研報掘金|國泰君安:上調中芯國際目標價至140港元 維持“增持”評級
國泰君安發表報告指,中芯國際上季產品結構優化、毛利率持續提升,公司積極擴產,持續進行資本投入。參考上季業績快報,考慮折舊影響,略微下調2024至2026年每股盈利預測。公司具有先進製程產線稀缺性,受益於產線持續擴張、自主可控催化。由於晶圓代工是重資產行業,資本開支具有前置性,會逐步體現在產能和營收增長上,該行將其目標價由136.8港元升至140港元,維持“增持”評級。報告指,中芯指引今年資本開支與上年大致持平,超出市場預期,有望帶動設備需求。該行預計今年公司的AI需求將繼續保持高速增長,而非AI的需求也預計持平或溫和增長,其中,汽車產業國產化有望加速,消費電子受益於國補政策,客戶拉貨意願較高。
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