TFME(002156) 新浪证券·2025-04-18 09:59Core 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]