Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3]. Core Views - The company is expected to achieve a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, with a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [1][4]. - The fourth quarter of 2024 saw record high quarterly revenue of 10.984 billion yuan, a year-on-year increase of 19.0% and a quarter-on-quarter increase of 15.7% [1][2]. - The company is focusing on high-growth product areas, increasing R&D investments in advanced packaging technologies, particularly in high-performance computing and automotive electronics [2][3]. Financial Performance and Forecast - The company’s revenue is projected to grow from 29.661 billion yuan in 2023 to 49.504 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][27]. - The net profit attributable to shareholders is forecasted to increase from 1.471 billion yuan in 2023 to 3.241 billion yuan in 2027, reflecting a significant growth trajectory [4][27]. - The gross margin is expected to stabilize around 14% in the coming years, with a slight decrease to 13.06% in 2024 [1][4]. Market Segmentation - In 2024, the revenue breakdown by segment shows that communication electronics account for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0% [2][3]. - The computing electronics segment is projected to grow by 38.1% year-on-year, while the automotive electronics segment is expected to grow by 20.5% year-on-year, both outperforming market averages [2][3]. R&D and Strategic Initiatives - The company is intensifying its R&D efforts in advanced packaging technologies, aiming for breakthroughs in high-end 3D packaging and other innovative applications [2][3]. - The establishment of a new automotive electronics packaging production base in Shanghai is expected to commence operations in the second half of 2025, which will enhance production capacity in the automotive sector [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders reached 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant investments in high-performance computing and next-generation system-level packaging [5] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4] Financial Summary - In 2024, the company achieved a gross margin of 13.1%, with a net profit margin of 4.5% [3][7] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 [7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-growth areas such as advanced packaging and automotive electronics [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant growth in the computing, communication, and automotive sectors [5][4] - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4][7] Financial Performance - In 2024, the company achieved a gross margin of 13.1%, slightly down by 0.6 percentage points year-over-year. The net profit margin was 4.5% [3][7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-performance computing advanced packaging and high-reliability automotive electronics [5][4] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 times [7][4] Market Position and Growth Drivers - The company has successfully developed a range of high-performance, high-reliability power module products for automotive applications, achieving certification from a well-known European automotive parts supplier [5][4] - The revenue from the computing and automotive sectors in 2024 was 5.8 billion yuan and 2.8 billion yuan respectively, with year-over-year growth rates of 38% and 21% [5][4] - The company aims to establish a full range of automotive electronic product supply capabilities, targeting various applications including smart cockpits and advanced driver-assistance systems (ADAS) [5][4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a record high annual revenue of 35.96 billion yuan in 2024, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders was 1.61 billion yuan, up 9.44% year-over-year [5][8] - The company is accelerating its strategic layout in high value-added sectors such as automotive electronics, storage, and high-performance computing (HPC) [8] - The acquisition of 80% of the shares in Shengdie Semiconductor is expected to enhance the company's market share in the storage and computing electronics sectors [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 29.66 billion yuan in 2023 to 41.75 billion yuan in 2025, with a compound annual growth rate (CAGR) of 16.1% [7][10] - The net profit attributable to shareholders is expected to increase from 1.47 billion yuan in 2023 to 2.12 billion yuan in 2025, reflecting a year-over-year growth rate of 31.9% [7][10] - The earnings per share (EPS) is forecasted to rise from 0.82 yuan in 2023 to 1.19 yuan in 2025 [7][10] Business Performance by Segment - The company’s factories have shown a recovery in performance, with significant contributions from overseas operations and advanced packaging [8] - Revenue from automotive electronics is expected to grow at a rate higher than the market average, with a year-over-year increase of 20.5% [8] - The company plans to establish a production base for automotive electronics in Shanghai, expected to commence operations in the second half of 2025 [8]

Core Viewpoint - The semiconductor industry is experiencing a recovery, and Changdian Technology (600584.SH) has shown a rebound in performance, with significant revenue and profit growth in 2024 compared to the previous year [1][2]. Financial Performance - In 2024, Changdian Technology achieved operating revenue of 35.96 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.61 billion yuan, up 9.44% year-on-year [1]. - The company's net profit remains significantly lower than the peak of 3.23 billion yuan in 2022, despite the revenue reaching a new high in 2024 [2]. Market Segmentation - In 2024, the revenue breakdown by application for Changdian Technology is as follows: Communications Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial & Medical Electronics 7.0% [2]. - The computing electronics segment saw a revenue increase of 38.1%, while the automotive segment grew by 20.5%, both outperforming market averages [2]. Industry Trends - The demand for AI chips and storage chips is on the rise, driven by the rapid development of artificial intelligence technologies, particularly large language models, which is boosting the need for high-performance computing chips [2]. - The global smartphone market is projected to grow by 6.4% in 2024, with shipments reaching 1.24 billion units, marking a recovery after two years of decline [3]. R&D and Innovation - Changdian Technology ranked third globally among OSAT companies with revenues of 34.6 billion yuan, leading in advanced technology innovation and industry collaboration [4]. - The company invested 1.718 billion yuan in R&D in 2024, marking a 19.33% increase and surpassing its net profit for the first time in five years [4][5]. Future Outlook - In 2025, Changdian Technology plans to increase investment in advanced packaging R&D, aiming for breakthroughs in high-end 3D packaging, large-size devices, and optical-electrical integration applications [6].

