通富微电（ [Table_StockNameRptType] 002156） 公司点评 产能多地布局，与大客户共成长 | | | | [Table_BaseData] 收盘价（元） | 25.62 | | --- | --- | | 近 12 个月最高/最低（元） | 37.80/17.88 | | 总股本（百万股） | 1,518 | | 流通股本（百万股） | 1,517 | | 流通股比例（%） | 99.99 | | 总市值（亿元） | 389 | | 流通市值（亿元） | 389 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 4% 32% 59% 86% 4/24 7/24 10/24 1/25 通富微电 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 2025 年 4 月 30 日，通富微电公告 2025 年一季度报告，公司 1Q25 实 现营业收入 60.9 亿元，同比增长 15.3%，归母净利润 1.0 亿元，同比 增长 2.9%，扣非归母净利润 1.0 ...

通富微电（ [Table_StockNameRptType] 002156） 公司点评 产能多地布局，与大客户共成长 | | | | [Table_BaseData] 收盘价（元） | 25.62 | | --- | --- | | 近 12 个月最高/最低（元） | 37.80/17.88 | | 总股本（百万股） | 1,518 | | 流通股本（百万股） | 1,517 | | 流通股比例（%） | 99.99 | | 总市值（亿元） | 389 | | 流通市值（亿元） | 389 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 4% 32% 59% 86% 4/24 7/24 10/24 1/25 通富微电 沪深300 主要观点： ⚫[Table_Summary] 事件 2025 年 4 月 30 日，通富微电公告 2025 年一季度报告，公司 1Q25 实 现营业收入 60.9 亿元，同比增长 15.3%，归母净利润 1.0 亿元，同比 增长 2.9%，扣非归母净利润 1.0 亿元，同比增长 10.2%。 ⚫ 产能多地布局，与大客户共成长 公司 1Q25 实现营业收入 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.65 CNY per share [5]. Core Views - The company reported a revenue of 23.882 billion CNY in 2024, representing a year-on-year increase of 7.24%, and a net profit of 678 million CNY, up 299.9% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 6.092 billion CNY, a year-on-year increase of 15.34%, and a net profit of 101 million CNY, up 2.94% year-on-year [1]. - The overall gross margin for 2024 was 14.84%, an increase of 3.18 percentage points year-on-year, with a net profit margin of 3.31%, up 2.34 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 238.82 billion CNY and 6.78 billion CNY, respectively, with significant growth in net profit due to improved operational efficiency and cost control [1][2]. - For Q1 2025, the company reported a revenue of 60.92 billion CNY and a net profit of 1.01 billion CNY, indicating a positive trend in financial performance [1]. Market and Industry Trends - The industry is experiencing a recovery driven by demand in data centers, automotive electronics, and consumer electronics, contributing to the company's improved market conditions [2]. - The company has seen a notable increase in revenue from mid-to-high-end products, with a significant rise in capacity utilization and effective cost management [2]. Product and Business Development - The company has diversified its product offerings, achieving a 46% increase in revenue from high-end mobile SOCs and a 70% increase in revenue from RF products [3]. - The automotive sector has shown exceptional growth, with revenue from power devices, MCUs, and smart cockpit products surging over 200% [3]. - The company’s Memory business grew by 40% due to enhanced collaboration with original manufacturers, and the display driver business successfully introduced advanced cutting processes [3]. Capacity Expansion and Acquisitions - The company is accelerating its global capacity expansion, with ongoing projects in various locations aimed at enhancing high-end packaging capacity [8]. - The acquisition of a 26% stake in Jinglong Technology is expected to strengthen the company's position in the high-end IC testing sector, providing stable financial returns [8].

