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研報掘金丨華源證券:首予長電科技“增持”評級,前瞻性先進封裝佈局帶來成長性
格隆匯 05-28 15:56

華源證券研報指出,長電科技(600584.SH)為封測行業大陸龍頭,充分受益於行業景氣度復甦,前瞻性先進封裝佈局帶來成長性。一方面,先進封裝在封測板塊的重要性隨高性能計算的發展日益凸顯,公司坐擁海內外優質客户,先進封裝技術進入穩定量產,未來產能擴張有望進一步帶來成長性;另一方面,半導體週期復甦,根據美國半導體行業協會數據,全球半導體銷售額同比增速自2023年11月以來開始回正,公司在2025年Q1淡季仍實現營收93.35億元,同比增長36.44%,封測行業貼近下游,稼動率充分反應下游景氣度變化,我們認為下游需求的逐步復甦,或將帶來公司稼動率中樞的提升以及盈利能力的修復。鑑於公司在先進封裝的產能及客户佈局以及行業復甦下的增長預期,首次覆蓋,給予“增持”評級。

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