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華虹(01347.HK)中芯(00981.HK)高開5%至6% 據報阿里(09988.HK)正開發新晶片
中芯國際(00981.HK)今日高開6.67%,報64.75元,市前成交369.21萬股,涉資2.39億元。 華虹半導體(01347.HK)今日高開5.02%,報56.5元,市前成交120.5萬股,涉資6,807.23萬元。 花旗發表報告指,根據《華爾街日報》(8月29日)報道,阿里巴巴在半導體戰略上邁出重要一步,正開發新型AI晶片以應對Nvidia(NVDA.US)在中國出貨受限後的市場缺口。阿里巴巴先前與台積電(TSM.US)合作生產AI晶片,但受美國政府禁令影響,晶片製造已轉回中國,外界推測目前該晶片很可能正由中芯國際進行製造與測試。 儘管中芯國際受限無法向艾司摩爾(ASML.US)採購EUV設備,花旗評估其現有庫存設備(包含1980Fi及1980Di型號)已具備足夠能力。隨著良率逐步提升,預期其7奈米產能將可達到每月5萬片晶圓(50kwpm)或更高,足以供應超過500萬顆AI晶片的國內需求。然而,由於先進製程產能不僅需滿足AI/高效能運算需求,還需支援國內5G系統單晶片(SoC),且高端封裝技術(如HBM)同樣受技術限制,中芯國際與其合作夥伴仍需在完全自主的生態系中找出具競爭力的AI硬體解決方案發展路徑。 中芯國際指引展望第三季營收季增5%至7%,毛利率區間為18%至20%。管理層同時預期產能利用率將維持於92-93%的高檔水準。在「中國製造為中國市場」的趨勢下,管理層看好國內智慧手機晶片(含CIS影像感測器、網通及類比IC)需求正向發展。花旗認為近期中國本土AI晶片發展(如寒武紀、沐曦)可能成為中芯國際的潛在催化劑。儘管AI基礎建設與生成式AI大型語言模型(LLM)呈現指數型成長,中國本土AI晶片與全球競爭對手的性能差距仍有待觀察。維持對中芯國際的「中性」評級。目標價53元。
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