Investment Rating - The report assigns a "Buy" rating for the company with a target price of 29.76 CNY based on a projected average PE of 48 times for 2024 [2][4]. Core Insights - The company is a leading player in the semiconductor packaging and testing industry, with a global presence and a diversified product portfolio. It has established seven packaging and testing bases worldwide and has acquired 85% stakes in AMD's Suzhou and Penang facilities to enhance its global footprint [1][10]. - The company achieved a revenue of approximately 22.3 billion CNY in 2023, reflecting a year-on-year growth of 4%, despite facing challenges in the semiconductor market [1][19]. - The company has a stable customer base, benefiting from the recovery of the PC market and the increasing demand for AI applications, particularly from AMD [1][23]. - The advanced packaging technology, particularly CoWoS and Chiplet, is expected to drive additional growth, with the company already capable of mass-producing 7nm products and generating revenue from 5nm products [1][17]. Summary by Sections Company Overview - The company is a prominent integrated circuit packaging and testing service provider, covering various sectors including AI, high-performance computing, and 5G [10][11]. - It has developed multiple advanced packaging technologies and is actively expanding its production capacity [10][16]. Financial Performance - The company reported a revenue of 22.3 billion CNY in 2023, with a year-on-year growth of 4% [1][19]. - The net profit attributable to the parent company for 2023 is approximately 169 million CNY, with a significant recovery in Q3 and Q4 [1][19]. Customer Base and Market Position - The company has a strong international customer base, with foreign sales accounting for a significant portion of its revenue [23][24]. - It has established a deep partnership with AMD, becoming its largest packaging and testing supplier, contributing to a substantial portion of the company's revenue [26][27]. Technology and Innovation - The company is focusing on advanced packaging technologies such as Chiplet and CoWoS, which are expected to meet the rising demand for AI computing power [1][17]. - It has a robust R&D framework, with significant investments in developing new technologies and expanding its product offerings [14][19].

关于第一期员工持股计划预留份额锁定期届满的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002156 证券简称：通富微电 公告编号：2024-040 通富微电子股份有限公司 公司回购专用账户所持有的公司股票 4,247,306 股已于 2021 年 6 月 9 日以 12.00 元/股的价格非交易过户至公司第一期员工持股计划账户，占当时公司总 股本的 0.32%。具体内容详见公司于 2021 年 6 月 11 日在《证券时报》和巨潮资 讯网（http://www.cninfo.com.cn）披露的相关公告。 根据公司《第一期员工持股计划》相关规定，本期员工持股计划存续期为 60 个月，自公司公告标的股票过户至本员工持股计划名下之日（即 2021 年 6 月 9 日）起满 12 个月、24 个月、36 个月，每期解锁的标的股票比例分别为 40%、40%、 20%。 员工持股计划第一个锁定期已于 2022 年 6 月 9 日届满，可解锁比例为本员 工持股计划所持标的股票总数的 40%，共计 1,698,922 股，占当时公司总股本的 0. ...

京隆科技(苏州)有限公司 财务报表审计报告 天衡苏审字(2024)00125 号 天衡会计师事务所(特殊普通合伙)苏州分所 _ 您可使用手机" _ _ _ 此码用于证明该审计报告是否由具有执业许可的会计师事务所出 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://xcc.mof.gov.cn） _ 进行 _ 告 计 报 宙 天衡苏审字(2024)00125 号 京降科技(苏州)有限公司全体股东: 一、审计意见 我们审计了京隆科技(苏州)有限公司(以下简称京隆科技公司)财务报表,包括2023 年12月31日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司所有者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 京隆科技公司2023年12月31日的合并及母公司财务状况以及2023年度的合并及母公司经营 成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 ...

