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研報掘金丨華泰證券:維持通富微電“買入”評級,看好公司下游客户需求修復持續性
格隆匯 04-14 17:40
華泰證券研報指出,通富微電(002156.SZ)24年歸母淨利潤6.8億元,同比增長299.9%,低於我們此前預期的7.6億元,主因公司研發投入高於我們此前預期。公司4Q24收入68.0億元,同比增長6.9%,環比增長13.3%;歸母淨利潤1.3億元,同比下降46.3%,環比下降45.6%,Q4營收同環比增長主因行業需求逐步復甦以及產品結構優化,而Q4歸母淨利潤同環比下降主因大尺寸先進封裝與車載封裝等研發投入增長帶來的費率增加。看好公司下游客户需求修復持續性以及新產線持續落地,同時中高端收入佔比提升帶來的利潤率增長,維持“買入”評級。
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