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研報掘金丨東方證券:首予盛美上海“買入”評級,目標價136.08元
格隆匯 07-03 15:51
東方證券研報指出,盛美上海為國內半導體清洗和電鍍設備龍頭,業績增長穩定。公司持續以差異化技術創新為驅動,以全球化佈局為支撐,堅定推進長期發展戰略,業務佈局和營收規模持續擴張,公司預計2025 年營收將在65億至71億之間,即同比增長約16%到26%之間。隨着晶圓產能的轉移,SEMI預計到2026年,中國300毫米晶圓產能將佔到全球26%的比重;中國半導體產業自主率預計2027年達26.6%。此外,公司陸續研發推出了高温單片SPM設備、單片槽式組合清洗設備等,力求未來清洗工藝覆蓋超過95%以上工藝應用。公司平台化佈局逐步成型,六大系列產品線打開新天花板。根據可比公司25年42 倍PE,對應目標價為136.08元,首次覆蓋給予“買入”評級。
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