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研報掘金丨華鑫證券:中芯國際稀缺性和重要性不言而喻,首予“買入”評級
格隆匯 12-30 15:21
華鑫證券研報指出,中芯國際(688981.SH)作為中國大陸集成電路製造業領導者和世界領先的集成電路晶圓代工企業之一,稀缺性和重要性不言而喻,首次覆蓋,給予“買入”投資評級。除集成電路晶圓代工外,公司亦致力於打造平台式的生態服務模式,為客户提供設計服務與IP支持、光掩模製造等一站式配套服務,並促進集成電路產業鏈的上下游協同,與產業鏈中各環節的合作伙伴一同為客户提供全方位的集成電路解決方案。根據公司三季報顯示,公司Q3收入環比+14%,達到21.7億美元,首次站上單季20億美元台階,創歷史新高。產能方面,公司新增2.1萬片12英寸月產能,促進產品結構進一步優化,平均銷售單價上升。整體產能利用率提升至90.4%,毛利率提升至20.5%。根據公司指引,公司四季度收入環比持平至增長2%,毛利率介於18%至20%之間。
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