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研報掘金丨國信證券:維持中芯國際“優於大市”評級,看好國內晶圓代工龍頭中長期發展前景

國信證券研報指出,中芯國際(0981.HK)1Q25營收創季度新高,預計2Q25營收環比下降。一方面由於公司廠務在年度維修時出現突發情況,影響了產品的工藝精度和成品率問題,另一方面公司一季度新進設備較多,在設備驗證過程中,發現設備性能和工藝表現需要改進,導致產品良率波動。公司看到各行業,包括工業與汽車領域觸底反彈的積極信號,產業鏈在地化轉換繼續走強,更多晶圓代工需求迴流本土。按地區來看,一季度收入中來自中國的佔比爲84.3%,來自美國區的佔比爲12.6%,來自歐亞區的佔比爲3.1%。看好國內晶圓代工龍頭中長期發展前景,維持“優於大市”評級。

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