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研報掘金丨中郵證券:中芯國際產能利用率穩健,維持“買入”評級
中郵證券研報指出,產能利用率穩健,中芯國際工業與汽車收入額環比增長超兩成。工廠生產性波動影響延續至Q2,預計Q2銷售收入環比下降4%到6%,毛利率在18%到20%之間。公司預計到年底,在國際市場的營業額會在去年的基礎上進一步增長。公司預計保持大概每年5萬片12英寸上下的月產能擴充速度,對應公司一年投資大概75億美元里面八成用來買設備,其他用來買地、蓋房子、建立基礎設施等。當前股價對應2025-2027年PB分別爲4.31倍、4.15倍、3.96倍,維持“買入”評級。
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