甬矽电子 20250424 摘要 • 永熙公司 2025 年一季度营收同比增长 30%，实现扭亏为盈，受益于二期 产能释放、核心客户深耕及海外客户拓展，尤其在台湾地区新增两家客户 贡献显著，预计二季度仍将保持环比增长。 • 美国对半导体领域关税豁免，中国反制措施覆盖全部关税，利好部分美国 竞品需求。目前客户需求持续增长，但需关注备货影响。公司 local for local 策略推动台湾和欧洲客户需求增长，预计 2025 年增速超公司平均水 平。 • 永熙公司 2.5D/3D 封装产线已于 2024 年四季度通线，正与国内高端客户 进行产品验证，预计最快 2025 年晚些时候进入实质性验证环节，量产收 入时间待定，取决于前道工艺突破。 • 2024 年海外客户收入占比约 15%-20%，毛利率与公司整体持平。随着 AP SoC 和车规产品导入，预计海外客户毛利率将提升，远期目标营收占 比达 30%。 • 公司维持二期投资框架下扩产，2025 年资本开支预计 20-25 亿元。车载 CIS 需求旺盛，已进行新一轮扩产，年产能约 10KK。国内客户出口需求 稳定，未见明显关税影响。 Q&A 请介绍永熙公司 202 ...

2025 年 04 月 24 日 甬矽电子 (688362) —— 持续布局先进封装，大客户及应用领域拓展取得重 大突破 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 04 月 23 日 | | | --- | --- | | 收盘价（元） | 28.85 | | 一年内最高/最低（元） | 38.83/16.24 | | 市净率 | 4.7 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 8,037 | | 上证指数/深证成指 3,296.36/9,935.80 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.19 | | 资产负债率% | 71.03 | | 总股本/流通 A 股（百万） | 408/279 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-23 01-23 02-23 03-2 ...

Group 1 - The article discusses significant growth projections for the years 2024 to 2027, indicating a potential increase in revenue from 36.09 billion to 66.05 billion [1][2] - A notable increase of 171.02% is reported for a specific metric in Q1 2025, suggesting strong performance compared to previous periods [1] - The data indicates a consistent upward trend in percentages, with a 30.12% increase noted in Q1 2025, reflecting positive market conditions [1] Group 2 - The article highlights a projected revenue of 45.11 billion in 2025, with further growth anticipated to 55.04 billion in 2026 and 66.05 billion in 2027 [2] - There is a mention of a specific percentage change of +6.75% in one of the metrics, indicating improvements in operational efficiency or market share [1] - The document includes various percentage changes across different metrics, showcasing a dynamic and evolving market landscape [1][2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.38 CNY per share, maintaining the rating [5][11]. Core Insights - The company achieved a turnaround in profitability, with a significant increase in revenue and net profit for the fiscal year 2024, reporting a revenue of 3.609 billion CNY, up 50.96% year-on-year, and a net profit of 66 million CNY, up 171.02% year-on-year [1][2]. - In Q1 2025, the company continued to show growth with a revenue of 945 million CNY, up 30.12% year-on-year, and a net profit of 25 million CNY, up 169.4% year-on-year [1][2]. - The company is expanding its one-stop service capabilities, particularly in wafer-level packaging and automotive electronics, which has led to a rapid increase in customer base and production scale [3]. Financial Performance - The overall gross margin for 2024 was 17.33%, an increase of 3.42 percentage points year-on-year, while the net profit margin improved to 1.09%, up 6.75 percentage points year-on-year [2]. - For Q1 2025, the gross margin was 14.19%, slightly down by 0.04 percentage points year-on-year, with a net profit margin of 0.96%, up 7.65 percentage points year-on-year [2]. Growth Strategy - The company is actively investing in advanced packaging technologies, including fan-out and 2.5D/3D packaging, and has achieved product validation with several clients [4]. - The company has established a product matrix covering automotive electronics, RF communication, and AIoT, which is expected to support sustained revenue growth [3]. Revenue Projections - Revenue projections for 2025 to 2027 are 4.511 billion CNY, 5.504 billion CNY, and 6.605 billion CNY, respectively, with net profits expected to reach 206 million CNY, 356 million CNY, and 497 million CNY [11][12].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.38 CNY per share, maintaining the rating [5][11]. Core Insights - The company achieved a turnaround in profitability, with a significant increase in revenue and net profit for 2024, reporting a revenue of 3.609 billion CNY, up 50.96% year-on-year, and a net profit of 66 million CNY, up 171.02% year-on-year [1][2]. - In Q1 2025, the company continued to show growth with a revenue of 945 million CNY, up 30.12% year-on-year, and a net profit of 25 million CNY, up 169.4% year-on-year [1][2]. - The company is expanding its one-stop service capabilities, particularly in wafer-level packaging and automotive electronics, which has led to a rapid increase in customer base and production scale [3]. Financial Performance - The overall gross margin for 2024 was 17.33%, an increase of 3.42 percentage points year-on-year, while the net profit margin improved to 1.09%, up 6.75 percentage points year-on-year [2]. - The company expects continued revenue growth, projecting revenues of 4.511 billion CNY, 5.504 billion CNY, and 6.605 billion CNY for 2025, 2026, and 2027 respectively [11][12]. Advanced Packaging Development - The company is actively investing in advanced packaging technologies, including fan-out and 2.5D/3D packaging, with ongoing product validation with clients [4]. - The company has established a strong product matrix across various fields, including automotive electronics, RF communication, and AIoT, which supports sustained revenue growth [3].

