上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 39.09 | | 一年内最高/最低（元） | 42.00/19.95 | | 市净率 | 2.6 | | 息率（分红/股价） | 0.26 | | 流通 A 股市值（百万元） | 69,948 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 14.99 | | 资产负债率 % | 46.89 | | 总股本/流通 A 股（百万） | 1,789/1,789 | | 流通 B 股/H 股（百万） | -/- | ...

Financial Performance - Revenue for the third quarter reached RMB 9.49 billion, a year-on-year increase of 14.95%[2] - Net profit attributable to shareholders of the listed company was RMB 457.08 million, a year-on-year decrease of 4.39%[2] - Non-recurring net profit attributable to shareholders of the listed company increased by 36.73% year-on-year, driven by improved capacity utilization and increased customer business[5] - Basic earnings per share for the third quarter were RMB 0.25, a year-on-year decrease of 3.85%[3] - Weighted average return on equity (ROE) for the first three quarters was 4.07%, an increase of 0.21 percentage points year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached 24.98 billion RMB, a 22.3% increase compared to 20.43 billion RMB in the same period of 2023[18] - Operating profit for the first three quarters of 2024 was 1.17 billion RMB, up 6.9% from 1.10 billion RMB in the same period of 2023[20] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 1.08 billion RMB, a 10.5% increase compared to 973.66 million RMB in the same period of 2023[21] - Basic earnings per share for the first three quarters of 2024 were 0.60 RMB, an 11.1% increase compared to 0.54 RMB in the same period of 2023[21] - Operating costs for the first three quarters of 2024 were 23.86 billion RMB, a 22.2% increase compared to 19.53 billion RMB in the same period of 2023[20] - Interest income for the first three quarters of 2024 was 210.01 million RMB, a 198.7% increase compared to 70.31 million RMB in the same period of 2023[20] Cash Flow - Operating cash flow for the first three quarters reached RMB 3.93 billion, a year-on-year increase of 29.70%[2] - Sales of goods and services received cash of RMB 25.6 billion, a 23.5% increase compared to RMB 20.74 billion in the same period last year[22] - Net cash flow from operating activities increased to RMB 3.93 billion, up 29.7% from RMB 3.03 billion in the previous year[22] - Cash received from tax refunds rose to RMB 336.81 million, a 26% increase from RMB 267.39 million in 2023[22] - Cash paid for goods and services increased to RMB 17.99 billion, up 25.9% from RMB 14.29 billion in the same period last year[22] - Cash received from investment returns decreased to RMB 29.67 million, a 56% drop from RMB 67.48 million in 2023[22] - Cash used for investment activities increased to RMB 16.96 billion, up 24.7% from RMB 13.59 billion in the previous year[23] - Net cash flow from financing activities surged to RMB 2.31 billion, a 245% increase from RMB 670.72 million in 2023[23] - Cash and cash equivalents at the end of the period reached RMB 9.26 billion, a 98.1% increase from RMB 4.67 billion in the previous year[23] - Cash paid for employee compensation increased to RMB 3.45 billion, up 16% from RMB 2.97 billion in 2023[22] - Cash received from investments rose to RMB 12.65 billion, a 6.5% increase from RMB 11.88 billion in the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 53.62 billion, a year-on-year increase of 25.93%[3] - The company's total assets increased to RMB 53,619,263,430.36 as of September 30, 2024, up from RMB 42,579,471,835.65 at the end of 2023[15][16] - The company's monetary funds increased to RMB 9,256,847,158.64 as of September 30, 2024, up from RMB 7,324,897,851.86 at the end of 2023[15] - Accounts receivable increased to RMB 5,915,986,764.21 as of September 30, 2024, up from RMB 4,184,804,015.74 at the end of 2023[15] - Inventory increased