富瑞发表研报指，中芯(00981.HK) 2024财年第四季营收按季及按年分别增长32%及2%，与该行、市场预期及业务指引基本一致；毛利率按季及按年分别上涨6.2及2.2个百分点，与该行预测一致，但高于市场预期及业务指引。
中芯管理层预计，2025财年首季营收将按季升6%至8%，较预期高9%；毛利率将介乎19%至21%，亦较预期高2.2个百分点。另外，管理层也预计2025财年资本开支将会持平，同样高于市场预期，但该行不认为这对中国2025年半导体前端制造设备(WFE)的资本开支属积极信号。
富瑞表示，相信中国政府将集中全国的半导体制造设备(SPE)资源，并专注于帮助中芯扩展高阶节点(N+2和N+3)。该行保守估计，未来两年内中芯的先进节点产能将从15kwpm提升至25kwpm，推动该公司营收及利润录得高于预期的增长。
另外，富瑞将中芯2026财年收入及净利润预测，分别上调 2%及14%，以反映高阶节点容量的稳定提升。该行将中芯H股目标价由27元大幅上调至62元，评级由“持有”上调至“买入”。(js/u)
(港股报价延迟最少十五分钟。沽空资料截至 2025-02-12 16:25。)
相关内容《大行》中银国际降中芯(00981.HK)评级至“持有” 升目标价至50.4元
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.