研報掘金丨天風證券:通富微電Q2收入環比改善,看好週期復甦下公司23年業績逐季度回升
格隆匯7月25日丨天風證券24日研報指出,預計通富微電(002156.SZ)23H1營收穩健增長,Q2收入環比改善,看好週期復甦下公司23年業績逐季度回升,23年6月,AMD發佈GPU芯片MI300X,公司與AMD深度綁定及應需擴產有望充分受益Chiplet及高性能計算芯片未來的廣闊前景。週期底部復甦,公司23年稼動率/業績有望逐季度環比提升,募投項目為復甦後的長期發展蓄能。先進封裝重要性及佔比或持續提升,公司在Chiplet、WLP、SiP、Fanout、2.5D、3D堆疊等先進封裝方面儲備深厚。另外,股票期權激勵計劃及員工持股計劃的開展,有利於充分調動公司核心骨幹人員的積極性、主動性和創造性。公司背靠AMD大客户,先進封裝佈局領先收效顯著,預計2023/2024/2025年實現歸母淨利潤6.33/10.55/13.3億元,維持公司“買入”評級。
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