Tongfu Microelectronics (002156)： Leader in Advanced Packaging and Testing Fully Benefits from New AMD Volume and Packaging and Testing Market Growth
Tongfu Microelectronics (002156): Leader in Advanced Packaging and Testing Fully Benefits from New AMD Volume and Packaging and Testing Market
Deeply plowing into the field of integrated 重庆耍耍网 circuit packaging and testing, the market has outstanding competitiveness: The company has deeply plowed into the field of integrated circuit packaging and testing, and has now ranked among the top three in China and the world’s top ten integrated circuit packaging and testing companies.Big packaging and testing company ranked second, with a significant market leading position.The company’s technical packaging and testing technology reserve is comprehensive, the production line is multi-point layout, the scale advantage is significant, and the market competition is outstanding.In the future, the packaging and testing needs of 5G semiconductor upgrade and wafer fab construction will gradually rise, and the company’s market expansion and new product research and development will advance steadily. The company’s performance will soon be transformed. Benefiting from the promotion of 5G semiconductor upgrades and the construction of wafer fabs, the packaging and testing market has steadily grown: 5G has driven the continued growth in demand for semiconductor chip applications such as memory, high-performance processors and sensors, and has promoted the rapid development of packaging and testing markets for related products.At the same time, the development of wafer fabs in developing countries has been continuously strengthened, and the scale of semiconductor manufacturing has continued to expand, which is expected to drive the demand for downstream packaging and testing industries, thereby promoting the steady growth of the packaging and testing market. The leading advantages of advanced packaging are significant, fully benefiting from the volume of new products from downstream customers: the company is deeply involved in the field of semiconductor packaging and testing, and the leading developer of technology research and development strength; through the continuous development of advanced packaging technology, the company continues to improve product competitiveness and cultivate new business growth points;The company expands the scale advantage through multi-point layout through endogenous + epitaxial two-wheel drive. At present, the company has accumulated many high-quality and stable customer resources, and the market advantage is prominent. The functional positioning of packaging has been gradually upgraded, and advanced packaging has become an enhanced electronicsThe key factor of system-level performance is the company’s solid accumulation in advanced packaging. Through the acquisition of AMD Suzhou and Bincheng packaging and testing plants, it has obtained advanced packaging technologies such as high pin count FC-BGA, and its advanced packaging and testing capabilities have gradually approached the international advanced level.In the future, the development of the global packaging and testing industry and the gradual transfer to the mainland will benefit the company.In 2019, the company’s major customer AMD released a number of 7nm high-performance processor products, leading developers in performance upgrades. The first-mover advantage of new products is significant, and it is expected to continue to increase market share.The high-performance processor product portfolio is heavy. At the same time, the company ‘s major customer MediaTek has released industry-leading 5G chips and smart TV chips. The company is also expected to benefit from the rapid growth of MediaTek ‘s new product replacement volume. Profit forecast and investment grade: The company deeply cultivates the semiconductor sealed measurement domain. In 2020, AMD ‘s replacement volume and market share of major customers continue to increase, which will drive the company ‘s capacity increase to further increase. The scale effect will promote the company’s gross profit margin and net profit margin to improve significantly.The depreciation of some assets of AMD’s factory area has been basically completed, and the company’s profitability has improved significantly.We expect the company’s operating 深圳桑拿网 income to be 80 in 2019-2021.76, 99.76, 115.850,000 yuan, an increase of 11.8%, 23.5%, 16.1%; The net profit attributable to the mother for 2019-2021 is 0.51, 4.12, 8.40,000 yuan, an increase of -59.4%, 699.3%, 95.4%, achieving an EPS of 0.04, 0.36, 0.70 yuan, corresponding to PE is 289, 36, 19 times.With reference to comparable company evaluations and the company’s future performance elasticity, the company was given a target PE of 60 times in 2020 and a target price of 21.60 yuan, given a “buy” rating. Risk warning: market demand is less than expected; new product launches are less than expected; customer development is less than expected.