TongFu Microelectronics Co Ltd
- Industrie
- AI Advanced Packaging
- Bourse
- Shenzhen
- Pays / Région
- China
- Date d'introduction en bourse
- 16 août 2007
- Effectif
- 25 446
- Site web
- www.tfme.com
Fourchette de valorisation composite · prudent ¥28–¥36 / raisonnable ¥42–¥55 / optimiste ¥70–¥90. À ¥76.64, Dans la fourchette de valeur intrinsèque optimiste · beaucoup d'anticipations déjà intégrées.
À la publication ¥60.1 (11 juin 2026)
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
Tongfu Microelectronics Co.,Ltd provides integrated circuit (IC) encapsulation test services in China and internationally. The company offers wafer probe, strip testing, final testing, and system level testing semiconductor testing services; test platform and engineering services for analog and mixed signal, automotive, radio frequency, high-performance calculated devices, baseband, memory devices, LCD driver devices, SiP devices, and power module devices; and specific application integrated circuits that includes CPU, GPU, gaming console and high performance networking products. It serves communication, mobile terminals, household appliances, AI, auto electronics, and other sectors. The company was formerly known as Nantong Fujitsu Microelectronics Co., Ltd. and changed its name to Tongfu Microelectronics Co.,Ltd in December 2016. Tongfu Microelectronics Co.,Ltd was founded in 1994 and is headquartered in Nantong, China.
Historique
TongFu Microelectronics Co., Ltd. was founded in 1994 and is headquartered in Nantong, China, beginning as a back-end manufacturer of integrated circuit (IC) packaging and testing. The company was formerly named Nantong Fujitsu Microelectronics Co., Ltd. and changed its name to TongFu Microelectronics Co., Ltd. in December 2016; it conducted its IPO on 2007-08-16. The defining transformation came with its acquisition of 85% stakes in AMD's Suzhou and Penang packaging-and-test plants, announced in 2015 and completed in April 2016, at a total investment of USD 371 million; AMD retained 15%, forming the TF-AMD joint-venture structure that plugged the company into the back-end supply chain for CPU, GPU and APU processors. This acquisition generated goodwill that auditors still flagged as a key audit matter, with a book value of RMB 1.151 billion at the end of 2024 (no impairment recorded). The company subsequently built a multi-site manufacturing network across Nantong, Hefei, Xiamen, Suzhou and Penang (Malaysia), reported by January 2026 as nine production bases. After a downcycle in which 2022 revenue was RMB 21.429 billion with net profit attributable to shareholders of RMB 502 million and 2023 revenue was RMB 22.269 billion with net profit of only RMB 169 million, results re-accelerated: 2024 revenue reached RMB 23.882 billion with net profit of RMB 678 million, and 2025 revenue rose to a record RMB 27.921 billion with net profit of RMB 1.219 billion. In 2025 the company disclosed that FCBGA ultra-large-size multi-chip co-packaging had reached mass production, that its Penang plant's 3nm multi-chip packaging had passed verification, and that bumping and wafer testing entered production in October 2025. It also expanded via investment, signing an agreement in 2024 to acquire a 26% stake in King Long Technology and completing the transaction in February 2025.
Position dans le secteur
TongFu Microelectronics is a major outsourced semiconductor assembly and test (OSAT) provider in mainland China, offering one-stop services spanning design simulation, wafer probe, packaging, final testing and system-level testing across consumer, industrial, automotive, high-performance computing, data storage, networking/communications and AI applications. Its central competitive position rests on its deep binding with AMD: through the post-acquisition "joint-venture plus cooperation" model, the company is AMD's most important packaging-and-test supplier, accounting for over 80% of AMD's related products; its 2024 annual report disclosed that revenue from a single customer reached 50.35% of total revenue. Sources of its competitive position include high customer switching costs in high-performance CPU/GPU/APU back-end work (process windows, yield ramp, thermal management, substrate coordination, test programs and delivery cadence), accumulated engineering and advanced-packaging capability (FCBGA multi-chip mass production, 3nm multi-chip verification, and wafer-level capability), and a global manufacturing network whose overseas Penang base supports cross-border delivery for international customers. Among A-share peers, JCET (Changdian Technology) is larger, with 2025 revenue of RMB 38.87 billion and net profit of RMB 1.57 billion, while Hua Tian Technology is smaller, with 2025 revenue of RMB 17.214 billion and net profit of RMB 711 million; near 2026-06-11, market capitalizations were roughly RMB 127.7 billion for JCET, RMB 58.6 billion for Hua Tian, and RMB 93.2 billion for TongFu. Globally, its main competitive pressures come from ASE (the world's largest OSAT, which expects its advanced-packaging business to double to USD 3.2 billion in 2026), Amkor (a global comparable OSAT), and TSMC, whose in-house advanced packaging (CoWoS, with projected 2022-2027 CoWoS capacity CAGR above 80%) represents a front-end alternative that can divert advanced-packaging volume.
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