晶圆级封测产能提升项目：计划投资74,330.26万元提升晶圆级封测等产能，新增晶圆级封测产能31.20万片，同时亦提升该厂区高可靠性车载品封测产能 15.732亿块。本项目实施将有助于发行人扩大晶圆级封装等先进封装实力，促进公司向下游客户提供完整解决方案，优化产品结构，进一步增强公司在行业 中的竞争力及影响力。 | | | | 单位:万元 | | --- | --- | --- | --- | | 序号 | 项目 | 项目投资总额 | 拟使用募集资金 | | | | | 投入 | | 1 | 存储芯片封测产能提升项目 | 88,837.47 | 80,000.00 | | 2 | 汽车等新兴应用领域封测产能提升项目 | 109,955.80 | 105.500.00 | | 3 | 晶圆级封测产能提升项目 | 74,330.26 | 69.500.00 | | 4 | 高性能计算及通信领域封测产能提升项目 | 72,430.77 | 62.000.00 | | રે | 补充流动资金及偿还银行贷款 | 123,000.00 | 123.000.00 | | | 合计 | 468,554.30 | 440.0 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 通富微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.06 | | --- | --- | | 总股本/流通股本（亿股）15.18 | / 15.17 | | 总市值/流通市值（亿元）790 | / 790 | | 52 周内最高/最低价 | 56.34 / 22.78 | | 资产负债率(%) | 60.1% | | 市盈率 | 115.69 | | 第一大股东 | 南通华达微电子集团股 | | 份有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 通富微电(002156) 拟定增加码先进封装 l 投资要点 中高端产 ...

Core Viewpoint - The major shareholder of Tongfu Microelectronics, Huada Group, has reduced its stake in the company and decided to terminate its share reduction plan early after selling 15 million shares, which represents 0.99% of the company's total share capital, bringing its ownership down from 19.79% to 18.80% [1] Group 1: Shareholder Actions - Huada Group initiated its first share reduction on November 29, 2019, and has cumulatively reduced its holdings by 28.7 million shares, realizing approximately 507 million yuan [2] - The recent share reduction occurred between January 21 and January 23, 2026, with an average selling price of 56.04 yuan per share, resulting in a cash inflow of 841 million yuan [1] Group 2: Fundraising Activities - Tongfu Microelectronics plans to raise up to 4.4 billion yuan through a private placement of A-shares, with the funds intended for enhancing testing capacity in storage chips, automotive applications, and other emerging fields, as well as for working capital and repaying bank loans [2] - Over the past six years, Tongfu Microelectronics has raised a total of 5.965 billion yuan [5]

Core Viewpoint - The semiconductor industry is showing signs of recovery after a deep adjustment, prompting major packaging and testing companies to take action, exemplified by Tongfu Microelectronics' plan to raise up to 4.4 billion yuan through a private placement to enhance its capabilities in key areas such as memory chip packaging, automotive electronics, wafer-level packaging, and high-performance computing [1][5]. Group 1: Financing and Investment Plans - Tongfu Microelectronics plans to raise a maximum of 4.4 billion yuan through a private placement, with funds allocated to four key projects: memory chip packaging capacity enhancement (800 million yuan), automotive and emerging application packaging capacity enhancement (1.055 billion yuan), wafer-level packaging capacity enhancement (695 million yuan), and high-performance computing and communication packaging capacity enhancement (620 million yuan) [6]. - The company aims to seize industry opportunities through capacity upgrades and technological iterations, thereby solidifying its core competitiveness in high-end packaging and testing [5]. Group 2: Historical Context and Growth Challenges - Since its listing in 2007, Tongfu Microelectronics has relied on significant capital injections for expansion, leading to a high-debt, asset-heavy operational model and profitability challenges [6]. - The company has undergone multiple phases of growth, including a major acquisition in 2016 and a significant capital increase in 2020, which supported its revenue growth but also resulted in heavy depreciation burdens that hindered net profit growth [7]. - The recent 4.4 billion yuan private placement is seen as a strategic move to transition from capital-dependent expansion to technology-driven growth, aiming to convert revenue scale into quality profits [7]. Group 3: Customer Dependency and Financial Performance - Tongfu Microelectronics' rapid growth is closely tied to its deep relationship with AMD, which has significantly influenced its revenue trajectory, but also created a dependency that constrains its financial model [8]. - The company's revenue reached 22.27 billion yuan in 2023, but its net profit was only 169 million yuan, highlighting a significant disparity between revenue growth and profitability [9]. - The company's valuation is perceived as discounted due to concerns over customer concentration risk and profit volatility, indicating a need to improve growth certainty and quality [10]. Group 4: Shareholder Returns and Corporate Governance - Despite frequent equity financing for expansion, the company's low cash dividend policy and the controlling shareholder's selling behavior have raised questions about the alignment of long-term interests [11]. - The cumulative cash dividends since its listing amount to only 454 million yuan, representing a low average dividend payout ratio of 9.68% compared to its net profit [12]. Group 5: Future Challenges and Risks - The company faces ongoing challenges related to high capital expenditures and depreciation pressures, which could impact profitability if new capacity is not fully utilized [14]. - Continuous and costly technological upgrades are necessary to maintain competitiveness in the rapidly evolving semiconductor industry [15]. - The company must address its reliance on a limited number of major customers, which poses a significant risk to its business model [15].

