国信证券:受益于国产化替代 维持中芯国际(0981.HK)“买入”评级
国信证券发布称,中芯国际(00981.HK)2019年Q3营收8.16亿元,环比增3.2%,高于指引2%。公司营收增长的同时,Q3毛利率上升至20.8%,收入和毛利率双升,说明公司业务强劲,不是通过降价来提升收入。Q3产能利用率提升至97%,远高于Q2的91.1%。符合该行2019年11月8日发布报告的预判:因为半导体代工国产化趋势越来越明显,中芯国际作为大陆半导体代工龙头将明显受益。
该行称,2019Q3中芯国际的来自内地和香港的收入占比提升至60.5%,符合之前的预判,公司的产能和工艺技术能够承接上游芯片设计公司的代工订单转移。公司第四季度来自内地和香港的收入占比将继续提升。
该行表示,内地半导体产业要崛起,从设计到代工、封测都要自主化,大陆芯片设计公司正在将代工转向国内,公司作为内地代工厂龙头明显受益。预计2019~2021年收入分别为31.32亿美元/36.04亿美元/40.59亿美元,增速分别为-6.8%/15.1%/12.6%,2019~2021年利润分别为 1.39亿美元/1.84 亿美元/2.26 亿美元,增速3.9%/32.8%/22.5%。综合考虑,维持其业绩与此与“买入”评级。

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