智通财经APP获悉，富瑞发布研究报告称，将中芯国际(00981)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港元大幅上调至62港元，评级由“持有”上调至“买入”。
中芯国际2024财年第四季营收按季及同比分别增长32%及2%，与该行、市场预期及业务指引基本一致;毛利率按季及同比分别上涨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。
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