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研報掘金丨國信證券:維持中芯國際“優於大市”評級,2025年收入增速高於可比同業均值
格隆匯 02-17 14:34

國信證券研報指出,得益於汽車等產業向國產鏈轉移,及消費政策帶動的消費電子、手機等客戶補單、急單,中芯國際(0981.HK)預計1Q25營收環比增長6%-8%,毛利率爲19%-21%;2025年收入增速高於可比同業均值。4Q24資本開支爲16.60億美元(YoY -29.1%,QoQ +40.8%),2024全年資本開支爲73.3億美元,預計2025年資本開支與2024年大致持平。四季度晶圓營收按應用分類,除電腦與平板同比減少18.3%外,消費電子、工業與汽車、互聯與可穿戴、智能手機均同比增長,增速分別爲130.9%、41.3%、23.5%、4.9%。按地區來看,四季度收入中來自中國的佔比爲89.1%,同環比均有所提高。看好國內晶圓代工龍頭中長期發展前景,維持“優於大市”評級。

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