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《大行報告》高盛:中芯(00981.HK)設合資生產28納米芯片 顯示需求趨升
阿思達克 08-03 14:27
高盛發表研究報告指,中芯國際(00981.HK)宣布與北京開發區管委會成立合資公司,設立每月約10萬片12吋晶圓的產能,預期對股價有正面影響,維持「買入」(確信名單)評級。

該行解釋,中芯的12吋晶圓成熟技術節點(40-65nm)一直是公司的增長動力來源,佔2020全年收入及毛利約46%及51%,自2019年第二季度起利用率一直高於90%,而隨著國內客戶需求不斷增長,相信新的合資晶圓廠將幫助中芯國際抓住發展機會,並將推動利潤增長。

高盛指,中芯目前擁有兩家合資工廠,其中北京工廠今年首季產能已達到50k wpm,上海工廠首季產能4k wpm。預期與新合營一樣,由於佔股權僅一半,未來擴充產能時也只需要貢獻一半投資額。該行預計,內地集成電路設計公司業務增長及成熟技術節點利用率高企推動下,中芯2020至2025年收入及盈利年複合增長率將達到22%及42%,目標價維持42元不變。

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