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研報掘金丨光大證券:中芯國際Q2業績亮眼,Q3指引強勁,維持AH股“買入”評級

光大證券研報指出,2Q24公司業績亮眼。Q2實現收入19.01億美元,同比上升21.8%,環比增長8.6%,超出此前公司收入指引環比增長5%-7%的區間上限,主要系晶圓出貨量環比上升18%,抵消ASP因產品組合變化環比下降8%的影響。盈利方面,2Q24公司實現毛利率13.9%,超出此前公司毛利率指引區間9%-11%的上限,環比上升0.2pct,同比下降6.4pct;歸母淨利潤1.65億美元,同比下降59%,環比上升129%,對應歸母淨利率環比上升5pct至9%。3Q24公司指引強勁、大超預期。3Q24公司指引收入環比增長13%-15%,對應21.5-21.9億美元,中值較市場預期的18.7億美元高逾16%,毛利率指引18%-20%,中值較市場預期的12.08%高約7pct。強勁業績系本土化需求加速,產能利用率提升疊加ASP升價所致。公司指引24年全年營業收入增速將超過行業平均值,下半年收入規模有望超過上半年。下游需求復甦,該行看好後續產能利用率改善、晶圓ASP升價,維持中芯國際港股/A股“買入”評級。

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