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研報掘金丨國泰君安:維持華峯測控“增持” 評級,上調目標價至167.4元
格隆匯 02-25 16:55

國泰君安研報指出,數字測試機是AI算力芯片鏟子股,國內CPU/GPU廠商基本進入實體清單,需要擁有國產測試產業鏈。華峯測控(688200.SH)8600測試機成長確定性較強,深度受益AI芯片的放量。考慮到模擬業務 localfor local,海外模擬大廠在中國擴產,上調24-26年EPS 為2.65/3.72/4.80元(原數值24-26年為2.38/3.11/3.91元)。國內CSP廠商大幅提升資本開支,帶動國內GPU芯片放量,測試機作為AI芯片鏟子股,深度受益。測試設備2025年行業平均估值為38倍PE,考慮到公司8600的GPU測試機有望率先放量,給予一定溢價,給予公司2025年45倍PE,維持“增持” 評級,上調目標價為167.4元。

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