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國信證券:受益於國產化替代 維持中芯國際(0981.HK)“買入”評級
格隆匯 11-13 14:07

國信證券發佈稱,中芯國際(00981.HK)2019年Q3營收8.16億元,環比增3.2%,高於指引2%。公司營收增長的同時,Q3毛利率上升至20.8%,收入和毛利率雙升,説明公司業務強勁,不是通過降價來提升收入。Q3產能利用率提升至97%,遠高於Q2的91.1%。符合該行2019年11月8日發佈報告的預判:因為半導體代工國產化趨勢越來越明顯,中芯國際作為大陸半導體代工龍頭將明顯受益。

該行稱,2019Q3中芯國際的來自內地和香港的收入佔比提升至60.5%,符合之前的預判,公司的產能和工藝技術能夠承接上游芯片設計公司的代工訂單轉移。公司第四季度來自內地和香港的收入佔比將繼續提升。

該行表示,內地半導體產業要崛起,從設計到代工、封測都要自主化,大陸芯片設計公司正在將代工轉向國內,公司作為內地代工廠龍頭明顯受益。預計2019~2021年收入分別為31.32億美元/36.04億美元/40.59億美元,增速分別為-6.8%/15.1%/12.6%,2019~2021年利潤分別為 1.39億美元/1.84 億美元/2.26 億美元,增速3.9%/32.8%/22.5%。綜合考慮,維持其業績與此與“買入”評級。

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