Group 1 - The company has approved the 2024 financial settlement report, which reflects its financial status and overall operational situation [10][91] - The company has also approved the internal control evaluation report for 2024, indicating no significant deficiencies in financial reporting internal controls [11][91] - The company plans to hold the 2024 annual shareholders' meeting on May 15, 2025, combining on-site and online voting [27][39] Group 2 - The company has approved a profit distribution plan for 2024, which includes no cash dividends, no bonus shares, and no capital reserve transfers due to a net profit of approximately 66.33 million yuan and retained earnings of about 418.58 million yuan [4][31][33] - The company has repurchased 2,448,321 shares for a total of approximately 49.99 million yuan, representing 75.36% of the net profit for the year [4][33] - The company has approved the expected daily related party transactions for 2025, ensuring that these transactions do not harm the interests of the company and its shareholders [7][61] Group 3 - The company has approved the reappointment of Tianjian Accounting Firm for the 2025 financial and internal control audits [8][106] - The company has approved the 2025 salary plan for directors and senior management, aligning with industry standards and the company's operational situation [11][14][103] - The company has approved an investment plan for 2025, with a budget of up to 2.5 billion yuan, focusing on new product lines and capacity expansion [18][19] Group 4 - The company has reported a total of 33.26 million yuan in asset impairment losses for 2024, including 13.07 million yuan in credit impairment losses and 20.18 million yuan in asset impairment losses [74][76] - The company has confirmed that the impairment provisions are in accordance with accounting standards and accurately reflect its financial condition [77][78] Group 5 - The company has established a public opinion management system to enhance its ability to respond to various public opinions and protect investor rights [24][25] - The company has approved the 2024 Environmental, Social, and Governance (ESG) report [26]