2025 年 04 月 20 日 长电科技(600584.SH) 封装技术驱动多元增长，汽车电子/运算业务表现亮眼 公司持续深化高性能封装技术在高附加值领域的应用，推动通讯、消 费、运算和汽车电子四大核心业务板块实现全面突破。按照 24 年收 入占比看，公司在通讯电子（占比 44.8%）、消费电子（占比 24.1%）、 运算电子（占比 16.2%，同比+38.1%）和汽车电子领域（占比 7.9%， 同比+20.5%，持续高于市场平均水平）均实现双位数增长，彰显公司 技术领先优势和持续发展动能。 研发加码+产能释放，有望打开盈利空间 投资建议： 我们预计公司 2025-2027 年收入分别为 402.77 亿元、451.1 亿元、 496.21 亿元，归母净利润分别为 24.01 亿元、31.73 亿元、40.52 亿 元（原预测 24-26 年归母净利润为 26.51 亿元、34.91 亿元、41.22 亿元）。采用 PE 估值法，考虑到公司在半导体封测领域的龙头地位， 叠加其在 2.5D/3D、SiP 等领域的技术优势，给予公司 2025 年 30 倍 PE，对应目标价 40.25 元/股，维持"买入-A" ...

每经记者 朱成祥 每经编辑 宋思艰 今日（4月20日）晚间，长电科技披露2024年年报。年报显示，公司2024年先进封装生产量为160.70亿颗，同比下 降7.24%；销售量为158.06亿颗，同比下降8.93%。此外，传统封装、测试产销量也同比下降。 | 主要产品 | 单位 | 生产量 | 销售量 | 库存量 | 生产量比 | 销售量比 | 库存量比 上年增减 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 上年增减 | 上年增减 | | | | | | | | (%) | (%) | (%) | | 先进封装 | 自万颗 | 16.070. 43 | 15, 806. 17 | 1,786.04 | -7.24 | -8. 93 | 31.70 | | 传统封装 | 百万颗 | 36, 911. 56 | 36, 495. 16 | 2, 167. 05 | -5.84 | -6. 71 | 23.78 | | 测试 | 百万颗 | 8, 239. 74 | 8, 237. 91 | 10. 60 | -1.75 | -1.8 ...

江苏长电科技股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 江苏长电科技股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 江苏长申科技股份有限公司全体股东: 一、审计意见 我们审计了江苏长电科技股份有限公司(以下简称"长电科技")的财务报表,包括 2024年12月31日的合 并及母公司资产负债表、2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东 权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了长电科技 2024 年 12月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果和合并及母公司现金流量。 二、形成审计意见的基础 | 内容 | | 页码 | | | | --- | --- | --- | --- | --- | | 审计报告 | | 1 - | | 4 | | 合并及母公司资产负债表 | | 5 - | | 6 | | 合并及母公司利润表 | | 7 - | | 8 | | 合并及母公司现金流量表 | | 9 - | | 10 | | 合并及 ...

江苏长电科技股份有限公司 2024 年 12 月 31 日内部控制审计报告 Deloitte. 内部控制审计报告 德师报(审)字(25)第 S00301 号 江苏长电科技股份有限公司董事会: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了江 苏长电科技股份有限公司(以下简称"长电科技")2024年12月 31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 德勒华永会计师事务所(陈) 普通合伙) 中国注册会计师 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是长电科技董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 ...

国泰海通证券股份有限公司 关于江苏长电科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为江苏 长电科技股份有限公司（以下简称"长电科技"或"公司"）的持续督导机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定，对长电科技 2024 年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准江苏长电科技股份有限公司非公开发 行股票的批复》（证监许可[2020]3605 号）核准，公司于 2021 年 4 月向 23 名发 行对象非公开发行人民币普通股（A 股）共计 176,678,445 股，发行价格为人民 币 28.30 元/股，募集资金总额为 4,999,999,993.50 元，扣除各项发行费用（不含 税）后，募集资金净额为 4,965,994,447.84 元。募集 ...