Core Viewpoint - The company reported a significant increase in both revenue and profit for Q3 2025, driven by a recovering global semiconductor industry and strong demand in key application areas such as AI, cloud computing, and automotive electronics [1][2]. Financial Performance - Q3 2025 revenue reached 10.064 billion yuan, marking a year-on-year increase of 6.03% and a quarter-on-quarter increase of 8.56% [1]. - Gross margin stood at 14.25%, with a year-on-year increase of 2.02 percentage points, but a slight quarter-on-quarter decrease of 0.06 percentage points [1]. - Net profit attributable to shareholders was 483 million yuan, reflecting a year-on-year increase of 5.66% and a substantial quarter-on-quarter increase of 80.60% [1]. - The net profit after deducting non-recurring items was 346 million yuan, showing a year-on-year decrease of 21.27% but a quarter-on-quarter increase of 41.56% [1]. Business Growth - The company achieved record-high revenue for the same period, with Q3 revenue driven by substantial growth in operational electronics, industrial and medical electronics, and automotive electronics, which increased by 69.5%, 40.7%, and 31.3% year-on-year, respectively [2]. - Cumulative revenue for the first three quarters reached 28.67 billion yuan, a year-on-year increase of 14.8% [2]. Operational Efficiency - The company is experiencing improved profitability due to increased capacity utilization, particularly in advanced packaging for memory and AI chips, with production lines nearing full capacity [2]. - The company is actively addressing cost pressures from international commodity price fluctuations and initial investments in new production lines through supply chain optimization and improved process yields [2]. R&D and Strategic Acquisitions - R&D investment increased by 24.7% year-on-year to 1.54 billion yuan, focusing on advanced packaging technologies such as optical-electrical co-packaging and high-density system-level packaging [3]. - The company completed the signing of an agreement for the acquisition of 80% of Shengdie Semiconductor, a major player in flash memory packaging, which will enhance its strategic position in the storage packaging sector [3]. Investment Outlook - The ongoing recovery in the industry cycle and the company's focus on key application areas suggest stable revenue growth, although initial profit pressures from new production lines are anticipated [3]. - The profit forecasts for 2025-2027 have been adjusted, with net profit estimates of 1.543 billion, 2.206 billion, and 2.666 billion yuan, respectively, corresponding to EPS of 0.86, 1.23, and 1.49 yuan [3].

公司前三季度归母净利下滑，主要系新建工厂尚处于产品导入期和产能爬坡期，未形成大规模量产收 入，叠加公司持续加大相关投入，25Q1—Q3期间费用率为10%，同比增加1.7%，短期内影响部分利润 表现。同时也受国际大宗商品价格波动影响，部分原材料成本仍对毛利率构成较大压力。 中经记者 李玉洋 上海报道 10月23日，国内半导体封测龙头长电科技（600584.SH）发布2025年三季度报告。财报显示，公司第三 季度实现营业收入100.6亿元，环比增长8.6%；归母净利润4.8亿元，环比大增80.6%。两项核心指标均 创下历史同期新高。 前三季度累计实现收入286.7亿元，同比增长14.8%，创历史同期新高；实现归母净利润9.5亿元，同比 下降11.4%。同期，公司多个业务板块收入实现显著同比增长，其中运算电子、工业及医疗电子、汽车 电子业务收入同比分别增长69.5%、40.7%和31.3%。 长电科技持续开展先进封装技术的探索与创新，2025年前三季度研发费用同比增长24.7%至15.4亿元， 并在光电合封（CPO）、玻璃基板、大尺寸FCBGA封装、高密度系统级封装（SiP）等关键技术领域取 得新的突破性进展。 （ ...