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天风证券:升中芯国际(0981.HK)评级至“买入” 予目标价13.84港元
格隆汇 09-17 11:04

天风证券发布报告称,中芯国际(00981.HK)是世界领先的集成电路晶圆代工企业之一,2019Q2在晶圆代工厂中排名第五,同时也是中国内地技术最先进、配套最完善、规模最大、跨国经营的IC制造企业。公司产能建设主要在国内,运营面向全球。

该行称,公司度过了一季度营收低谷,随着半导体产业库存压力的释放,半导体代工业迎来季节性回暖晶圆出货的拉动,公司营收/毛利率/产能利用率均迎来向上拐点。2019Q2营收7.91亿美元,环比增加18.2%,同比下滑11.2%,对比一季度19.51%的降幅有所收窄;2019Q2毛利率为19.1%,环比增加0.9个pct。产能方面,受益于下游出货需求的推动,公司产能于2019Q1开始快速增加,同时产能利用率迎来拐点,重回90%以上,达91.1%,预计还在不断提升中,产能利用率饱满,可能还会面临供不应求的情形。

该行称,看好5G、AIoT及国产替代等对公司的长期驱动,维持公司:2019年EPS为0.17港元的预期,预计2020-2021年EPS分别为0.22、0.43港元。预计随着14/12nm的量产,ROE回升,给予公司1.6倍PB,对应目标价13.84港元。将评级从“增持”调高到“买入”。

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