分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装，提升存储器封测 全球竞争力 ——长电科技(600584)季报点评 | --- | --- | --- | |----------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 季报点 ...

分析师:邹臣 基记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 聚焦高性能先进封装,提升存 长电科技(600584)季报点评 | --- | --- | --- | |-----------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告-季报点评 | 买入(维持) | | 市场数据(2024-11-04) | | 发布日期: 2024年11月05日 | ...

Investment Rating - The investment rating for the company is "Add" [4] Core Insights - The company achieved a record high revenue of 94.91 billion yuan in Q3 2024, representing a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.79%. This growth was driven by increased business from certain clients and improved capacity utilization [2] - The gross margin for Q3 2024 was 12.23%, down 2.13 percentage points year-on-year and 2.05 percentage points quarter-on-quarter, primarily due to slow recovery in demand from automotive electronics and industrial sectors, adjustments in customer structure, and rising raw material costs [2] - The net profit margin for Q3 2024 was 4.78%, down 1.01 percentage points year-on-year and 0.81 percentage points quarter-on-quarter, with overall expense control remaining good [2] - The acquisition of 80% of Shengdian Semiconductor has been completed, which is expected to enhance the company's annual performance and strengthen its competitiveness in the storage packaging and testing sector [2] - The company forecasts revenue of 340.37 billion yuan for 2024, with a projected net profit of 16.72 billion yuan, corresponding to a PE ratio of 41.30x [7] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to shareholders of 10.76 billion yuan, up 10.55% year-on-year [1] - The company’s Q3 2024 net profit attributable to shareholders was 4.57 billion yuan, down 4.39% year-on-year and 5.57% quarter-on-quarter [2] Expense Management - The management expense ratio for the first three quarters was 2.13%, down 0.49 percentage points year-on-year, indicating effective expense control [2] - Financial expenses increased to 0.43% due to exchange losses from the appreciation of the RMB [2] Acquisition Impact - The acquisition of Shengdian Semiconductor is expected to significantly boost the company's annual performance and market share in the storage and computing electronics sector [2] Forecasts - The company anticipates revenue growth of 14.75% in 2024, with further increases projected for 2025 and 2026 [3][7]

Industry and Company Overview * **Industry**: Semiconductor industry, specifically focusing on advanced packaging and semiconductor manufacturing. * **Company**: ChangHong Technology, a leading semiconductor manufacturer specializing in advanced packaging and semiconductor manufacturing. Key Points and Arguments 1. **Market Recovery and Growth**: The global semiconductor market is experiencing a recovery after facing challenges, with growth in various sectors, particularly driven by AI. [doc id='1'] 2. **Revenue Growth**: ChangHong Technology achieved a revenue growth of 50% in the third quarter, with a total revenue of 9.5 billion RMB for the first three quarters, reaching a historical high. [doc id='2'] 3. **Profitability**: Net profit increased by 20% in the third quarter, with a total net profit of 10.8 billion RMB for the first three quarters. [doc id='7] 4. **Advanced Packaging**: ChangHong Technology is actively investing in advanced packaging technology, with its main factory and Shengdie advanced packaging factory entering production stages. [doc id='3'] 5. **Automotive Electronics**: The company's automotive electronics business is performing well, with a revenue growth of 50% in the third quarter. [doc id='5] 6. **Market Outlook**: The company is optimistic about the market outlook for 2025, driven by AI demand and growth in industrial and automotive electronics. [doc id='5] Other Important Points * **Product Mix**: The company's product mix includes communication electronics, consumer electronics, computing, automotive electronics, and industrial electronics. [doc id='17'] * **Investment in R&D**: ChangHong Technology allocated 1.23 billion RMB for R&D in the first three quarters, a 13.9% increase from the previous year. [doc id='7] * **Financial Position**: The company has a strong financial position with ample cash reserves and a healthy balance sheet. [doc id='8] * **Free Cash Flow**: The company generated positive free cash flow of 850 million RMB in the first three quarters, a 16.5% increase from the previous year. [doc id='10] Analyst and Investor Questions * **Growth in Communication Electronics**: The growth in communication electronics is attributed to increased market share in innovative products and the expansion of the smartphone market. [doc id='15'] * **Automotive Electronics**: The growth in automotive electronics is driven by the transition to 48V power systems and the increasing demand for chips in new energy vehicles. [doc id='15'] * **Advanced Packaging**: ChangHong Technology's advantage in advanced packaging lies in its scale, capacity, and customer diversity. [doc id='20] * **Storage**: The company is actively expanding its storage capacity and expects to meet the growing demand from customers. [doc id='22] * **Semiconductor Cycle**: The company is optimistic about the semiconductor cycle in both domestic and overseas markets, with a focus on AI and industrial electronics. [doc id='24] * **Capacity Utilization**: The company's capacity utilization is gradually increasing, with advanced packaging and high-end testing reaching full capacity. [doc id='25] * **Capital Expenditure**: The company plans to continue increasing its capital expenditure to expand its advanced packaging technology and capacity. [doc id='26] * **M&A**: The company is actively exploring opportunities for M&A to expand its business and enhance its competitive advantage. [doc id='26] * **Stakeholder Returns**: The company aims to increase shareholder returns through dividends and cash distributions. [doc id='27]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-070 江苏长电科技股份有限公司 关于收到国务院国资委批复暨公司控制权拟发生 变更的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次权益变动基本情况 江苏长电科技股份有限公司（以下简称"公司"或"长电科技"）股东国家集成 电路产业投资基金股份有限公司（以下简称"大基金"）、芯电半导体（上海）有限 公司（以下简称"芯电半导体"，与大基金合称"转让方"）分别于 2024 年 3 月 26 日与磐石香港有限公司（以下简称"磐石香港"）签订了《股份转让协议》，大基金 将其持有的 174,288,926 股公司股份（占公司总股本的 9.74%）转让给磐石香港 或其关联方；芯电半导体将其持有的 228,833,996 股公司股份（占公司总股本的 12.79%，与大基金拟转让的公司 9.74%的股份合称"标的股份"）转让给磐石香港 或其关联方（以下简称"本次交易"）。具体内容详见公司于 2024 年 3 月 27 日在 上海证券交易所网站（www.sse. ...

