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擬收購控股子公司49%股權,中芯國際今日復牌!
格隆匯 09-09 01:44

9月8日晚間,中芯國際公告稱,公司擬向國家集成電路產業投資基金等發行股份購買中芯北方49%的股權。

發行價格定爲74.20元/股,這一價格較中芯國際停牌前最後一個交易日(8月29日)收盤價114.76元折讓約35%。公司股票自2025年9月1日停牌,預計停牌時間不超過10個交易日,並於9月9日起復牌。

交易完成後,中芯國際對中芯北方的持股比例將從51%提升至100%,實現全資控股。

收購優質資產盈利增厚可期

中芯國際是中國半導體產業的標誌性企業,主要從事集成電路晶圓代工業務,覆蓋邏輯電路、存儲器、射頻等多個領域。

截至2025年上半年,中芯國際的產能已位居全球前五,僅次於臺積電(TSMC)、三星等巨頭。儘管受美國出口管制影響,中芯國際在先進製程(如7nm以下)上進展受限,但其在成熟製程(28nm及以上)領域的積累深厚,服務於消費電子、汽車、物聯網等下遊市場。

中芯北方作爲中芯國際的控股子公司,主要專注於12英寸晶圓代工及配套服務。其核心工藝平臺包括28nm、40nm等成熟節點,2024年實現營收129.79億元,淨利潤16.82億元,表現出色。

根據中芯國際2025年上半年財報,公司實現營業收入323.5億元人民幣,同比增長約22%;毛利率達21.4%,較去年同期提升7.6個百分點。 

中芯北方在上半年的貢獻顯著,其與另一子公司中芯南方共同支撐了公司產能利用率的提升,二季度整體產能利用率達92.5%,環比增長2.9%。

收購完成後,中芯北方全部利潤將併入上市公司報表,預計將顯著增厚母公司淨利潤。

收購雖導致股權稀釋,但分析師看好其對盈利的正面影響。民生證券預計公司2025/2026/2027年營業收入分別爲699.33/825.21/963.84億元,歸母淨利潤分別爲53.31/67.09/83.91億元,對應當前股價PE分別爲172/137/109倍。考慮到公司產品在晶圓代工領域具備較強競爭力,長期成長邏輯明確,維持“推薦”評級。

助力國產半導體騰飛

回顧來看看,中芯國際的擴張路徑深受國家政策支持。

自2014年國家大基金成立以來,中芯國際多次獲得注資,推動其從14nm製程突破到更先進的節點。2025年,隨着全球芯片需求回暖,中芯國際的這一併購被視爲鞏固本土生態的戰略一環。

值得注意的是,此次併購並非孤立事件。

就在幾天前,華虹半導體也宣佈擬發行股份及支付現金收購上海華力微97.5%股權,聚焦28nm工藝平臺。這反映出中國半導體企業正通過併購加速產能整合,應對全球供應鏈重構。

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