
業績摘要
2025 年上半年,公司實現營業收入 45 億元(美元,下同),同比增加 22.0%;毛利
率為 21.4%,同比上升 7.6 個百分點;除稅前利潤 5.1 億元,同比增加 95.0%;歸母
淨利潤 3.2 億元,同比增加 35.6%。
2025 年第二季度,公司實現營業收入 22 億元,環比下降 1.7%,其中 ASP 環比下降
6.4%,而銷售片數環比增長了 4.3%至 239 萬片折合 8 英寸標準邏輯晶圓,主要由於
備貨補庫存。分應用領域來看,管理層表示智慧手機、電腦與平板、消費電子、互聯
與可穿戴、工業與汽車占比分別為 25%、15%、41%、8%和 11%,其中公司的汽車
電子產品出貨量持續穩步增長,主要收入貢獻來自於類比電源管理、圖像感測器、邏
輯嵌入式記憶體以及控制器等車規晶片,二季度整體環比增長 20%。8 英寸和 12 英
寸晶圓收入占比分別為 24%和 76%。8 英寸晶圓收入絕對值環比增長了 7%,產能利
用率優於同業。二季度公司毛利率為 20.4%,環比下降了 2.1 個百分點,主要由於生
產波動性、產品組合變化等因素帶來的平均銷售單價下降。產能利用率為 92.5%,環
比增長了 2.9 個百分點。其中 8 英寸、12 英寸產能利用率都得到了進一步的提升。截
止至二季度末,公司折合 8 英寸標準邏輯月產能增加至 99.1 萬片。除稅前利潤 1.6 億
元,環比下降 54.1%;歸母淨利潤 1.3 億元,環比下降 29.5%。
公司指引 2025 年三季度收入環比增長 5%-7%,預計出貨量和 ASP 均上升,體現公
司擴產同時,產品結構開始轉好。毛利率介於 18%至 20%之間,與二季度指引持平,
主要由於新產能帶來折舊上升影響,但產品結構改善增強盈利能力。受行業傳統淡季
影響,前三季度配合客戶提拉出貨已建立一定庫存,雖然客戶信心仍然強勁,但四季
度急單和提拉出貨節奏會相對變緩。管理層表示由於公司整體仍處於供不應求狀態,
出貨節奏減緩不會對產能利用率產生明顯影響。綜上,在外部環境無重大變化的前提
下,公司全年的目標依然是超過可比同業的平均值。
投資建議
基於中芯國際近期產能擴張放緩、管理層對 2H25E 展望及 3Q25E 收入趨於保守,我
們調整公司 25-27 年營業收入分別為 92/104/120 億美元,預計歸母淨利潤分別為
687/888/1133 百萬美元,對應 EPS 為 0.09/0.11/0.14 美元。整體而言,公司屬於晶
圓代工環節龍頭企業,我們認為公司的合理估值略高於一個標準差的歷史平均 NTM
市淨率,為 1.8 倍 2025 年預測 PB,對應每股目標價 87 港元,調整評級為“增
持”。
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.