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Interface News Reporter | Yin Jingfei

“The best beta tester”The 2024 semi-annual report disclosed by Changdian Technology (600584.SH) shows thatThe current period achieved operating income of 15.486 billion yuan, a year-on-year increase of 27.22%;Net profit attributable to parent companyThe company said that the business of some customers increased, the utilization rate of production capacity increased, and thus the profit increased.

On August 23, the share price of Changdian Technology rose slightly by 1.36% to 30.57 yuan per share, with a market value of 54.7 billion yuan.

Semiconductor track picks up, net profit surges 25%

As a weather vane of the domestic packaging and testing track,Changdian Technology reported good results for the first half of 2024.

Market insiders told Interface News that with the stabilization of consumer market demand, the recovery of the memory market, and the drive of hot application areas such as artificial intelligence and high-performance computing, the global semiconductor market will return to the growth track in 2024.

In 2024, the semiconductor industry showed a clear trend of differentiation. On the one hand, the demand for AI chips, storage chips and other fields continued to rise, showing a strong development momentum.

In terms of data, WSTS predicts that the growth of the global semiconductor market in 2024 will be mainly driven by logic chips and memory chips.Driven by the market, the logic chip market grew by 10.7% and the memory chip market grew by 76.8%. Canalys predicts that 2024 will be the first year for the explosion of AI mobile phones, and the global penetration rate of AI mobile phones will reach 16%.。

On the other hand, the global automotive electronics industry is showing a situation of adjusting inventory and weak growth. At the same time, major manufacturers such as TSMC and Intel have increased their investment in advanced packaging, bringing more opportunities and challenges to semiconductor packaging companies.

As a cyclical industry, the performance of players in the semiconductor sector is beginning to take off.

By market applicationlook,Changdian Technology2024Operating income for the first half of the yearmiddle,Communications electronics share41.3%, consumer electronics share27.2%, the proportion of computing electronics15.7%, industrial and medical electronics share7.5 %、Proportion of automotive electronics8.3%。

In the second quarter, the company's revenue in each application category achieved double-digit growth month-on-month.Among them, the revenue of automotive electronics increased by more than50%。2024In the first half of 2018, the company's communication electronics revenue increased by more than40%, consumer electronics revenue increased by more than30%, computing electronics ended the adjustment trend since the first half of last year, and the year-on-year growth in the first half of this year exceeded 20%。

Changdian Technology said,In the first half of 2024, the company effectively responded to market changes, focused on high-performance advanced packaging, strengthened innovation and upgrading, and achieved significant operating growth.

Mergers and acquisitions while changing actual controllers

While achieving growth in performance, Changdian Technology plans to integrate the industrial chain through mergers and acquisitions in 2024.

In fact,From the past, thisRegistered inThe number one tester in Jiangyin City, Jiangsu Province,Its performance took off from the acquisition of STATS ChipPAC in 2015.The acquisition of Changdian Technology introducedNational Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as "Big Fund"), Xinde Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "Xinde Semiconductor")Two strategic partners。

STATS ChipPAC is a listed company on the Singapore Stock Exchange.The world's fourth largest packaging and testing company.Since then, Changdian Technology's performance has entered the fast lane，STATS ChipPAC also became the listed companymostcoreAssets。From 2017 to 2023, the assets of Changdian Technology increased from 30.699 billion yuan to 42.579 billion yuan, the operating income of Changdian Technology increased from 23.856 billion yuan to 29.661 billion yuan, and the net profit attributable to the parent increased from 343 million yuan to 1.471 billion yuan.

In 2024, Changdian Technology intends to seize the market through acquisition again.Market share in storage and computing electronics。

March 4, Changdian TechnologyIt said it plans to acquire 80% of the shares of SanDisk Semiconductor (Shanghai) Co., Ltd. for approximately US$624 million (approximately RMB 4.5 billion).

According to information, SanDisk Semiconductor was established in August 2006 and is located in Minhang District, Shanghai. It is a wholly-owned subsidiary of Western Digital, a world-leading memory manufacturer in China. It is mainly engaged in the research and development, packaging and testing of advanced NAND Flash memory storage products. It is one of the world's largest flash memory storage product packaging and testing factories.

The latest news is that on August 12, Changdian Technology announced that the transaction to acquire SanDisk Semiconductor was approved by the transferor of the target party's land use rights, the Shanghai Minhang District Planning and Natural Resources Bureau, and a letter of consent was issued, and the transaction process has taken a step forward.

