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研報掘金丨國泰君安:興森科技未來業績彈性充足,首予“增持”評級
格隆匯 03-18 17:17
國泰君安研報指出,AI算力基建爆發帶動ABF載板量價齊升,國產替代需求激增。興森科技(002436.SZ)佈局ABF載板多年,進展加速突破,未來業績彈性充足。綜合考慮PB和PS的相對估值結果,給予其目標價20.59元,首次覆蓋給予“增持”評級。興森科技積極配套國內大客户高端芯片的國產化訴求, ABF載板預計2025年小批量訂單逐步上量。其產品良率穩步提升,低層板良率突破95%、高層板良率穩定在85%以上,公司已具備20層及以下產品的量產能力,最小線寬線距達9/12um,最大產品尺寸為120*120mm,20層以上產品良率加速突破。其ABF載板已完成驗廠客户數達到兩位數,加速拓展國內新客户,並持續攻堅海外大客户,爭取持續的審廠、打樣和量產機會,努力把握海外客户供應鏈本土化的機會,未來業績彈性充足。
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