Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 9.335 billion yuan in Q1 2025, representing a year-on-year increase of 36.44%, and a net profit attributable to shareholders of 203 million yuan, up 50.39% year-on-year [3][4]. - The integration of Shengdi Semiconductor has enhanced the company's strength, with significant growth driven by high-demand sectors such as AI and automotive electronics [8]. - The company's gross margin reached 12.63% in Q1 2025, an increase of 0.43 percentage points year-on-year, while the net profit margin rose to 2.18%, up 0.22 percentage points year-on-year [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 93.35 billion yuan, a 36.44% increase year-on-year, and a net profit of 2.03 billion yuan, reflecting a 50.39% year-on-year growth [3][4]. - The company's inventory stood at 3.604 billion yuan, down 4.96% from the previous quarter, indicating continued inventory reduction [8]. Market Position and Growth Drivers - The company is focusing on high-performance packaging technology and has made strategic investments in high-value markets such as automotive electronics, high-performance computing, and 5G communications [8]. - The revenue breakdown for 2024 shows that communication electronics accounted for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0% [8]. Future Outlook - The company expects net profits attributable to shareholders to reach 1.992 billion yuan in 2025, 2.472 billion yuan in 2026, and 2.889 billion yuan in 2027, with corresponding price-to-earnings ratios of 31X, 25X, and 21X [8].

事件描述 2025 年4 月20 日，长电科技公告《江苏长电科技股份有限公司2024 年年度报告》，2024 年公司实现营 业收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%。 事件评论 全球经济复苏及国际形势变化延续，公司以产品结构优化和全球化布局保持良好增长。一方面是半导体 行业整体保持回暖，驱动公司收入上行，另一方面下游应用增长的结构性差异长电科技也以产品结构优 化应对，使得公司整体业务进一步维持稳健的增长动能。通过在AI、汽车电子等领域持续加大技投入 和产能建设，以及在存储领域完成对晟碟半导体80%股权的收购扩大市场份额，2024 年公司实现营业 收入359.62 亿元，同比+21.24%，实现归母净利润16.10 亿元，同比+9.44%，其中2024Q4 实现营业收入 109.84 亿元，同比+18.99%，环比+15.72%，实现归母净利润5.33 亿元，同比+7.28%，环比+16.66%。 在产品结构持续高端化的驱动下，公司2024Q4 毛利率达13.34%，环比+1.12pct，净利率继续上行，达 4.93%，环比+0.14pct。值得重视的是，公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved operating revenue of 35.962 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [2][4]. - The company continues to optimize its product structure and global layout, maintaining robust growth driven by the recovery of the semiconductor industry and structural differences in downstream applications [10]. - The company has made significant investments in advanced packaging technology and capacity expansion, particularly in AI and automotive electronics, which are expected to drive future growth [10]. Financial Performance - In Q4 2024, the company reported operating revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72%, with a net profit of 533 million yuan, up 7.28% year-on-year and 16.66% quarter-on-quarter [10]. - The gross margin for Q4 2024 reached 13.34%, an increase of 1.12 percentage points quarter-on-quarter, while the net profit margin rose to 4.93%, up 0.14 percentage points quarter-on-quarter [10]. - The company’s capital expenditure in Q4 2024 was 1.502 billion yuan, a year-on-year increase of 116.21% and a quarter-on-quarter increase of 23.17%, laying a strong foundation for future growth [10]. Market Segmentation - In 2024, the revenue breakdown by market application was as follows: Communication Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial and Medical Electronics 7.0% [10]. - The computing electronics segment saw a year-on-year revenue growth of 38.1%, while the automotive segment grew by 20.5%, both outperforming market averages [10]. Subsidiary Performance - Key subsidiaries reported the following revenues: Xinke Jinpeng 12.185 billion yuan (up 7.39%), Changdian Korea 15.815 billion yuan (up 28.93%), and Changdian Advanced 1.688 billion yuan (up 35.36%) [10]. - Net profits for these subsidiaries were 1.893 billion yuan, 307 million yuan, and 325 million yuan, respectively, with net profit margins of 19.25% and 15.54% for Changdian Advanced and Xinke Jinpeng [10]. Research and Development - The company maintained a strong focus on R&D, with total R&D expenditure reaching 1.718 billion yuan in 2024, a year-on-year increase of 19.33% [10]. - Plans for 2025 include increased investment in advanced packaging R&D, targeting breakthroughs in high-end 3D packaging and other key areas [10].