股 票 研 究 [Table_industryInfo] 电子元器件/信息科技 [ Table_Main[通ITnaf 富bol]e 微_Ti电tle]( 002156) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 业绩向好，拟收购京隆电子深化封测布局 目标价格： 30.27 上次预测： 30.27 公 ——通富微电收购事件及一季报业绩点评 当前价格： 21.12 司 舒迪(分析师) 陈豪杰(研究助理) 2024.04.29 更 021-38676666 021-38038663 [交Ta易bl数e_M据a rket] 新 shudi@gtjas.com chenhaojie026733@gtjas.com 证书编号 S0880521070002 S0880122080153 52周内股价区间（元） 17.73-27.35 报 总市值（百万元） 32,035 告 本报告导读： 总股本/流通A股（百万股） 1,517/1,517 受市场需求回暖，公司利润逐季显著修复，随着市场景气度回升、新客户拓展及新扩 流通 B股/H股（百万股） 0/0 流通股比例 100% 产产能释放，未来成长空间广 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant year-on-year increase in Q1 2024 performance, with revenue reaching 5.282 billion yuan, up 13.79% year-on-year, and a net profit of 98 million yuan, up 2064.01% year-on-year [3] - The company plans to acquire a 26% stake in Jinglong Technology for 1.378 billion yuan, which is expected to provide stable financial returns and enhance growth momentum [4] - The company has successfully validated advanced packaging technologies, including 2D+ and 3D stacking, and plans to invest 4.89 billion yuan in 2024 to expand its advanced packaging capabilities [5] Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 12.14%, an increase of 2.69 percentage points year-on-year [3] - The projected net profits for 2024, 2025, and 2026 are 977 million yuan, 1.259 billion yuan, and 1.639 billion yuan, respectively, with corresponding EPS of 0.64 yuan, 0.83 yuan, and 1.08 yuan [3] - The company's revenue is expected to grow from 25.994 billion yuan in 2024 to 36.252 billion yuan in 2026, reflecting a compound annual growth rate of 17.3% [6]

Investment Rating - Buy rating maintained for Tongfu Microelectronics (002156 SZ) [1][4] Core Views - Tongfu Microelectronics' Q1 2024 revenue increased by 13 8% YoY, with a 2024 revenue target of 25 28 billion yuan, up 13 52% YoY [1] - The company is AMD's largest packaging and testing supplier, holding over 80% of AMD's orders, and is expected to benefit from the growth in AI demand [1] - Memory-related monthly revenue hit a record high in 2023, with automotive product projects growing by 200% YoY [1] - The company is investing in advanced packaging R&D, including 2D+ and 3D stacking technologies, and plans to acquire a 26% stake in Jinglong Technology for 1 378 billion yuan [1] Financial Performance - In 2023, the company achieved revenue of 22 269 billion yuan (YoY +3 92%), with 95% coming from IC packaging and testing, and net profit attributable to shareholders of 169 million yuan (YoY -66 24%) [1] - Q1 2024 revenue was 5 282 billion yuan (YoY +13 8%, QoQ -17%), with net profit attributable to shareholders of 98 million yuan (YoY +2064%, QoQ -58%) [1] - Gross margin in Q1 2024 was 12 14% (YoY +2 7pct, QoQ -0 5pct) [1] Industry Trends - AI server and AI terminal demand is increasing, with MIC forecasting a 24 7% CAGR for AI server shipments from 2022 to 2027 [1] - Gartner predicts that by the end of 2024, GenAI smartphone and AI PC shipments will reach 240 million and 54 5 million units, respectively, with a penetration rate of 22% [1] Financial Forecasts - Forecasted net profit attributable to shareholders for 2024-2026 is 865 million yuan, 1 293 billion yuan, and 1 514 billion yuan, respectively [1] - The company's PE ratio as of April 26, 2024, is 37x for 2024, 25x for 2025, and 21x for 2026 [1] Revenue Composition - In 2023, 94 9% of the company's revenue came from IC packaging and testing, with the remaining from materials sales, mold fees, waste, and other services [5] Profit Trends - The company's net profit attributable to shareholders showed significant volatility from 2017 to 2023, with a sharp decline in 2023 [6] Quarterly Performance - Q1 2024 revenue was 5 282 billion yuan, with a YoY growth of 13 8% and QoQ decline of 17% [7] - Q1 2024 net profit attributable to shareholders was 98 million yuan, with a YoY increase of 2064% and QoQ decline of 58% [7] Profitability Metrics - Gross margin and net margin trends from 2017 to 2023 show fluctuations, with gross margin at 12 14% in Q1 2024 [8][9] Financial Ratios - Key financial ratios for 2024-2026 include a forecasted ROE of 5 9%, 8 2%, and 8 9%, and a gross margin of 13% for all three years [11]