Financial Performance - The company's revenue for Q1 2025 reached ¥6,092,434,550.56, representing a 15.34% increase compared to ¥5,282,023,999.11 in the same period last year[5] - Net profit attributable to shareholders was ¥101,389,231.19, a 2.94% increase from ¥98,492,388.55 year-on-year[5] - The company reported a significant increase in operating profit of 63.03%, reaching ¥205,994,609.45 compared to ¥126,352,544.97 in the previous year[9] - The total profit for the period was ¥206,673,539.06, reflecting a 64.13% increase from ¥125,917,037.07 year-on-year[9] - Net profit for the period reached ¥127,469,549.56, a 10.5% increase compared to ¥115,762,127.67 in the prior period[20] - The company's EBITDA for Q1 2025 was approximately ¥1.15 billion, an increase of ¥84 million or 7.85% compared to ¥1.07 billion in Q1 2024[11] - The total comprehensive income attributable to the parent company was 92,386,982.04 yuan, a decrease from 101,530,510.81 yuan in the previous period, representing a decline of approximately 9.2%[21] - The company reported a basic and diluted earnings per share of 0.0668 yuan, up from 0.0650 yuan in the previous period, marking an increase of 2.8%[21] Cash Flow - The net cash flow from operating activities increased by 84.53% to ¥1,458,295,893.72, up from ¥790,288,598.98 in the previous year[5] - The cash inflow from operating activities totaled 7,004,778,295.78 yuan, up from 5,267,689,065.20 yuan, indicating a growth of 32.9%[21] - The net cash outflow from financing activities was approximately ¥2.27 billion, a decrease of 38.79% compared to the previous period, primarily due to the repayment of maturing bank loans[11] - The net cash generated from financing activities increased significantly to approximately ¥1.19 billion, representing a 994.79% increase, driven by the comprehensive impact of cash inflows and outflows from financing activities[11] - The net cash flow from financing activities was 1,193,005,552.35 yuan, compared to 108,971,097.40 yuan in the previous period, showing a substantial increase[22] - The net increase in cash and cash equivalents was approximately ¥128.31 million, compared to a net decrease of ¥40.44 million in the previous period, reflecting the combined effects of cash flows from operating, investing, and financing activities[11] Assets and Liabilities - Total assets at the end of the reporting period were ¥40,149,084,011.39, a 2.06% increase from ¥39,340,187,388.18 at the end of the previous year[5] - Total current assets at the end of the reporting period amounted to approximately ¥13.07 billion, down from ¥14.01 billion at the beginning of the period[16] - Total liabilities increased to ¥24,323,631,863.41, up from ¥23,628,932,361.21, reflecting a rise of 2.9%[18] - The company's equity attributable to shareholders rose to ¥14,783,220,003.92, compared to ¥14,690,833,021.88, marking an increase of 0.6%[18] Investments - Long-term equity investments surged by 226.37% to ¥2,010,992,298.36, primarily due to increased investment payments to joint ventures[8] - The long-term equity investments increased significantly to approximately ¥2.01 billion, up from ¥616.17 million at the beginning of the period[16] - The company reported an investment income of ¥16,819,008.39, a significant recovery from a loss of ¥7,888,422.31 in the previous period[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 295,078, with no preferred shareholders having restored voting rights[13] - The largest shareholder, Nantong Huada Microelectronics Group Co., Ltd., holds a 19.90% stake, amounting to 301,941,893 shares, with 44,510,000 shares pledged[13] - The second-largest shareholder, National Integrated Circuit Industry Investment Fund, holds 8.77% of the shares, totaling 133,156,578 shares[13] - The company has not reported any significant changes in the shareholding structure among the top ten shareholders, indicating no related party transactions or concerted actions among them[14] Operating Costs and Expenses - Total operating costs rose to ¥5,946,589,785.79, reflecting a 14.4% increase from ¥5,198,773,432.23[19] - Research and development expenses increased to ¥367,360,238.35, up 28.6% from ¥285,652,870.54[19] - The company experienced a 66.99% increase in taxes and surcharges, totaling ¥18,375,996.01, due to higher urban construction tax and additional fees[9] - The company reported a 679.96% increase in income tax expenses, amounting to ¥79,203,989.50, primarily due to differences in depreciation tax policies and increased taxable income from subsidiaries[9] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company achieved a record high revenue of 238.82 billion yuan in 2024, with a year-on-year growth of 7.24%. The net profit attributable to shareholders reached 6.78 billion yuan, marking a significant increase of 300% year-on-year [1]. - The company targets a revenue of 265 billion yuan for 2025, representing a year-on-year growth of 10.96% [1]. - The company has seen substantial growth in its automotive products, with a year-on-year increase exceeding 200%, and a 46% growth in mid-to-high-end mobile SoCs [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 68 billion yuan, a year-on-year increase of 6.9% and a quarter-on-quarter increase of 13.3%. The gross profit margin improved to 16.14% [1]. - The company’s gross profit margin for 2024 was 14.84%, an increase of 3.2 percentage points [1]. - The projected revenues and profits for the upcoming years are as follows: - 2023: Revenue of 22.27 billion yuan, net profit of 169 million yuan - 2024: Revenue of 23.88 billion yuan, net profit of 678 million yuan - 2025E: Revenue of 26.55 billion yuan, net profit of 1.02 billion yuan [4]. Market Opportunities - The company is capitalizing on the recovery in the industry, with a 70% growth in the RF sector and a 30% growth in various consumer electronics segments [2]. - The company has strengthened its partnerships with major clients, leading to a record revenue of 25.8 billion USD from AMD in 2024 [3]. Strategic Initiatives - The company is expanding its advanced packaging capabilities in its Penang facility, which is expected to enhance its market share in advanced packaging [3]. - The company is actively pursuing opportunities in the Chiplet market and has adjusted its product layout to align with market trends [2].

