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研報掘金丨天風證券:首予華虹公司“買入”評級,目標價76.88元
天風證券研報指出,目前華虹公司已發展爲全球領先的特色工藝純晶圓代工企業。基於以下三點看好華虹公司的長期發展:看好新一輪漲價週期對公司盈利水平的帶動;看好9廠擴產提供的成長性;看好收購華力微對綜合競爭力的提升。華虹公司作爲重資產科技公司,盈利水平受折舊影響較大,短期利潤不能充分反映公司價值,公司更適合採用PB估值,同時考慮盈利水平週期波動以及新廠擴建對遠期盈利規模的帶動。預計公司25/26/27年營收達到172/204/244億元,歸母淨利潤達到8.01/12.86/19.85億元,選取晶圓代工企業中芯國際/華潤微/芯聯集成作爲對標公司,2025年平均pb爲3.19,考慮到華虹公司作爲大陸特色工藝晶圓代工龍頭的技術領先性,保守給華虹公司A股2025年3.0xPB估值,對應目標價76.88元,首次覆蓋給予“買入”評級。
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