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研報掘金丨東吳證券:維持晶盛機電“買入”評級,年產60萬片8寸襯底拉晶基地奠基

東吳證券研報指出,晶盛機電年產60萬片8寸襯底拉晶基地奠基,碳化硅襯底加速放量。該項目總佔地面積4萬平方米,計劃於今年正式動工,一期項目建成後8英寸碳化硅襯底預計可實現24萬片/年的高效產能。此次開工的項目,是繼浙江基地和馬來西亞檳城30萬片產能基地之後又一重要落子。目前國內掌握8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寸產能全國最多,有望充分受益於8寸碳化硅器件加速產業化。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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