公司先后在江苏南通崇川、南通苏通科技产业园、安徽合肥、福建厦门、南通市北高新（600604）区建 厂布局；通过收购AMD苏州及AMD槟城各85%股权，在江苏苏州、马来西亚槟城拥有生产基地。2024 年，公司与相关方签订《股权买卖协议》，以自有资金收购京隆科技26%股权，京隆科技运营模式和财 务状况良好，其在高端集成电路专业测试领域具备差异化竞争优势。公司已于2025年2月13日完成交割 并支付了相关股权购买价款，公司收购京隆科技部分股权可提高公司投资收益，为公司带来稳定的财务 回报，为全体股东创造更多价值。 1月20日，通富微电（002156）公告，预计2025年度归母净利润为11亿元至13.5亿元，比上年同期增长 62.34%至99.24%。扣除非经常性损益后的净利润预计为7.7亿元至9.7亿元，增长幅度为23.98%至 56.18%。基本每股收益预计为0.72元至0.89元，较上年同期的0.45元有所提升。 公告称，业绩增长的主要原因是全球半导体行业的结构性增长，公司积极提高产能利用率，营业收入明 显上升，尤其是中高端产品的销售额显著增加。此外，公司通过加强经营管理和成本控制，整体效益得 到了显著提升，并 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [5][8][11]. Core Insights - The company plans to raise 4.4 billion RMB to expand its packaging and testing capacity in storage, automotive, and high-performance computing sectors, which is expected to enhance its influence in the packaging and testing industry [8][11]. - The demand for packaging and testing services is strong, driven by the rapid growth of the AI industry and increased demand for storage and advanced packaging since the second half of 2025. Major competitors have raised prices, reflecting an overall improvement in industry conditions [8][11]. - The company is positioned to benefit significantly from the anticipated shortage of CPUs globally, as it is a core packaging and testing partner for AMD. Projected net profits for 2025-2027 are 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB, representing year-on-year growth rates of 89%, 47%, and 44% respectively [8][11]. Financial Projections - The company is expected to achieve net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for the years 2025, 2026, and 2027, with corresponding earnings per share (EPS) of 0.84 RMB, 1.24 RMB, and 1.79 RMB [10][11]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 57, 39, and 27 respectively, indicating a favorable valuation compared to historical performance [10][11]. Market Performance - The company's stock price has shown significant growth, with a 34.8% increase over the past month and a 69.6% increase over the past year [1]. - The stock price as of January 19, 2026, was 48.19 RMB, with a target price set at 65.0 RMB, suggesting a strong potential for further appreciation [1][8].

人民财讯1月19日电，通富微电（002156）1月19日在互动平台表示，存储芯片作为信息基础设施的"底 座"，已成为半导体领域国产替代的重点方向之一。公司将在原有存储芯片封测能力的基础上，加快建 设和提升面向存储芯片的本土封测产能与技术。 ...