This transaction will further enhance the performance of Changdian Technology.Data Display，SanDisk Semiconductor's net profit margin in 2023 was 10.21%, and its net profit was 357 million yuan, while Changdian Technology's net profit margin in 2023 was less than 5%, and its net profit was 1.471 billion yuan.That is, this acquisition will increase the net profit of this listed company by approximately 25%.

While expanding the industrial chain, Changdian Technology will welcome a new leader. China Resources plans to acquire a controlling stake in Changdian Technology for RMB 11.7 billion.

• As early asOn March 21 this year, Changdian Technology announced that it had received a large fund from the company's shareholders.、Xinde SemiconductorofNotification that it is planning to transfer the equity of the company, which may lead to a change in the control of the company.
• After that, the company disclosed that the Big Fund and Xinde Semiconductor planned to transfer their 174 million shares (accounting for 9.74% of the total share capital) and 229 million shares (accounting for 12.79% of the total share capital) of Changdian Technology toSubsidiary of China ResourcesThe transfer price of Panshi Hong Kong or its affiliates is 29 yuan per share. According to the number of shares and the price, China Resources spent nearly 11.7 billion yuan on this investment.

The latest news is,August 22, Changdian Technologyannouncement,After consensus reached between China Resources Group, Big Fund and Xinde Semiconductor, Panshi Hong Kong designated its wholly-owned subsidiary Panshi Runqi (Shenzhen) Information Management Co., Ltd. (hereinafter referred to as "Panshi Runqi") to acquire the target shares held by Big Fund and Xinde Semiconductor.After the transaction is completed, Panshi Runqi will hold 22.53% of the shares of Changdian Technology. The controlling shareholder of Panshi Hong Kong is China Resources Group, and the actual controller of Panshi Hong Kong is China Resources Co., Ltd. (hereinafter referred to as "China Resources")。

According to the official website, China Resources Group's business covers six major areas: mass consumption, integrated energy, urban construction and operation, health, industrial finance, technology and emerging industries. It has 25 business units, two directly affiliated institutions, 3,077 physical enterprises, and about 390,000 employees. Eight of its companies are listed in Hong Kong and nine are listed in the Mainland.

• Listed companies under China Resources Group includeChina Resources Beer（00291.HK）, China Resources Power（00836.HK）, China Resources Land（01109.HK）, China Resources Gas（01193.HK）, China Resources Pharmaceutical（03320.HK）, China Resources Medical（01515.HK）, CR Land（01209.HK）Companies listed in Hong Kong, such as China Resources Sanjiu（000999.SZ）, China Resources Double Crane（600062.SH）, JiangzhongPharmaceuticals（600750.SH）、China Resources Microelectronics (688396.SH), China Resources Materials（301090.SZ）, Boya Bio（300294.SZ）, Dong'e Ejiao（000423.SZ）, Kunming Pharmaceutical Group（600422.SH）、Chongqing Gas（600917.SH）And other companies listed in the Mainland.

andChina ResourcesIt also has its own semiconductor business.

China Resources Group has entered the semiconductor industry through China Resources Microelectronics and is one of the few central enterprises with semiconductor business.

It’s just that in terms of performance, Huarun Micro is showing a downward trend.In the first quarter of 2024, China Resources MicroelectronicsThe company achieved operating income of RMB 2.116 billion, a year-on-year decrease of 9.82%, and net profit attributable to the parent company of RMB 33.2 million, a year-on-year decrease of 91.27%.On August 23, China Resources rose slightly by 0.45% to 34.14 yuan per share, with a market value of approximately 45 billion yuan.

As the number one in closed beta testing,Changdian TechnologyandWill Huarun Microelectronics create competition among peers?

China Resources Group and others promised that when the company or its controlled enterprises obtain business opportunities that constitute substantial competition with the main business of Changdian Technology, they will notify Changdian Technology in writing. If Changdian Technology is willing to accept the business opportunity, the company will try its best to facilitate the provision of such business opportunities to Changdian Technology first under reasonable and fair terms and conditions. If Changdian Technology does not accept the business opportunity, the company or its controlled enterprises may accept the business opportunity and engage in and operate the new business.

Guotai Junan Securities released a research report on August 24, maintaining its overweight rating on Changdian Technology with a target price of 50.3 yuan. The company's latest closing price is 30.57 yuan, which has an upside of 64.54% compared to the target price.

However, before this,Big Fund、Xinde SemiconductorAs an industrial fund, it understands the development and management of the semiconductor industry better. After China Resources takes over, will Changdian Technology enter a new stage?