Tongfu Microelectronics, net profit surges 944% in 2024
On the evening of April 11, Tongfu Microelectronics released its 2024 annual report. During the reporting period, the company achieved operating income of 23.882 billion yuan, a year-on-year increase of 7.24%; net profit attributable to shareholders of listed companies was 678 million yuan, a year-on-year increase of 299.90%; net profit attributable to the parent company after deducting non-recurring items was 621 million yuan, a year-on-year increase of 944.13%.
In 2024, Tongfu Microelectronics will achieve comprehensive growth in core areas such as SoC, Wi-Fi, PMIC, and display driver. Shipments of mid-to-high-end mobile phone SoCs increased by 46% year-on-year, RF products increased by 70%, and analog devices increased by nearly 40%; product lines such as Bluetooth, MiniLED, and display driver also achieved growth of more than 30%.
Image source: Tongfu Microelectronics
Automotive products performed well. Tongfu Microelectronics expanded its cooperation with leading companies at home and abroad, and its automotive product performance surged by more than 200% year-on-year; in terms of Memory business, the company deepened its collaboration with original manufacturers, and its revenue increased by more than 40% year-on-year; in terms of FCBGA products, it achieved a 52% increase in FC across the board.
In 2024, Tongfu Microelectronics' R&D investment reached 1.533 billion yuan, a year-on-year increase of 31.96%. It has made a number of advances in advanced packaging technology. The industry's smallest SIP device has been mass-produced and the capacitor back-mounting SMT and ball-planting connection operation capabilities have been established; the advanced chip packaging technology based on glass substrate (TGV) has made important progress and successfully passed the phased reliability test. In the field of mature packaging and testing technology, Tongfu Microelectronics continues to promote cost reduction and quality improvement.
As of the end of 2024, Tongfu Microelectronics has accumulated 1,656 domestic and foreign patent applications, of which invention patents account for about 70%; at the same time, Tongfu Microelectronics has successively obtained technology licenses from Fujitsu, Casio, and AMD, enabling the company to quickly enter the high-end packaging and testing field.
It is worth noting that in 2024, the annual turnover of AMD, a major customer of Tongfu Microelectronics, reached a record high of US$25.8 billion. Tongfu Microelectronics is AMD's largest packaging and testing supplier, accounting for more than 80% of its total orders; and AMD business accounts for 50.35% of Tongfu Microelectronics' revenue in 2024.