人民财讯1月19日电，通富微电（002156）1月19日在互动平台表示，随着国产存储芯片技术的日趋成 熟，公司布局多年的存储器产线已稳步进入量产阶段并显著提升了公司在相关领域的市场份额。公司存 储芯片封测能力伴随中国存储半导体产业自主发展同步成长，以晶圆减薄与高堆叠封装能力为核心技 术，业务范围已全面覆盖FLASH、DRAM中高端产品封测，能够满足大容量、高速度、高堆叠、高可 靠性等多维度要求，并与领军企业建立了长期稳定合作关系，形成了完备的量产验证和产业化经验。 ...

Core Viewpoint - The semiconductor packaging and testing industry is experiencing significant growth, with multiple companies announcing major investments and project advancements to enhance their capabilities in high-end packaging and testing sectors. Group 1: Company Developments - Tongfu Microelectronics plans to raise up to 4.4 billion yuan to enhance its packaging capacity in key areas such as memory chips, automotive electronics, and wafer-level packaging [1][3] - The investment breakdown includes 3.17 billion yuan for four major capacity enhancement projects, which will significantly increase production capabilities in various semiconductor sectors [2][3] - Longji Technology's automotive-grade chip packaging factory has commenced operations, focusing on smart driving and power management applications, indicating a strategic move to meet growing demand in the automotive sector [6][8] Group 2: Industry Trends - The global semiconductor packaging industry is witnessing a recovery in capacity utilization rates, driven by surging demand for AI-related semiconductors and a resurgence in consumer electronics [3][27] - The automotive electronics sector is becoming a core growth engine, with Longji Technology reporting a 31.3% year-on-year increase in automotive electronics revenue in the first three quarters of 2025 [8] - The recent surge in project announcements reflects a broader trend of companies responding to market demands and enhancing their production capabilities to alleviate supply pressures in high-end packaging [26][27] Group 3: Financial Performance - Tongfu Microelectronics reported a revenue of 20.116 billion yuan for the first three quarters of 2025, marking a 17.77% year-on-year increase, with net profit rising by 55.74% to 860 million yuan [4][5] - The financial performance of companies in the semiconductor sector is strengthening, providing a solid foundation for ongoing expansion projects and investments [4][5] Group 4: New Projects and Investments - He Lin Micro-Nano plans to invest up to 760.5 million yuan to expand its semiconductor packaging capabilities, focusing on optical lens components and testing probes [17] - The Guangdong Yuehai 2.5D/3D TSV advanced packaging project has reached a significant milestone with the completion of its basic supporting facilities, indicating ongoing investment in advanced packaging technologies [11][14] - The establishment of new testing and R&D bases, such as the one by Chipeng Microelectronics in Wuxi, aims to enhance the testing capabilities for automotive-grade power semiconductors, addressing industry capacity constraints [22][23]

Core Viewpoint - Tongfu Microelectronics (002156.SZ) plans to raise up to 440 million yuan through a private placement of A-shares, with proceeds allocated to various capacity enhancement projects and working capital needs [1][2]. Group 1: Fundraising Details - The total amount to be raised is capped at 440 million yuan, which will be used for projects including storage chip packaging capacity enhancement (80 million yuan), automotive and emerging application packaging capacity enhancement (105.5 million yuan), wafer-level packaging capacity enhancement (69.5 million yuan), high-performance computing and communication packaging capacity enhancement (62 million yuan), and replenishing working capital and repaying bank loans (123 million yuan) [2]. - The total investment for these projects amounts to approximately 468.55 million yuan, indicating that the company will cover the difference through other means [2]. Group 2: Issuance Mechanism - The issuance will adopt a competitive pricing method, with the price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. - The number of shares to be issued will not exceed 30% of the company's total shares prior to the issuance, amounting to a maximum of 455,279,073 shares [3]. Group 3: Shareholding Structure - As of September 30, 2025, the total share capital of the company is 1,517,596,912 shares, with the actual controller holding 19.79% of the shares. Post-issuance, this percentage is expected to decrease to 15.22% if the maximum number of shares is issued [4]. - The issuance plan stipulates that any single subscriber and their affiliates cannot collectively subscribe for more than 10% of the total shares prior to the issuance, ensuring that control of the company remains unchanged [4]. Group 4: Historical Context - The company has raised a total of approximately 5.965 billion yuan over the past six years through various fundraising activities [7].