Core Viewpoint - Tongfu Microelectronics reported a significant increase in revenue and net profit for 2024, with a revenue of 23.882 billion yuan, up 7.24% year-on-year, and a net profit of 678 million yuan, up 299.90% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 6.8 billion yuan, a year-on-year increase of 6.88%, but the net profit decreased by 46.34% to 125 million yuan [1] - The company’s revenue and profit for the year reached historical highs [1] - The revenue contribution from the acquired AMD factories in Suzhou and Penang exceeded 60% of total revenue by 2024 [1][4] Group 2: Strategic Partnerships and Market Position - Tongfu Microelectronics has established a deep partnership with AMD, becoming its largest packaging and testing supplier, handling over 80% of AMD's orders [2] - AMD's annual revenue reached a record 25.8 billion USD in 2024, with significant growth in its data center division [2] - The company is positioned to benefit from AMD's aggressive AI strategy and product upgrades planned for the coming years [3] Group 3: Production Capacity and Investment Plans - The company operates seven production bases, with a diverse range of packaging types, which helps mitigate industry volatility [4][5] - In 2025, Tongfu Microelectronics plans to invest 6 billion yuan in facilities, production equipment, and R&D to achieve a revenue target of 26.5 billion yuan, reflecting a growth rate of 10.96% [6] - The global integrated circuit packaging and testing industry is expected to grow by 8.5% in 2025, with Tongfu's growth target exceeding this industry expectation [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to benefit from the recovery in the AI packaging sector, with significant revenue growth projected in the coming years [4][13] - The company has achieved record-high revenue in Q4 2024, with a year-on-year growth of 6.9% [6][10] - The company is heavily investing in advanced packaging technologies, which is expected to drive future growth despite current profit declines due to high R&D expenses [8][12] Financial Performance Summary - For 2024, the company reported revenue of 238.8 billion yuan, a year-on-year increase of 7.2%, and a net profit of 6.8 billion yuan, up 300% [6][10] - In Q4 2024, the company achieved revenue of 68 billion yuan, marking a record high for a single quarter, but net profit decreased by 46% year-on-year [6][10] - The company's gross margin improved to 14.8%, up 3.2 percentage points year-on-year, while the net margin was 2.8%, an increase of 2.1 percentage points [6] Revenue and Profit Forecast - Revenue projections for the company are as follows: 2023A: 22,269 million yuan, 2024A: 23,882 million yuan, 2025E: 26,857 million yuan, 2026E: 29,356 million yuan, and 2027E: 32,542 million yuan [4] - Net profit forecasts are: 2023A: 169 million yuan, 2024A: 678 million yuan, 2025E: 1,048 million yuan, 2026E: 1,436 million yuan, and 2027E: 1,605 million yuan [4] R&D and Technological Advancements - The company is actively developing advanced packaging technologies, with R&D expenses reaching 8.5% of revenue, an increase of 3.8 percentage points year-on-year [8][12] - The company has established deep partnerships with leading firms like AMD, enhancing its revenue potential through advanced packaging solutions [9][10] Market Position and Competitive Advantage - The company is the largest packaging supplier for AMD, handling over 80% of its orders, which provides a strong revenue base [10] - The company aims to achieve a revenue target of 26.5 billion yuan for 2025, representing a growth of 10.96% compared to 2024, which is above the industry growth rate [11][12]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [7][19]. Core Insights - The company achieved a significant increase in net profit by 299.9% year-on-year, driven by the semiconductor industry's upward cycle and strong demand from its major client, AMD, whose annual revenue reached a record $25.8 billion, contributing 50.35% to the company's revenue [1][2]. - The company has successfully expanded its market presence and optimized its product structure, leading to a 7.24% increase in revenue to 23.88 billion yuan in 2024 [1][3]. - The company is actively pursuing opportunities in the advanced packaging sector, particularly in FC-BGA products, and has seen a 52% increase in sales since the second quarter [2][3]. Financial Performance - In 2024, the company reported total revenue of 238.82 billion yuan, with a net profit of 6.78 billion yuan and a non-GAAP net profit of 6.21 