研報掘金丨中金:維持納芯微“跑贏行業”評級,上調目標價52.22%至182.77元
中金公司研報指出,納芯微(688052.SH)預計24年實現歸母淨利潤-4.03億元,同比下降0.98 億元。Q4實現歸母淨利潤0.04億元,同比增加0.58億元。認爲2024年業績改善主要由於公司汽車電子產品出貨量高增。受益於汽車智能化及國產化拉動,汽車整體需求及車規國產芯片需求有望持續提升,公司已切入主要汽車客戶,在拓展份額方面具備先發優勢。目前海外廠商的隔離產品價格亦已降至較低位置,公司有望受益於商務部啓動對美成熟製程芯片低價衝擊中國市場調查,毛利率有望改善。考慮到公司受費用、股權激勵等影響盈利參考性較弱,疊加公司成長性較強,切換至2025E P/S估值,上調目標價52.22%至182.77元,維持“跑贏行業”評級。
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