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研報掘金丨東莞證券:首予中芯國際“買入”評級,Q3指引較為積極

東莞證券研報指出,半導體產業鏈景氣回暖帶動中芯國際(688981.SH)上半年營收同比增長,折舊費用增加影響報吿期盈利水平,首次覆蓋給予“買入”評級。上半年,全球半導體產業整體呈現復甦跡象,產業鏈回暖趨勢基本確立,晶圓代工作為產業鏈前端的關鍵行業迎來一定的需求反彈,帶動公司24H1營收實現同比增長,24Q2營收實現同比、環比增長。盈利能力方面,報吿期內公司12英寸產能建設加速,逆勢擴產導致折舊費用同比增加,疊加報吿期內晶圓代工價格降低影響了企業的盈利能力,導致公司盈利能力承壓。據公司此前港股發佈的24Q2未經審核業績公吿,公司對24Q3收入指引為環比增長13%至15%,毛利率介於18%到20%範圍內,指引較為積極。展望下半年,公司有望受益於消費電子、智能手機平台的持續復甦,地緣政治影響帶來的本土化需求加速,以及12英寸產能持續擴產帶來的產品附加值提升,經營業績有望實現逐步復甦,長期發展動能充沛。

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