研報掘金丨山西證券:首予中芯國際“買入-A”評級 24年指引收入中個位數增長
山西證券研報指出,中芯國際(688981.SH)2023年半導體行業週期下行,下游需求不振,公司晶圓銷售數量減少業績承壓。受益消費電子新品發佈與宏觀經濟回暖預期,2023下半年行業逐步復甦,Q4環比明顯改善,手機終端應用增長強勁。隨着下游庫存水位調整和需求逐步回升,預計2024年公司收入增幅不低於可比同業均值,實現同比中個位數增長。公司作為大陸代工龍頭,有較強的抗週期波動能力和供應鏈本土化優勢,隨着產業鏈各環節持續復甦,產能利用率與收入水平有望轉好,首次覆蓋給予“買入-A”評級。
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