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中芯國際(0981.HK)Q3淨利增10倍,能上車麼?
格隆匯 11-13 21:05

半導體行業具有很強的週期性,分析個股一般需要同時看半導體大週期和季度環比數據,同比數據的意義相對較少。

港股週二盤後,中芯國際(0981.HK)公佈其2019Q3業績:營收8.16億美元,環比增加3.2%。中芯國際營收2019Q觸底,隨後連續兩個季度環比增長,預期Q4營收繼續2%-4%增長,疊加明年電子行業的景氣預期,底部週期反轉要開始了嗎?

公司Q3淨利潤暴增至1.15億,這一期非經營收入貢獻了4100萬美金,實際扣除之後利潤為7000萬,相比Q2還是也還是增長不少。Q3毛利率為 20.8%,環比增長1.7pct。

“半週期+半成長”  VS  “全週期”

中芯和華虹作為國內晶圓廠的代表,在過去幾年採取的策略並不相同,所以導致了其不同的股價趨勢。

其實從利潤走勢來看,中芯國際2016-2018年之間營收大幅增長,但利潤反而是逐季下跌,股價很早就見頂,而華虹則是一路高升,這是為何?

更詳細的深度分析,請點擊“閲讀原文”開通格隆匯會員,看格隆匯首席分析師剖析《中芯國際(0981.HK)Q3淨利增10倍,能上車麼?》。

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