to RMB 4,739,758,469.67 as of September 30, 2024, up from RMB 3,195,516,876.32 at the end of 2023[15] - Fixed assets increased to RMB 21,430,745,097.48 as of September 30, 2024, up from RMB 18,744,196,607.40 at the end of 2023[15] - Construction in progress increased to RMB 2,728,356,199.91 as of September 30, 2024, up from RMB 1,053,272,069.42 at the end of 2023[15] - Total current liabilities increased to RMB 15,611,438,857.37 as of September 30, 2024, up from RMB 9,682,164,726.64 at the end of 2023[16] - Total liabilities as of the end of Q3 2024 were 25.14 billion RMB, a 53.0% increase compared to 16.43 billion RMB at the end of Q3 2023[17] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 26.82 billion RMB, a 2.9% increase from 26.07 billion RMB at the end of Q3 2023[17] - Total assets as of the end of Q3 2024 were 53.62 billion RMB, a 25.9% increase compared to 42.58 billion RMB at the end of Q3 2023[17] Shareholder Information - The top shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., holds 13.24% of the company's shares[6] - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 236,897,906 unrestricted shares, accounting for a significant portion of the company's equity[9] - Core Semiconductor (Shanghai) Co., Ltd. holds 228,833,996 unrestricted shares, making it the second-largest shareholder[9] - Hong Kong Securities Clearing Company Ltd. holds 107,390,000 unrestricted shares[9] - China Construction Bank - Huaxia Semiconductor Chip ETF holds 31,783,151 shares, representing 1.78% of the total shares[10] - Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF holds 27,900,881 shares, representing 1.56% of the total shares[10] - Guotai Junan Securities - Guolian Annuity CSI Semiconductor ETF holds 22,040,696 shares, representing 1.23% of the total shares[10] - China Construction Bank - E Fund CSI 300 ETF holds 18,287,932 shares, representing 1.02% of the total shares[10] - The company has no controlling shareholder, with the top two shareholders not having any concerted action relationship[9] - The company's controlling shareholder will change to Pan Shi Hong Kong Limited, which will hold 403,122,922 shares, accounting for 22.53% of the total shares[13] - The National Integrated Circuit Industry Investment Fund transferred 174,288,926 shares (9.74% of total shares) at RMB 29.00 per share[13] - Core Semiconductor transferred 228,833,996 shares (12.79% of total shares) at RMB 29.00 per share[13] Acquisitions and Investments - The company completed the acquisition of 80% equity of Sandisk Semiconductor (Shanghai) Co., Ltd. on September 28, 2024, and included it in the consolidated scope[3] - The company completed the acquisition of 80% equity in Sandisk Semiconductor (Shanghai) Co., Ltd. for approximately $667.79 million after adjustments[11][12] - The first installment of the acquisition payment for Sandisk Semiconductor (Shanghai) Co., Ltd. was $262.19 million[11][12] Government Subsidies - The company received government subsidies totaling RMB 43.31 million during the reporting period, classified as recurring income under new regulations[5] R&D Expenses - R&D expenses for the first three quarters of 2024 amounted to 1.23 billion RMB, a 13.9% increase from 1.08 billion RMB in the same period of 2023[20]

证券代码：600584 证券简称：长电科技 公告编号：临 2024-069 江苏长电科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 31 日（星期四）下午 15:00-16:30 会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/）、 进门财经（网址：https://s.comein.cn/AK3wc） 会议召开方式：进门财经电话会议、上证路演中心网络文字互动 投资者可于 2024 年 10 月 29 日（星期二）16:00 前登录上证路演中心网 站首页点击"提问预征集"栏目或将需要了解的情况和关注的问题发送至公司 邮箱 IR@jcetglobal.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江苏长电科技股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日在《上 海证券报》、《证券时报》及上海证券交易所网站（www.sse.c ...

