什麼情況？科創板芯片龍頭遭券商“賣出”評級
作者：汪友若
來源：上海證券報
近日，華菁證券研究所一份個股研報，給予了中芯國際“賣出”評級。根據Choice數據統計，這或許是科創板個股首次公開被券商給予賣出評級。
從個股走勢上看，中芯國際近期股價表現非常低迷。自上市首日觸及95元/股的高點後，中芯國際股價幾乎一路下挫，9月11日觸及低點52.66元/股，回撤幅度已經高達45%。
中芯國際遭券商“賣出”評級
華菁證券這份發佈於9月15日的研報題為《僅自助，尚不足；下調至“賣出”評級》。文中給予賣出評級的主要原因可以歸納為以下幾點：
首先，中芯國際不僅採購最新一代機器的先進工藝製程受限，支持現有工具的常規運營活動也受影響。
其次，中芯國際的 14 納米產量爬坡結果令人滿意，但14 納米生產線產能利用率的大幅下降將引發擔憂。
最後，今年四季度整體銷量環比下跌的幅度或將尚可接受。但折舊高峯可能會對今年下半年的利潤率造成致命打擊。
由於上述原因，華菁證券下調中芯國際A股至“賣出”評級，目標價為人民幣 47.50 元/股（對應 13 倍 2021 年預期市銷率，反映長期銷售增長前景）。截至9月16日收盤，中芯國際報56.7元/股。
多家券商仍維持“買入”評級
值得關注的是，雖然華菁證券此時給予了賣出評級，但仍有多家券商看好中芯國際的後市表現。
如萬聯證券9月2日研報認為，中芯國際半年報業績增長超預期。隨着物聯網、5G 和人工智能行業的崛起，電子行業對先進製程高端芯片的需求激增。憑藉着巨大的市場需求、豐富的人口紅利、穩定的經濟增長以及有利的國家產業政策環境等優勢條件，使得中國集成電路行業實現快速發展。公司作為晶圓龍頭代工企業，具有獨特的技術先行優勢，巨大的市場潛力或將吸引公司加快推行高端芯片國有化進程。
開源證券於8月27日發佈研報認為，中芯國際是國內唯一具備14納米及以下芯片製備技術龍頭，持續加強研發和資金投入，技術領先。目前14納米已經量產，N+1 代芯片進入客户導入階段，可望於 2021年進入量產；此外，半導體行業景氣回暖，國產替代趨勢明顯，國內政策大力支持集成電路發展，公司未來成長可期。
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