billion yuan, reflecting a year-on-year growth of 944.13% [1][5]. - The company’s R&D investment increased by 31.96% to 1.533 billion yuan in 2024, indicating a strong commitment to innovation [4]. - The projected net profit for 2025 and 2026 has been adjusted downwards to 10.5 billion yuan and 13.62 billion yuan, respectively, with a new forecast for 2027 set at 16.6 billion yuan [5]. Market Position and Strategy - The company has established a robust partnership with AMD, holding over 80% of its orders, which enhances order stability compared to peers [2][3]. - The company has diversified its production capacity across multiple locations, including Nantong, Suzhou, Penang, Hefei, and Xiamen, to support its growth strategy [2][3]. - The company has seen substantial growth across various sectors, including a 46% increase in high-end mobile SOCs and over 200% growth in automotive products [3][4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, driven by favorable industry trends and strong partnerships, particularly with AMD [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 23.882 billion yuan, a year-on-year increase of 7.24% [1] - The net profit attributable to shareholders reached 678 million yuan, up 299.9% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 621 million yuan, reflecting a remarkable increase of 944.13% year-on-year [1] Group 2: Industry Trends and Market Position - The semiconductor industry is in an upward cycle, with market demand recovering, contributing to the company's growth [1] - The company has optimized its product structure and improved capacity utilization, leading to significant revenue growth in mid-to-high-end products [1] - The collaboration with AMD has been pivotal, with AMD's 2024 revenue reaching a record 25.8 billion USD, accounting for 50.35% of the company's revenue [2] Group 3: Product and Market Development - The company has seen substantial growth across various sectors, including a 46% increase in mid-to-high-end mobile SOCs and a 70% increase in the RF sector [3] - In the automotive sector, the company has become a key player in localized packaging, with over 200% year-on-year growth in automotive products [3] - The company is actively pursuing opportunities in advanced packaging, achieving a 52% increase in FC product sales since Q2 [2] Group 4: Research and Development - The company invested 1.533 billion yuan in R&D in 2024, a year-on-year increase of 31.96% [4] - The company has made significant advancements in advanced packaging technology and has applied for 1,656 patents, with nearly 70% being invention patents [4] - The employee stock ownership plan has been successfully implemented, enhancing employee motivation and aligning interests for long-term development [4]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [7][19]. Core Views - The company has reported a significant increase in net profit by 299.9% year-on-year for 2024, driven by the semiconductor industry's upward cycle and strong demand from major clients like AMD [1][2]. - The company's revenue for 2024 reached 23.882 billion yuan, a year-on-year growth of 7.24%, with a notable increase in net profit attributed to effective management and cost control [1][3]. - The partnership with AMD has deepened, with the company capturing over 80% of AMD's orders, contributing approximately 50.35% to its 2024 revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.882 billion yuan, a 7.24% increase from the previous year, and a net profit of 677.59 million yuan, marking a 299.9% increase [1][6]. - The company’s EBITDA for 2024 is projected at 6.100 billion yuan, with a net profit margin of 2.84% [6][13]. Market Position and Growth - The company has seen substantial growth across various sectors, including a 46% increase in high-end mobile SOCs and over 200% growth in automotive products [3][4]. - The company has established multiple production bases, enhancing its capacity and market reach, particularly in advanced packaging technologies [2][3]. Research and Development - The company invested 1.533 billion yuan in R&D in 2024, a 31.96% increase, and has filed 1,656 patents, with nearly 70% being invention patents [4][5]. - Significant advancements in advanced packaging technologies have been made, including the mass production of the smallest SIP devices [4][5]. Future Projections - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 1.051 billion yuan and 1.362 billion yuan, respectively, while introducing a new forecast for 2027 at 1.66 billion yuan [5][6].