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研報掘金丨華源證券:首予晶方科技“買入”評級,車載CIS需求擴張帶來增長新動能
格隆匯 07-15 15:01

華源證券研報指出,晶方科技為特色OSAT廠商,專注圖像傳感器封裝業務,2024年業績重回增長軌道。鑑於公司汽車產線儲備完備,可隨下游市場需求動態調整產能,車載CIS市場規模的增長預計帶來公司晶圓級封裝的產銷齊升。公司通過外延併購佈局光學器件和第三代半導體領域,充分發揮與主業的協同效應。兩次併購均圍繞公司主業延伸,尤其在汽車電子領域有望發揮較大的協同作用,進一步強化公司技術壁壘。選取長電科技、通富微電、華天科技作為可比公司,鑑於近十年公司毛利率顯著高於同業,且為WLCSP先進封裝領先企業,在傳感器細分領域具有規模優勢、封裝工藝迭代的同時通過外延併購拓展光學器件和氮化鎵器件業務,預計將受益封裝應用升級和車載CIS市場擴容,首次覆蓋,給予“買入”評級。

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