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國信證券:半導體股推薦中芯(00981.HK)及華虹(01347.HK) 料可成為未來龍頭
阿思達克 07-03 15:52
國信證券發表報告表示,在經濟增速放緩、結構轉型的大背景下,亟需科技產業帶動經濟轉型,所以,科技大時代是大趨勢,認為半導體是當前推動科技產業向前發展的支點,認為本輪牛市的兩個代表就是中芯國際(00981.HK)和華虹半導體(01347.HK)。

該行指,市場對芯片設計、半導體設備的認識已經很充分。而對半導體製造環節認識不夠。半導體製造領域研究的高壁壘,致資本市場對半導體製造是被動型忽視的,該行稱一直在推薦中芯國際和華虹半導體兩大半導體代工龍頭。只要中國內地的半導體產業崛起,國內的半導體代工製造肯定會受益,半導體製造是大投入、長期積累的產業,成立20年的中芯國際、成立23年的華虹半導體已經在先進工藝和特色工藝領域有巨額資本投入和大量經驗積累,該行從供給的角度,推薦現在的龍頭也是未來的龍頭中芯國際(先進工藝)、華虹半導體(特色工藝)。

估值邏輯方面,國信證券指從短期看,華虹半導體估值向中芯國際市賬率3倍看齊,指中芯國際估值向科創板的華潤微(市賬率5倍)看齊。長期看,按照技術先進程度、產能規模,該行認為三者估值高低排序,第一是中芯國際、第二是華虹半導體、第三是華潤微。該行認為華虹半導體合理市賬率估值範圍3至3.1倍,對應股價40至42港元,維持「買入」評級。 中芯國際合理市賬率估值範圍5至6倍,對應每股46至48港元,維持「買入」評級。

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