研報掘金丨東吳證券:維持晶盛機電“買入”評級,成功備案60萬片8英寸襯底產能
東吳證券研報指出,晶盛機電成功備案60萬片8英寸襯底產能,有望受益8英寸襯底產業化。此次備案的60萬片8英寸產能落地後,公司合計產能將達90萬片,其中65萬片爲8英寸產能,有望憑藉規模效應充分受益於8英寸碳化硅襯底產業化。目前國內掌握8英寸SiC襯底量產技術的廠家僅有天嶽先進、爍科晶體、天科合達、晶盛機電四家,許多原本具備6英寸生產能力的廠商已逐步掉隊;此次晶盛機電產能規劃後,8英寸產能全國最多,有望充分受益於8英寸碳化硅器件加速產業化。另外,晶盛材料&設備雙輪佈局,外延、離子注入、量檢測等產品線齊全。光伏設備是晶盛機電成長的第一曲線,第二曲線是光伏耗材和半導體耗材的放量,第三曲線是碳化硅材料和半導體設備的放量。維持公司2025-2027年歸母淨利潤爲20/22/27億元,對應股價PE爲17/16/13倍,維持“買入”評級。
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