证券代码：600584 证券简称：长电科技 公告编号：临 2024-068 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过了《关于长电科技管理有限公司拟在上海市闵行区设立全 资子公司的议案》 本次会议表决通过了相关的议案，形成决议如下： （一）审议通过了《江苏长电科技股份有限公司 2024 年第三季度报告》（详 见上海证券交易所网站 www.sse.com.cn《江苏长电科技股份有限公司 2024 年第 三季度报告》） 公司 2024 年第三季度报告中的财务信息及财务报表已经董事会审计委员会 事先审核。 二、董事会会议审议情况 一、董事会会议召开情况 江苏长电科技股份有限公司（以下简称"公司"）第八届董事会第七次会议 于 2024 年 10 月 15 日以通讯方式发出通知，于 2024 年 10 月 25 日以现场加电话 会议的方式召开，本次会议应参会董事 9 人，实际参会董事 9 人；其中因公务原 因，董事彭进先生授权委托独立董事李建新女士代为出席会议并行使表决权；公 司监事及高管人员列席会议。董事长高永岗先生主持了会议。会议的召集和召开 符合《公司法》和《公司章程》。 江苏长电科技股份有限 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 48.6 RMB [1] Core Views - The company is a global leader in semiconductor packaging and testing, with a comprehensive layout in advanced packaging, which is expected to drive revenue growth [1] - The semiconductor industry is recovering, and the demand for advanced packaging is accelerating due to high bandwidth requirements driven by HPC and AI [1] - The company's technological platform and high-quality customer resources position it to benefit from the upcoming AI smartphone replacement cycle [1] - The acquisition of 80% equity in Shindeng Semiconductor strengthens the company's strategic ties with Western Digital and enhances its position in the storage sector [1] Financial Projections - Revenue forecasts for 2024-2026 are revised upward to 35.413 billion RMB, 43.874 billion RMB, and 48.253 billion RMB, respectively [1] - Net profit attributable to the parent company is projected to be 2.053 billion RMB, 3.106 billion RMB, and 3.881 billion RMB for 2024-2026, with EPS of 1.15 RMB, 1.74 RMB, and 2.17 RMB, respectively [1] - The company is valued at 28x PE for 2025, leading to the target price of 48.6 RMB [1] Industry Analysis - The semiconductor packaging and testing industry is capital and labor-intensive, with profitability highly dependent on capacity utilization [1] - The advanced packaging market is expected to grow rapidly, driven by high bandwidth demands from AI, HPC, and 5G applications [1] - The global advanced packaging market is highly concentrated, with OSAT (Outsourced Semiconductor Assembly and Test) players like ASE, Amkor, and the company dominating the market [1] Company Strengths - The company has a comprehensive technological platform covering mainstream packaging technologies, including WLP, 2.5D/3D, SiP, and Flip Chip [1] - It has established strong relationships with global leading customers, including Western Digital, Qualcomm, SK Hynix, and TI [1] - The company is accelerating its strategic layout in high-value markets such as automotive electronics, 5G communications, and high-performance computing [1] Growth Drivers - The recovery of the semiconductor cycle and the increasing demand for advanced packaging are expected to drive the company's revenue and profit growth [1] - The company's focus on key application areas, such as AI, HPC, and automotive electronics, will further enhance its market position [1] - The acquisition of Shindeng Semiconductor is expected to strengthen the company's capabilities in the storage sector and contribute to future growth [1] Technological Advancements - The company is actively developing 2.5D/3D packaging technologies and Chiplet solutions, which are expected to become key growth areas in the future [1] - It has made significant progress in high-density heterogeneous integration and advanced packaging technologies, which are critical for next-generation semiconductor applications [1] Market Position - The company is the third-largest OSAT player globally and the largest in mainland China, with a strong competitive position in the advanced packaging market [1] - Its market share and technological leadership in advanced packaging are expected to strengthen further as the industry evolves [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 48.6 yuan [1]. Core Views - The company is a leading semiconductor packaging and testing manufacturer, focusing on advanced packaging to drive steady growth. It has established a comprehensive layout in advanced packaging and is expanding into high-value markets such as automotive electronics, 5G communication, and high-performance computing [1][6]. - The semiconductor industry is showing signs of recovery, with demand for packaging services expected to rebound as the industry cycle improves. The advanced packaging market is anticipated to grow rapidly due to high bandwidth requirements driven by developments in HPC and AI [1][27]. - The company has a robust technology platform and quality customer resources, positioning it to benefit from the upcoming AI-driven smartphone replacement wave. The acquisition of 80% of Shengdi Semiconductor is expected to strengthen its strategic relationship with Western Digital [1][6]. Summary by Sections Company Overview - The company has been focused on the semiconductor packaging and testing industry since its establishment in 1972 and is currently the largest packaging manufacturer in mainland China and the third largest globally. It has eight production bases worldwide and covers mainstream packaging technologies [1][12]. Industry Analysis - The semiconductor packaging and testing market is experiencing a recovery, with the global market expected to grow from 81.5 billion USD in 2022 to 96.1 billion USD by 2026. The demand for advanced packaging is driven by the rapid development of automotive electronics, AI, and data centers [30]. - The report highlights that the advanced packaging market is characterized by high barriers to entry and significant growth potential, particularly in high-performance computing and AI applications [1][27]. Financial Projections - Revenue forecasts for 2024-2026 have been revised upwards to 354.13 billion yuan, 438.74 billion yuan, and 482.53 billion yuan, respectively. Net profit forecasts for the same period are 20.53 billion yuan, 31.06 billion yuan, and 38.81 billion yuan, with corresponding EPS of 1.15 yuan, 1.74 yuan, and 2.17 yuan [1][8]. - The company is expected to benefit from improved capacity utilization and the integration of Shengdi's business, leading to a stable growth trajectory in its financial performance [1][8]. Competitive Position - The company holds a significant competitive advantage as the third-largest OSAT manufacturer globally, benefiting from a strong brand, diverse team, and international operations. The report emphasizes that the top three OSAT manufacturers control over 50% of the market share [24][25]. - The report notes that the company is well-positioned to capitalize on the upcoming AI smartphone replacement cycle, which is expected to drive demand for its services [1][25].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|-------------------------|----------------------| | 2024 年 10 月 13 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 | | 预计 24Q3 营收同环比双增，晟碟完成交割扩大 | 投资评级 | | 买入 | -A(维持) | | 存储优势 | 股价 | (2024-10-11) | | 36.55 元 | | 投资要点 | 交易数据 | 总市值（百万元） | | 65,403.10 | | 下游需求复苏带动公司产 ...

