研報掘金丨華鑫證券:維持復旦微電“買入”評級,新一代FPGA產品穩步推進
華鑫證券研報指出,復旦微電(688385.SH)是國內FPGA領域技術較爲領先的公司之一,在FPGA領域形成了明顯的技術集羣優勢,構建了核心技術壁壘,夯實了競爭優勢,維持“買入”投資評級。前三季度,公司各產品線所面對的存量市場競爭激烈,爲鞏固和拓展市場份額,公司調整了部分產品的銷售價格,銷售量有所提升。受產品銷售價格下降和產品結構調整影響,前三季度公司的綜合毛利率下降,營業收入同比小幅減少。經過2023年的調整,2024年上半年由於終端及渠道庫存消化,存儲產品逐步回暖。公司存儲產品線受益於行業變化,銷量有較大增長,消費及工業級SPINAND、NOR產品線價格止跌回升。目前階段,存儲產品的價格比較穩定。此外,新一代FPGA產品完成樣片測試,已針對部分導入客戶小批量銷售,並同步開展良率提升工作,產品譜系化工作也正在推進。
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