研報掘金丨華源證券:首予華潤微“增持”評級,行業或逐步企穩回暖
華源證券研報指出,華潤微擁有芯片設計、掩模製造、晶圓製造、封裝測試等全產業鏈,公司主營業務分爲產品與方案、製造與服務兩大業務板塊,主要採用IDM模式經營。其中,產品與方案業務聚焦於功率半導體、智能傳感器與智能控制等領域,製造與服務業務系對外提供規模化掩模製造、晶圓製造與封裝測試。2024Q1開始,功率半導體去庫存階段基本結束,多數功率半導體公司的存貨週轉天數減少,毛利率見底後回升,行業或逐步企穩回暖。華潤微具備全產業鏈一體化運營能力,各產品線共同發力成長,有望受益於行業企穩回升,首次覆蓋,給予“增持”評級。
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