Group 1: Semiconductor Business Strategy - The semiconductor business revenue increased from over $1 billion to over $2 billion since the acquisition in 2021, driven by stable products and market structure in medium and low voltage power devices [1]. - The company is expanding its product line from low voltage to high voltage and from power to analog products, with successful mass production of GaN, SiC, and IGBT high voltage products [1]. - Future growth in the semiconductor business is expected to come from higher ASP products, potentially leading to several times increase in revenue [1]. Group 2: Automotive Semiconductor Market - Approximately 60% of the semiconductor business revenue comes from the automotive sector, with nearly 100 new automotive semiconductor products introduced each year [1]. - The company has seen rapid growth in domestic market share, while maintaining a steady increase in overseas sales [2]. - The trend of increasing semiconductor usage in electric vehicles remains unchanged, contributing to revenue growth [2]. Group 3: Product Integration Business - The product integration business experienced a significant reduction in losses, narrowing to under $150 million in Q3 2024, compared to a loss of nearly $300 million in Q2 2024 [2]. - The company is optimistic about returning to profitability in this segment through improved management and cost reduction efforts [2]. Group 4: Convertible Bond Strategy - The company adjusted the conversion price of its convertible bonds to optimize its capital structure and benefit both stock and bond investors [2]. - Management is confident in the company's clear business logic and future development direction, aiming to promote the conversion of convertible bonds [2]. Group 5: Capacity Expansion and Cost Optimization - The semiconductor business maintains a global layout with wafer fabs in Germany and the UK, and packaging/testing facilities in China, Malaysia, and the Philippines [2]. - The company is upgrading its production capacity, including converting some 6-inch lines to 8-inch and automating processes to enhance efficiency [2]. - The new wafer fab under construction is expected to significantly contribute to local production capacity and technology upgrades [2].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **安泰科技 (Antai Technology)** and **安世半导体 (Anshi Semiconductor)**, focusing on their performance in the **semiconductor** and **automotive** industries. Key Points and Arguments Antai Technology's ODM Business - Antai Technology's ODM business saw a reduction in losses in Q3 2023 due to improvements in supply chain issues, increased sales prices, and decreased supply chain costs. The company expects this trend to continue, aiming to surpass competitors in revenue and gross profit, regaining its industry leader status [2][3][12]. Anshi Semiconductor's Market Position - Anshi Semiconductor maintains a diverse product line with over **10,000 products** and **20,000 customers**, allowing it to perform steadily amid market fluctuations. The company is optimistic about the automotive semiconductor market, anticipating rapid growth in semiconductor usage and average selling prices (ASP) per vehicle, with growth rates nearing **100%** [2][4][5]. Global Automotive Market Outlook - Global automotive sales are expected to remain between **80 million and 100 million** units annually. Even with slight reductions in volume, the number of semiconductors used per vehicle is increasing, indicating a sustained demand for semiconductors [2][5][17]. Collaboration with OEMs - Antai Technology employs a full investment product strategy, closely collaborating with OEM customers, particularly in the autonomous driving sector, which enhances product offerings and creates business synergies [2][6]. Growth in China's Automotive Market - The rapid growth of the Chinese automotive market significantly boosts the semiconductor business. Antai Technology aims for a target of **$10 billion** in traditional semiconductor business, currently at **$2 billion** [2][7]. Production Capacity and Future Plans - The Lingang factory has achieved a monthly production of **20,000** 12-inch wafers, with plans to reach **30,000** wafers per month next year. The factory aims to integrate new products on a large scale, striving to become the industry leader in performance and cost [2][8]. Financial Strategies - Antai Technology plans to adjust the convertible bond price due to a significant decline in market value, hoping to encourage investors to convert their bonds and restore value [2][9]. North American Market Investments - Investments in North American major customers have posed challenges but are expected to lead to a balanced revenue stream in the near term. The company is optimistic about the North American market's future [2][10]. New Product Pricing and Management Improvements - New product introductions have led to price increases due to higher initial customer demands and improved internal management, enhancing overall profitability [2][11]. Future Profitability Expectations - Antai Technology is confident about turning profitable in Q4 2023, with significant reductions in losses in Q3 and ongoing management improvements [2][12]. Competitive Positioning - Anshi Semiconductor has faced challenges in expanding its customer base and product lines but is optimistic about regaining its market position through strategic adjustments [2][13]. Long-term Growth Goals - Anshi Semiconductor aims to achieve **$10 billion** in revenue by **2030**, with a focus on launching high-margin new products to drive growth [2][14][19]. Production and Supply Chain Strategies - Anshi Semiconductor is enhancing production efficiency and expanding capacity, including upgrading to **12-inch wafer production** to improve competitiveness [2][23]. Market Demand and Inventory Status - The automotive supply chain is experiencing historically low inventory levels, which may change due to geopolitical factors. However, no significant price increases are expected for existing products, while new products may command higher prices due to technological advancements [2][21]. Response to Supply Chain Disruptions - Anshi Semiconductor is prepared to handle potential supply chain disruptions and price increases, leveraging past experiences to maintain revenue and profit levels [2][22]. Future Development Strategies - Anshi Semiconductor will focus on improving production efficiency, reducing costs, and expanding capacity to support business growth, while also preparing for potential uncertainties in the supply chain [2][23]. Market Value and Future Expectations - Antai Technology's market value is currently undervalued, with expectations of significant growth in its ODM and semiconductor businesses as they enter a new growth cycle [2][26][27].

Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's semiconductor and product integration businesses are expected to rebound after a period of low performance, with profitability improving significantly [1] - The automotive semiconductor cycle is bottoming out, and the company's semiconductor business is poised for growth, especially in the domestic automotive market [1] - The product integration business is expected to turn profitable through strategic focus on high-value customers and cost control measures [1] Business Overview - The company is a global leader in semiconductor and product integration, with a strong presence in both IDM (Integrated Device Manufacturing) and ODM (Original Design Manufacturing) models [15] - The semiconductor business, through its subsidiary Nexperia, is a global leader in automotive semiconductors, with a diverse product portfolio and strong relationships with major automotive OEMs and Tier 1 suppliers [1][15] - The product integration business has been under pressure due to weak demand and high investment, but strategic focus and cost control measures are expected to improve profitability [1][15] Semiconductor Business - The global power semiconductor market is expected to grow, with China being the largest consumer, accounting for 40% of the global market [1][38] - Nexperia, the company's semiconductor arm, is a global leader in power semiconductors, with a strong presence in the automotive sector and a diverse product portfolio [1][15] - The company is investing in high-performance products such as IGBT, SiC, and GaN, which are expected to drive future growth [1][15] Product Integration Business - The product integration business has been under pressure due to weak demand and high investment, but strategic focus on high-value customers and cost control measures are expected to improve profitability [1][15] - The company is focusing on high ASP (Average Selling Price) products and has successfully launched new projects with major customers, including AI PCs and mobile devices [1][15] - Cost control measures and operational efficiency improvements have led to a significant reduction in losses, with the business expected to turn profitable in the near future [1][15] Financial Projections - The company's revenue is expected to grow from 71 233 million in 2024E to 86 396 million in 2026E, with a CAGR of 8 8% [2] - Net profit is expected to grow significantly, from 865 million in 2024E to 4 005 million in 2026E, driven by improvements in both semiconductor and product integration businesses [2] - The company's EPS is expected to increase from 0 70 in 2024E to 3 22 in 2026E, reflecting strong growth in profitability [2] Valuation and Target Price - The company is valued at 30x PE for 2025, with a target price of 77 4 RMB, reflecting its strong market position and asset quality [1][7] - The current price is 45 44 RMB, indicating significant upside potential [3]

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-122 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 关于向下修正"闻泰转债"转股价格暨转股停复牌的公告 重要内容提示： 因"闻泰转债"按照向下修正条款调整转股价格,本公司的相关证券停复牌情况如 下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 110081 | 闻泰转债 | 可转债转股停牌 | 2024/1 | 全天 | 2024/11/11 | 2024/11/12 | | | | | 1/11 | | | | 一、可转债上市发行情况 经中国证券监督管理委员会《关于核准闻泰科技股份有限公司公开发行可转 换公司债券的批复》（证监许可[2021]2338 号）核准，公司于 2021 年 7 月 28 日公 开发行 8,600 万张可转换公司债券， ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-121 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 第十一届董事会第四十九次会议决议公告 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、董事会会议召开情况 （一）闻泰科技股份有限公司（以下简称"公司"）第十一届董事会第四十 九次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 （二）2024 年 11 月 6 日通过邮件方式向全体董事、监事及高级管理人员发 出了会议通知，召开前提条件为 2024 年第一次临时股东大会审议通过《关于向 下修正"闻泰转债"转股价格的议案》。 特此公告。 （五）本次董事会由董事长张学政先生主持，监事会成员、财务总监及董事 会秘书列席了本次会议。 