智通财经APP获悉，摩根大通发布研究报告称，中芯国际(00981)目前估值处历史高位。该行认为，这样的估值不太可能持续。下调评级，由“中性”降至“减持”，目标价则由24港元升至32港元。
报告中称，中芯国际的盈利能力和增长仍在挣扎。首季的盈利上升受美国加征关税前的补贴和零部件预制所带来的前期需求，而这种趋势应在2025年下半年逆转。再加上持续的价格压力以及资本支出和折旧上升，或将导致集团利润率持续低迷。
摩通认为，随着前期建设动力减弱，2025年第2季的连续增长动力可能有所放缓。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投产，定价可能会变得更为艰难，使毛利率保持在20%以下的水平。摩通表示，对中芯国际保持谨慎态度，并认为因其高于预期的资本支出和强劲的盈利势头，中国半导体设备供应商是实现中国半导体本地化战略的更好选择。
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