Core Viewpoint - The company, Yongxi Electronics, reported significant growth in revenue and net profit for the year 2024, driven by increased market demand and the introduction of new product lines. The company has also decided not to distribute cash dividends for the year due to its strategic development plans and capital needs. Company Overview - Yongxi Electronics primarily engages in integrated circuit packaging and testing, providing solutions for integrated circuit design companies. Its packaging products include various advanced packaging types such as FC, SiP, Bumping, QFN/DFN, and MEMS [5][6][7]. - The company was established in November 2017 and has focused on advanced packaging in the semiconductor testing industry, achieving notable technological advantages in various advanced packaging forms [6][7]. Business Model - The company's main business model involves customized packaging solutions based on client requirements, where clients provide unprocessed wafers for packaging and testing [8]. - The production model emphasizes high-end packaging and testing products, utilizing advanced automated production equipment and a flexible production approach to enhance efficiency and yield [8][9]. - The sales model is primarily direct sales to chip design companies, with some products in the cryptocurrency sector sold through agency models to manage operational risks [10]. Industry Situation - The integrated circuit packaging and testing industry has evolved into a specialized sector within the semiconductor industry, with significant market share concentrated in the Asia-Pacific region [12][13]. - The global packaging market is projected to reach $89.9 billion in 2024, with advanced packaging accounting for 49% of this market. The demand for advanced packaging is driven by applications in AI, 5G, and IoT [14][15]. - The industry is experiencing a shift towards advanced packaging technologies, such as Chiplet, which are expected to enhance chip performance as traditional scaling approaches face limitations [20][21]. Financial Performance - For the year 2024, Yongxi Electronics achieved a revenue of 3.609 billion yuan, a year-on-year increase of 50.96%. The net profit attributable to shareholders was 66.33 million yuan, reflecting a significant increase compared to the previous year [23]. - The company reported a net cash flow from operating activities driven by revenue growth, indicating improved operational efficiency [23]. Future Development Trends - The company plans to continue focusing on advanced packaging technologies and expanding its product lines, including Bumping and 2.5D packaging, to enhance its competitive edge [55]. - The overall semiconductor industry is expected to grow, with a forecasted global market valuation of $697 billion by 2025, driven by advancements in logic and memory sectors [21][22].

甬矽电子（宁波）股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 证券代码：688362 证券简称：甬矽电子 公告编号：2025-029 2024年年度股东大会 召开日期时间：2025 年 5 月 15 日 14 点 00 分 召开地点：浙江省余姚市中意宁波生态园滨海大道 60 号行政楼 8 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2025年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方 ...

证券代码：688362 证券简称：甬矽电子 公告编号：2025-024 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 甬矽电子（宁波）股份有限公司（以下简称"公司"）第三届监事会第十次会议于 2025 年 4 月 21 日以现场结合通讯会议方式在公司会议室召开。本次会议通知于 2025 年 4 月 11 日以书面及电子邮件等方式发出。本次会议由岑漩女士主持，本次会议应出 席监事 3 名，实际出席监事 3 名。本次会议的召集、召开方式符合有关法律、法规和 《甬矽电子（宁波）股份有限公司章程》（以下简称"《公司章程》"）的规定，会议 决议合法、有效。 二、监事会会议审议情况 本次会议经与会监事审议并以记名投票表决方式审议通过了相关的议案，形成决 议如下： 1、审议通过《关于<2024 年年度报告>及摘要的议案》 监事会对公司《2024 年年度报告》及摘要发表如下审核意见： （1）公司 2024 年年度报告的编制和审核程序符合相关法律、法规、中国证监会 及上海证券交易所的有关要求，符合《公司章程》和公司 ...

证券代码：688362 证券简称：甬矽电子 公告编号：2025-023 甬矽电子（宁波）股份有限公司 第三届董事会第十三次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 甬矽电子（宁波）股份有限公司（以下简称"公司"）第三届董事会第十三次 会议于 2025 年 4 月 21 日以现场结合通讯方式在公司会议室召开。本次会议通知 于 2025 年 4 月 11 日以书面及电子邮件等方式发出。会议由董事长王顺波主持， 本次会议应出席董事 7 名，实际出席董事 7 名。本次会议的召集、召开方式符合 有关法律、法规和《甬矽电子（宁波）股份有限公司章程》（以下简称"《公司 章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议经与会董事审议并以记名投票表决方式审议通过了以下议案，形成 决议如下： 1、审议通过《关于<2024 年年度报告>及摘要的议案》 经审议，董事会认为： （1）公司严格按照各项法律、法规、规章等的要求规范运作，公司 2024 年 年度报告及摘要的编制和审议程序 ...