长电科技（600584.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 报告摘要 24Q3 营收创历史新高 【24Q1-Q3】公司实现营收 249.78 亿元，同比+22.26%；归母净利 10.76 亿元，同比 10.55%；扣非归母净利 10.21 亿元，同比+36.73%；毛利率 12.93%，同比-0.94pcts；净 利率 4.31%，同比-0.46pcts。 【24Q3】公司实现营收 94.91 亿元，同比+14.95%，环比+9.8%；归母净利 4.57 亿元， 同比-4.39%，环比-5.57%；扣非归母净利 4.4 亿元，同比+19.5%，环比-7.21%；毛利率 12.23%，同比-2.13pcts，环比-2.05pcts；净利率 4.82%，同比- ...

H鼎证券 公 司 研 究 电子/半导体 Q3 营收单季度历史新高，并表晟碟助力先进封装 长电科技（600584.SH） 2024 年 10 月 28 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 39.09 | | 一年最高最低 ( 元 ) | 42.00/19.95 | | 总市值 ( 亿元 ) | 699.48 | | 流通市值 ( 亿元 ) | 699.48 | | 总股本 ( 亿股 ) | 17.89 | | 流通股本 ( 亿股 ) | 17.89 | | 近 3 个月换手率 (%) | 141.74 | 股价走势图 -48% -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 长电科技 沪深300 数据来源：聚源 相关研究报告 《Q3 营收同环比增长，完成收购晟碟 助力先进封装—公司信息更新报告》 -2024.10.10 《2024Q2 业绩同环比高增，多领域布 局助力长 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|-----------------|---------------------------------------------|-------------------------|----------------| | 2024 年 10 月 28 日 \n长电科技（ 600584.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 营收创单季新高，前期布局开始贡献增量 | 投资评级 | | 买入 -A( | 维持) | | 投资要点 | 股价 | (2024-10-25) | | 39.09 元 | | 24Q3 营收创单季历史新高，前三季度各应用板块业务均实现复苏企稳。 2024Q3 | 交易数据 | | | | | 长电科技实现营收 94.9 亿元，同比增长 ...

长电科技（ [Table_StockNameRptType] 600584） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for Changdian Technology (600584.SH) [1][3] Core Views - In Q3 2024, the company achieved a record quarterly revenue of 94.91 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%, driven by increased customer demand and improved capacity utilization [1] - The acquisition of 80% of Shengdie Semiconductor enhances the company's competitiveness in the storage chip sector and strengthens its partnership with Western Digital [1] - The company has adjusted its net profit forecasts for 2024-2026 due to weak recovery in downstream demand, projecting net profits of 17.16 billion yuan, 25.96 billion yuan, and 31.33 billion yuan for the respective years [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit of 10.76 billion yuan, up 10.55% year-on-year [1] - The gross margin for the first three quarters of 2024 was 12.93%, down 0.9 percentage points from the previous year, with Q3 2024 gross margin at 12.23%, a decline of 2.1 percentage points year-on-year [1] - Research and development expenses increased by 13.85% year-on-year to 12.32 billion yuan, with the R&D expense ratio decreasing to 4.93% [1][2] Revenue and Profit Forecasts - The company forecasts revenues of 35.05 billion yuan, 42.38 billion yuan, and 45.98 billion yuan for 2024E, 2025E, and 2026E respectively, reflecting growth rates of 18.2%, 20.9%, and 8.5% [2] - The projected net profits for the same years are 1.716 billion yuan, 2.596 billion yuan, and 3.133 billion yuan, with growth rates of 16.7%, 51.3%, and 20.7% respectively [2] Key Financial Metrics - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 40.8x, 26.9x, and 22.3x respectively [2] - The return on equity (ROE) is expected to improve from 6.2% in 2024E to 9.6% in 2026E [2]