Investment Rating - The report maintains a "Recommended" investment rating for Tongfu Microelectronics [2][6] Core Views - In Q1 2024, Tongfu Microelectronics achieved a revenue of 5.282 billion yuan, a year-on-year increase of 13.79%, and a net profit attributable to shareholders of 98 million yuan, a staggering year-on-year growth of 2064.01% [2][7] - The company plans to acquire 26% of Jinglong Technology for 1.378 billion yuan to enhance its testing business layout, addressing geopolitical impacts and strengthening its strategic positioning [8][9] - The semiconductor packaging and testing industry is expected to benefit from the recovery of downstream markets, with projected net profits for 2024-2026 being 1.135 billion, 2.256 billion, and 2.947 billion yuan respectively [9][10] Financial Summary - Revenue and Profit Forecasts: - 2024E Revenue: 27.177 billion yuan, 2025E Revenue: 33.157 billion yuan, 2026E Revenue: 40.605 billion yuan [7][10] - 2024E Net Profit: 1.135 billion yuan, 2025E Net Profit: 2.256 billion yuan, 2026E Net Profit: 2.947 billion yuan [9][10] - Key Financial Ratios: - Gross Margin: Expected to improve from 11.7% in 2023 to 15.5% in 2026 [7][11] - Net Margin: Expected to rise from 0.8% in 2023 to 7.3% in 2026 [7][11] - Return on Equity (ROE): Projected to increase from 1.2% in 2023 to 15.0% in 2026 [7][11] Market Position - Tongfu Microelectronics is recognized as a leading player in the semiconductor packaging and testing sector, consistently ranking among the top ten global semiconductor packaging and testing companies [6][9] - The company provides comprehensive services including integrated circuit design, packaging, and testing, with applications in 5G communications, smart mobile terminals, and automotive electronics [6][9]

电子 公 2024年04月27日 司 报 通富微电(002156.SZ) 告 24Q1利润高增，拟收购京隆科技完善测试业务布局 推荐 ( 维持 ) 事项： 公司发布2024年财报，2024年一季度，公司实现营业收入52.82亿元，同比增 股价:21.12元 长13.79%；实现归母净利润0.98亿元，同比增长2064.01%。 公 主要数据 平安观点： 行业 电子 司 公司网址 www.tfme.com ...

通富微电子股份有限公司 关于收购京隆科技（苏州）有限公司 26%股权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002156 证券简称：通富微电 公告编号：2024-037 重要内容提示： 交易内容：通富微电子股份有限公司（以下简称"公司"或"通富微电"） 拟以现金 13.78 亿元（含税金额）收购京元电子股份有限公司（以下简称"京元 电 子 "） 通 过 KYEC Microelectronics Co.,Ltd. （ 以 下 简 称 " KYEC Microelectronics"或"KYEC"）持有的京隆科技（苏州）有限公司（以下简称 "京隆科技"、"目标公司"）26%的股权。本次交易前，公司未持有京隆科技股权， 京元电子通过 KYEC Microelectronics 持有京隆科技 92.1619%的股权；本次交 易完成后，公司将持有京隆科技 26%的股权。 本次交易不构成关联交易，不构成重大资产重组，本次交易的实施不存 在重大法律障碍。 本次交易已经公司第八届董事会第三次会议审议通过，尚需提交公司股 东大会审议批准。 风险提示： ...

证券代码：002156 证券简称：通富微电 公告编号：2024-035 通富微电子股份有限公司 第八届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届监事会第三次会议， 于 2024 年 4 月 16 日以邮件等方式发出会议通知，各位监事已知悉与所议事项相 关的必要信息。公司第八届监事会第三次会议于 2024 年 4 月 26 日以通讯表决方 式召开。公司全体 3 名监事均行使了表决权，会议实际有效表决票 3 票。会议召 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、监事会会议审议情况 1、审议通过了《公司 2024 年第一季度报告》 础，经公司与交易对方协商确定。京隆科技运营模式和财务状况良好，其在高端 集成电路专业测试领域具备差异化竞争优势。公司收购京隆科技部分股权可提高 公司投资收益，为公司带来稳定的财务回报。本次交易不涉及关联交易，也不构 成《上市公司重大资产重组管理办法》规定的重大资产重组情形，审议程序合法 合规，不存在损害公司及 ...