in 2024, up by 3.42 percentage points from the previous year, while the management expense ratio decreased from 9.96% to 7.38% [5][6]. Financial Performance Summary - In 2024, the company achieved a revenue of 3.609 billion yuan, with a growth rate of 50.96%, and a net profit of 66.33 million yuan, reflecting a significant increase of 15,971.54 million yuan year-on-year [4][11]. - For Q1 2025, the company reported a revenue of 945 million yuan, a year-on-year increase of 30.12%, and a net profit of 24.60 million yuan, marking a turnaround from losses in the previous year [5][11]. - The forecast for the company's revenue for 2025, 2026, and 2027 is 4.552 billion yuan, 5.691 billion yuan, and 6.860 billion yuan, respectively, with corresponding net profits of 202.44 million yuan, 354.84 million yuan, and 461.22 million yuan [9][11]. Market Position and Strategy - The company focuses on high-end advanced packaging and testing, expanding its production capacity and enhancing service capabilities for existing clients [6][8]. - The company is actively developing new product lines in advanced packaging and automotive electronics, contributing to new revenue growth points [6][8]. - The company has achieved significant growth in its wafer-level packaging products, with revenue reaching 106 million yuan in 2024, a year-on-year increase of 603.85% [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by more than 20% over the next six months [9][15]. Core Insights - The company has shown significant improvement in profitability, with a revenue increase of 50.96% year-on-year in 2024, reaching 3.609 billion yuan, and a net profit of 66.33 million yuan, marking a substantial turnaround from previous losses [4][5]. - The company has successfully expanded its customer base, particularly with overseas clients, and has optimized its customer structure, with 19 clients generating over 50 million yuan in sales, including two new major clients from Taiwan [5][6]. - The company is focusing on high-end advanced packaging and has seen a remarkable growth in its wafer-level packaging products, which contributed 106 million yuan in revenue, a year-on-year increase of 603.85% [6][8]. Financial Performance Summary - In 2024, the company achieved a gross margin of 17.33%, an increase of 3.42 percentage points from the previous year, while the management expense ratio decreased from 9.96% to 7.38% [5][11]. - For Q1 2025, the company reported a revenue of 945 million yuan, a year-on-year increase of 30.12%, and a net profit of 24.60 million yuan, indicating a successful turnaround [4][5]. - The projected revenues for 2025, 2026, and 2027 are 4.552 billion yuan, 5.691 billion yuan, and 6.860 billion yuan, respectively, with corresponding net profits of 202.44 million yuan, 354.84 million yuan, and 461.22 million yuan [9][11].