金吾财讯 | 摩根大通发表研究报告指，受惠于今年第一季前景看好推动，中芯国际(00981)近期股价上涨，目前其估值与2020年中A股IPO时持平，但认为这种估值不太可能持续，因为增长动能可能仍将保持相当低迷。该行指，2025年第一季的部分上行空间是由于补贴和美国关税生效前零部件预制带来的前期需求，而这种趋势应会在2025年下半年逆转，随着前期建设势头的减弱，从2025年第2季开始，连续增长动能可能有所减弱。同时，一旦中芯国际及其中国晶圆代工竞争对手的更多产能上线，定价可能会变得更加困难，从而使毛利率保持在20%以下的水平，该行对中芯国际保持谨慎。该行将其目标价由24港元上调至32港元，但将评级由“中性”降至“减持”。
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