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研報掘金丨天風證券:維持中芯國際“買入”評級,目標價133.59元
格隆匯 02-10 14:56
天風證券日前研報指出,中芯國際(688981.SH)將於2025年2月11日盤後發佈4Q24業績,於2月12日上午召開業績會,此前公司在3Q24財報中指引4Q24營收環比0%至+2%,毛利率預計介於18%至20%之間。預計旺盛的AI需求將讓公司經營表現好於市場預期,同時在1Q25抵消掉一部分淡季效應。認為外部地緣政治對半導體供應鏈帶來了較大的不確定性,本地使用本地生產預計能降低供應鏈風險,預計未來IC設計公司轉單回大陸大勢所趨,中芯國際作為本土代工龍頭有望受益於此趨勢,進而帶來超出市場預期的經營表現。維持中芯國際A股2025年目標價133.59元,維持“買入”評級。
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