Gelonghui, Feb. 1 | Huachuang Securities Research Report pointed out that Tongfu Microelectronics (002156.SZ)'s revenue rose quarter by quarter in 2023, and the profit side improved markedly in the fourth quarter. The company is AMD's largest packaging testing supplier, accounting for more than 80% of its total orders. The company is actively expanding production and preparation materials in Penang, and is expected to fully benefit from the increase in demand for advanced packaging spawned by the AI wave in the future. Furthermore, the company has strengthened cooperation with customers, and future expansion of high-quality customers is expected to drive the company's business pace to continue to improve. Considering the impact of the increase in the operating rate of heavy asset companies on their profitability, the subsequent recovery in industry sentiment is expected to drive a further increase in the company's profitability. The industry cycle has bottomed out and rebounded, and the expansion of the company's high-quality customers drives demand growth, and is expected to maintain steady growth in the future. Maintain a “strong” rating.