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研報掘金丨國信證券:刻蝕設備滲透率快速上升 維持中微公司“買入”評級
格隆匯5月5日丨國信證券研報稱,中微公司(688012.SH)1Q23營收同比增長28.86%,歸母淨利潤同比增長134.98%。其中,公司刻蝕設備市場佔有率不斷提高,1Q23刻蝕設備實現收入8.14億元,同比+13.94%,1Q23MOCVD設備實現收入1.67億元,同比+300.48%,1Q23公司合同負債和存貨分別為23.20和37.05億元,相比22年底增長5.70%和8.91%。公司年報目標未來在國內先進logic生產線上CCP滲透率將提升至60%,ICP將提升至75%,在國內先進存儲線上CCP提升至85%,ICP提升至75%,南昌、臨港產線均已完工提供產能保證,該行預計中微2023年廠房面積將達到34.8萬平方米,完全建成廠房面積將擴大超過15倍。此外,公司新品研發驗證順利,23年有望提供業績新增長點。晶圓廠擴產提升設備需求,貿易摩擦加快國產替代進程,該行預計公司23-25年歸母淨利潤為 13.94/17.58/21.11億元,同比增速為19.2%/26.1%/20.1%,對應PE為72.5/57.5/47.8倍,維持“買入”評級。
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