二、董事会会议审议情况 审议通过《关于确定向下修正"闻泰转债"转股价格的议案》 根据《闻泰科技股份有限公司公开发行可转换公司债券募集说明书》的 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 关于闻泰科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致：闻泰科技股份有限公司 受贵公司的委托，北京市君合律师事务所（以下简称"本所"）根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）等法律、法规、规章及《闻泰科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，就贵公司 2024 年第一次临时股东大会（以下简称"本次股 东大会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员的 资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》的规 定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案内容以及 该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 本法律意见书仅供见证本次股东大会相关事项合法性之目的而使用，未经本所 书面同意，任何人不得将其用作其他任何目的。 为出具本法律意见 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-120 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 2024 年第一次临时股东大会决议公告 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。 | 1、出席会议的股东和代理人人数 | 2,785 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 429,358,131 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 34.6665 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司董事长张学政先生因公务不能出席并主持本次会议，根据《公司章程》的有 (一) 股东大会召开的时间：2024 年 11 月 8 日 (二) 股东大会召开的地点：上海市徐汇区平福路 188 号 ...

3、行权人数：345 人 | 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临2024-119 | | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | 闻泰科技股份有限公司 关于2023年股票期权激励计划预留授予第一个行权期开始 行权的提示性公告 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。 2024 年 10 月 25 日，闻泰科技股份有限公司（以下简称"公司"）召开了第 十一届董事会第四十八次会议，审议通过了《关于 2023 年股票期权激励计划预 留授予股票期权第一个行权期行权条件成就的议案》，公司认为 2023 年股票期 权激励计划设定的预留授予激励对象行权条件已成就，同意为满足条件的激励对 象办理股票期权行权所需的相关事宜。本次符合行权条件的股票期权行权人数为 345 人，行权数量共 406,888 份。经上海证券交易所及中国证券登记结算有限责 任公司上海分公司审核，相关期权将于 2024 年 11 月 13 日（周三）开始可以行 权。本次可以行权的期权 ...

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Investment Rating - The investment rating for the company is "Buy" [4][13] Core Insights - The company's revenue for the first three quarters of 2024 reached 53.161 billion yuan, a year-on-year increase of 19.70%, with Q3 revenue at 19.571 billion yuan, up 28.71% year-on-year [4][5] - The net profit attributable to shareholders for the first three quarters of 2024 was 415 million yuan, with Q3 net profit at 274 million yuan, marking a significant turnaround from losses [4][5] - The semiconductor business is a key driver of growth, supported by the recovery in the automotive and industrial power sectors, as well as the resurgence in consumer electronics [4][5] - The company is focusing on vertical integration in the semiconductor components sector, enhancing supply capabilities and investing in R&D to foster innovation and core competitiveness [4][5] Summary by Sections Financial Performance - In Q3 2024, the semiconductor business generated revenue of 3.832 billion yuan, a quarter-on-quarter increase of 5.86%, with net profit of 666 million yuan, up 18.92% quarter-on-quarter [4][5] - The gross margin for the semiconductor business reached 40.5%, an increase of 2.8 percentage points year-on-year [4][5] - The product integration business saw revenue of 15.730 billion yuan in Q3 2024, a year-on-year increase of 45.58%, with gross margin recovering to 3.8% [5] Future Projections - The company has adjusted its net profit forecasts for 2024-2026 to 818 million, 2.010 billion, and 3.162 billion yuan respectively, with corresponding EPS of 0.66, 1.62, and 2.54 yuan [5][7] - The projected P/E ratios for 2024, 2025, and 2026 are 66, 27, and 17 times respectively [5][7] Market Position - The company is enhancing its core competitiveness in the global power semiconductor supply chain by developing high ASP products in response to market demands [4][5] - The demand for AI servers is driving growth, with the company’s MOS products for AI servers priced at approximately $10 per unit, significantly higher than the $1 per unit for non-AI servers [4][5]