证券研究报告 每股未分配利润（元）： 4.85 公司近一年市场表现 投资要点： 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 收购晟碟半导体，强化存储封测能力与布局。2024 年 3 月 4 日，长电科 资料来源：最闻 技发布公告，拟以现金方式收购晟碟半导体 80%的股权（2024 年 9 月 28 日 完成交割）。晟碟半导体是西部数据公司下属全资子公司，西部数据是全球第 四大 NAND Flash 厂商。收购晟碟半导体，有助于强化存储封测能力与布局， 并直接扩大公司在存储封测领域的市场份额，可以使公司分享 AI 时代 NAND 需求高速成长的红利。本次交易后，西部数据仍将持有晟碟半导体剩余 20% 股权，WD 在一段时间内将持续作为标的公司的主要或者唯一的客户。交易 使公司与西部数据建立起更紧密的战略合作关系，增强了客户黏性。 集成电路 长电科技（600584.SH） 买入-A(首次) 加速从消费转向高附加值领域，并购晟碟强化存储封测能力 2024 年 10 月 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved a record high revenue for Q3, with an estimated revenue of 94.9 billion yuan, representing a year-over-year increase of 14.9% and a quarter-over-quarter increase of 9.8% [4]. - The company completed the acquisition of 80% of Shengdi Semiconductor (Shanghai), which is expected to enhance its market share in the storage and computing sectors [5]. - The company is positioned as a leader in the domestic packaging and testing industry, with a focus on high-value markets such as high-performance computing, storage, automotive electronics, and 5G communications [6]. Financial Performance Summary - For the first three quarters of 2024, the estimated revenue is 249.8 billion yuan, reflecting a year-over-year growth of 22.3% [4]. - The projected net profits for 2024, 2025, and 2026 are 21.26 billion yuan, 30.03 billion yuan, and 39.64 billion yuan, respectively [4]. - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 1.19 yuan, 1.68 yuan, and 2.22 yuan, respectively [4]. - The current price-to-earnings (P/E) ratios are 32.1 for 2024, 22.7 for 2025, and 17.2 for 2026 [4]. Market Position and Growth Strategy - The company is expanding its capabilities in advanced packaging across multiple sectors, which is expected to drive long-term growth [6]. - The acquisition of Shengdi Semiconductor is anticipated to strengthen the company's packaging capabilities in the storage sector [5]. - The company is enhancing its core competitiveness by entering stable mass production phases in cloud computing and maintaining a leading position in the domestic industry for storage technologies [6].

江苏长电科技股份有限公司 关于为控股子公司提供担保的进展公告 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。 重要内容提示： 1、被担保人名称：江苏长电科技股份有限公司（以下简称"公司"）全资 子公司长电微电子（江阴）有限公司（以下简称"长电微电子"）、长电科技管理 有限公司（以下简称"长电管理"）。 证券代码：600584 证券简称：长电科技 公告编号：临 2024-066 2、对外担保累计金额：截至 2024 年 9 月 30 日，本公司为控股子公司融资 及其他业务累计担保余额为人民币 1,159,803.14 万元，占公司最近一期经审计净 资产的 44.50%，无其他对外担保。 3、反担保情况：无 4、对外担保逾期的累计数量：无 一、担保情况概述 经公司第八届董事会第五次会议、第八届董事会第六次会议、2023年年度股 东大会和2024年第二次临时股东大会决议审议通过，同意公司在2024年年度股东 大会召开前，可为下属控股子公司提供总额度不超过人民币180亿元的担保，其 中为长电微电子提供不超过人民币15亿元的担保额度、为 ...