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《大行报告》高盛:中芯(00981.HK)设合资生产28纳米芯片 显示需求趋升
阿思达克 08-03 14:27
高盛发表研究报告指,中芯国际(00981.HK)宣布与北京开发区管委会成立合资公司,设立每月约10万片12寸晶圆的产能,预期对股价有正面影响,维持「买入」(确信名单)评级。

该行解释,中芯的12寸晶圆成熟技术节点(40-65nm)一直是公司的增长动力来源,占2020全年收入及毛利约46%及51%,自2019年第二季度起利用率一直高於90%,而随着国内客户需求不断增长,相信新的合资晶圆厂将帮助中芯国际抓住发展机会,并将推动利润增长。

高盛指,中芯目前拥有两家合资工厂,其中北京工厂今年首季产能已达到50k wpm,上海工厂首季产能4k wpm。预期与新合营一样,由於占股权仅一半,未来扩充产能时也只需要贡献一半投资额。该行预计,内地集成电路设计公司业务增长及成熟技术节点利用率高企推动下,中芯2020至2025年收入及盈利年复合增长率将达到22%及42%,目标价维持42元不变。

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