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研報掘金丨長江證券:維持長電科技“買入”評級,將繼續加大投入先進封測研發

長江證券研報指出,長電科技(600584.SH)2025年第一季度實現歸母淨利潤2.03億元,同比+50.39%。2024年公司保持研發投入,整體研發支出達17.18億元,同比+19.33%,2025年公司將繼續加大投入先進封測研發,力爭在高端3D封裝,超大尺寸器件,光電合封應用,射頻性能提升及小型化,垂直供電,散熱技術等領域取得突破。近年來公司持續聚焦高性能封裝技術高附加值應用,加速對汽車電子、高性能計算、存儲、5G通信等高附加值市場的戰略佈局,核心競爭力持續提升的同時也在下遊驅動下實現可觀高增。預計公司2025~2027年歸母淨利潤達19.92、24.72、28.89億元,對應PE 爲31X、25X、21X,維持“買入”評級。

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