Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company achieved record-high revenue and net profit in Q2, with revenue reaching 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, up 27.72% year-on-year [1][5]. - The company is expanding its production capacity through new factories and acquisitions, ensuring long-term growth potential [2][6]. - Strong partnerships with major clients like AMD have contributed to revenue growth, with AMD's data center and gaming businesses performing particularly well [5][6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 13.038 billion yuan, a 17.67% increase year-on-year, and a net profit of 412 million yuan, reflecting a 27.72% year-on-year growth [1][5]. - Q2 2025 saw revenue of 6.946 billion yuan, a 19.80% increase year-on-year and a 14.01% increase quarter-on-quarter, with net profit reaching 311 million yuan, up 38.60% year-on-year and 206.45% quarter-on-quarter [5]. Production Capacity and Expansion - The company is actively building new production facilities in various locations, including Jiangsu, Anhui, and Fujian, and has acquired stakes in AMD's production bases in Suzhou and Penang [2][6]. - The advanced packaging capacity has significantly increased, providing a competitive edge and enabling better service to clients [6]. Client Relationships and Market Position - The company has established deep ties with AMD, which has shown strong performance across its data center, client, and gaming segments, driving revenue and profit growth for the company [5][6]. - The client base includes major international semiconductor companies and leading domestic integrated circuit design firms, enhancing the company's market presence [5]. Earnings Forecast - The company is projected to achieve earnings per share of 0.78 yuan and 0.91 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 43 times and 36 times [6][8].

Q2 营收&归母净利历史同期单季度新高，绑定 AMD 净利亮眼 半导体 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn Email：fenggl@zts.com.cn | 总股本(百万股) | 1,517.60 | | --- | --- | | 流通股本(百万股) | 1,517.45 | | 市价(元) | 33.09 | | 市值(百万元) | 50,217.28 | | 流通市值(百万元) | 50,212.49 | 利亮眼》2025-04-16 2、《通富微电：营收创历史同期新高， 深 度 绑 定 AMD 持 续 受 益 》 2024-09-06 联系人：冯光亮 通富微电（002156.SZ） 证券研究报告/公司点评报告 2025 年 09 月 01 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

1H25 回顾：大客户游戏与客户端业务迅速增长，带动公司Q2 营收达新高 2Q25 通富微电大客户 AMD 营收持续增长，主因 AMD 最新"Zen 5"架构 的 AMD 锐龙台式处理器及更丰富的产品组合的强劲需求，以及游戏主机定 制芯片和游戏 GPU 需求的增加，带动其客户端业务与游戏业务增长明显， 分别实现 67.5%/73.2%的同比增长与 8.9%/73.1%的环比增长，通富微电作 为 AMD 产品封测的主要供应商，同步受益实现营收同环比增长，稼动率回 升也带动毛利率水平增长。公司已完成对京隆科技 26%股权的收购，京隆 科技在高端集成电路专业测试领域具备差异化竞争优势，有望为公司开拓第 二增长曲线，同时为公司带来投资收益增长。 证券研究报告 通富微电 (002156 CH) AMD 游戏与客户端带动 Q2 营收环增 2025 年 8 月 29 日│中国内地 半导体 通富微电发布半年报，1H25 实现营收 130.38 亿元（yoy+17.67%），归母 净利 4.12 亿元（yoy+27.72%），扣非净利 4.20 亿元（yoy+32.85%）。其 中 Q2 实现营收 69.46 亿元（yoy+1 ...