研報掘金丨華鑫證券:國芯科技Q1芯片定製服務帶動營收高增,汽車電子芯片需求旺盛
格隆匯6月13日丨華鑫證券12日研報指出,國芯科技(688262.SH)盈利能力短期承壓,芯片定製服務帶動營收高增。公司23Q1營收實現大幅增長,其中自主芯片和模組產品實現營收0.36億元,同比增長30.33%,芯片定製服務實現營收0.92億元,同比增長409%,增長原因主要系汽車電子和工業控制應用同比增長229%,邊緣和先進計算應用同比增長3499%。汽車電子芯片需求旺盛,國產化替代加速,公司的汽車電子芯片產品覆蓋面較全,並獲得了市場的認可和良好的業界口碑。此外,在端安全芯片方向,公司根據市場反饋推出了一系列高性能芯片,包括針對智能門鎖、數字貨幣和物聯網領域的應用場景的CCM4202S-E和CCM4202S-EL,以及優化Flash特性更適合IoT應用的CCM3309S。公司提供的IP授權與芯片定製服務基於自主研發的嵌入式CPU技術,為實現信息安全、汽車電子和工業控制、邊緣計算和網絡通信三大關鍵領域的安全自主可控和國產化替代提供關鍵技術支撐。公司自成立以來一直採用Fabless的經營模式,集中優勢資源專注於產品的研發和設計環節,提升新技術的開發速度,有助於公司研發能力的提升,同時也不需要擁有大量固定資產,有效降低了重資產模式下可能形成的財務風險。首次給予“增持”投資評級。
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