通富微电（002156.SZ）2025 年三季报点评 ➢ 事件：10 月 27 日晚，公司发布 2025 年三季报，2025 年前三季度实现营 业收入 201.16 亿元，同比增速 17.77%；实现归母净利润 8.60 亿元，同比增速 55.74%；实现扣非后归母净利润 7.78 亿元，同比增速 43.69%。 ➢ Q3 业绩持续高增长，盈利能力显著改善。从 2025 年 Q3 单季度来看，收 入为 70.78 亿元，环比增速 1.90%，同比增速 17.94%；归母净利润为 4.48 亿 元，环比增速 44.32%，同比增速 95.08%；毛利率和净利率分别为 16.18%、 7.19%，同比变化分别为 1.54、2.86 个百分点，环比变化分别为 0.07、2.04 个 百分点；销售费用率/管理费用率/研发费用率分别为 0.26%/2.16%/5.20%，同 比变化分别为-0.03/0.01/0.45 个百分点。 ➢ 紧抓下游机遇扩大市场份额。随着手机芯片、汽车芯片国产化进程加快，家 电等国补政策持续利好，公司紧抓机遇，在手机、家电、车载等众多应用领域提 升公司市场份额，在 WiFi、蓝牙、MiniLe ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5]. Core Views - The company achieved significant growth in net profit and revenue in the first half of 2025, with a net profit of 4.12 billion yuan, up 27.72% year-on-year, and revenue of 13.038 billion yuan, up 17.67% year-on-year [1]. - The growth is attributed to the company's ability to capitalize on the industry's recovery, diversifying its business across various sectors such as mobile chips, automotive chips, and home appliances [1]. - The strong performance of major client AMD, particularly in data center, client, and gaming segments, has provided robust revenue support [2]. - The company has made significant advancements in technology development, particularly in large-size FCBGA and optical-electrical packaging, enhancing its product offerings [3]. - Ongoing major engineering projects are progressing steadily, ensuring capacity enhancement and technological upgrades to support long-term development [4]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 27.798 billion yuan and a net profit of 1.031 billion yuan, with further growth expected in subsequent years [4]. - The financial data indicates a steady increase in revenue and net profit over the next few years, with expected revenues of 31.968 billion yuan in 2026 and 35.165 billion yuan in 2027 [4]. - The company's earnings per share (EPS) is forecasted to rise from 0.68 yuan in 2025 to 1.11 yuan in 2027, reflecting strong profitability growth [4]. Market Position and Strategy - The company is enhancing its market share in various application fields, including consumer electronics, by becoming strategic partners with key clients [1]. - The integration of operations between its Suzhou and Penang facilities is optimizing resources and expanding production capacity to meet increasing demand for AI and high-performance products [2]. - The company is focusing on expanding its client base and production capabilities in response to the growing demand for automotive and AI-related chips [2].

Group 1 - The company, Tongfu Microelectronics (002156.SZ), announced a breakthrough in technology research and development in the field of Chip-on-Photonic (CPO) as of September 8, 2023 [1] - The related products have passed preliminary reliability testing, indicating progress in their development [1] - Future developments will be determined based on customer and market demand [1] Group 2 - An investor inquired whether the CPO products have been sent to GPU manufacturers for certification, reflecting interest in the company's advancements [3]

Core Insights - The company reported a revenue of 13.038 billion yuan for the first half of 2025, marking a year-on-year increase of 17.67% and a net profit attributable to shareholders of 412 million yuan, up 27.72% year-on-year [2] - In Q2 2025, the company achieved a record high quarterly revenue of 6.946 billion yuan and a net profit of 311 million yuan, demonstrating strong growth momentum and operational resilience [2] Business Expansion - In the first half of 2025, the global semiconductor market exhibited "technology-driven growth with increasing regional differentiation," which the company capitalized on by enhancing market share in mobile, home appliance, and automotive sectors [3] - The company became a strategic partner for several key clients in hot consumer electronics areas such as WiFi, Bluetooth, and MiniLED TV display drivers, while solidifying its collaboration with mobile terminal SOC clients [3] - The strong performance of major client AMD, particularly in data center, client, and gaming businesses, provided robust support for the company's revenue growth [3] Capacity and R&D Developments - The company invested 756 million yuan in R&D during the first half of 2025, a 12.43% increase year-on-year, achieving significant progress in large-size FCBGA development and breakthroughs in optical-electrical packaging technology [5] - The company successfully expanded production capacity in response to the growing demand for AI, high-performance computing products, and automotive driving chips, while onboarding multiple new clients [4] - The company is advancing its Nantong 2D+ advanced packaging upgrade project and the transformation of the Tongfu Tongke testing center, enhancing its international operational resilience [6]