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研報掘金丨申萬宏源:中芯國際一季度指引積極,維持“買入”評級
格隆匯 03-28 15:21

申萬宏源研究指出,中芯國際(688981.SH)24年全年歸母淨利潤36.99億元,同比下滑23.3%;24Q4稼動率維持高位,ASP連續第二個季度大幅回升。根據港股公告,公司24Q4整體稼動率85.5%,相較24Q3 下降4.9pct,晶圓交付量1991.8K,QoQ-6.1%,YoY+18.9%,平均銷售單價因產品組合變動提升8.3%爲1108美元/片。 2024年公司出貨總量超過800萬片,年平均產能利用率爲85.6%。消費電子持續景氣,電腦與平板佔比提升。公司25Q1指引銷售收入23.4-23.8億美金,QoQ+6%~+8%;毛利率約19-21%之間,2025年銷售收入增速高於可比公司平均值。截止2024年底公司在建工程爲882.75億,2025年在持續高強度資本開支下先進工藝產能有望加速擴張,實現超過同業的營收增速增長。公司的先進製程溢價持續,維持“買入”評級。

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