中芯國際 (00981. HK) 3Q24業績整體優於前期指引, 產品結構進一步優化 February 12, 2025 79

PSR Recommendation: NEUTRAL Status: Downgraded
Target Price: HKD44.80

公司簡介
中芯國際是世界領先的積體電路晶圓代工企業之一,也是中國大陸積體電路製造業領導者,擁有領先的工藝製造能力、產能優勢、服務配套,向全球客戶提供8英寸和12英寸晶圓代工與技術服務。中芯國際總部位於中國上海,擁有全球化的製造和服務基地,在上海、北京、天津、深圳建有多座8英寸和12英寸晶圓廠。
3Q24業績整體優於前期指引
公司三季度收入環比上升 14%至22 億美元,首次站上單季 20 億美元臺階,創歷史新高,主要由於12 英寸產能釋放促進產品結構進一步優化,同時伴隨本土化需求加速提升,平均銷售單價上升。公司整體產能利用率提升至90.4%,環比增長5.2%,有效攤薄單位折舊成本。毛利率提升至20.5%,環比增長6.6個百分點。公司三季度淨利潤達1.49 億美元,同比增長58.3%,環比下降9.6%。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25.0%、16.0%、43.0%、8.0%和8.0%。消費類市場的需求逐步恢復,消費產品功能升級落地,出口保有良好需求。分客戶地區來看,公司部分海外客戶三季度收入占比環比下降6.0%,主要由於二季度進行了一定程度的拉貨,中國區營收環比增長6.0%,主要由於中國客戶在本土化需求加速及出口需求整體良好的情況下,逐步進入中高端產品市場。
4Q24業績展望
公司指引四季度收入環比持平到增長2%,毛利率介於18%至20%之間。考慮到四季度是傳統淡季,預計四季度整體產能利用率和出貨有所下降。管理層表示通過產品組合優化來提升平均銷售單價,從而保障四季度收入不受影響,使得環比持平到略有增長,毛利率也相對平穩。公司預計四季度將再釋放約3萬片12英寸月產能,但新增產能驗證需要時間。
智慧手機和消費電子政策利好推動產能快速修復
根據Canalys資料,2024年第四季度全球智慧手機出貨量達3.3億台,按年增3.0%。受供需兩端恢復的推動,Canalys預計2024年全球智慧手機出貨量將復蘇3.0%至12億台。受到智慧手機終端銷量的增長和手機廠商補貨意願的上升的影響,存儲晶片與記憶晶片單價可能上行。同時,國家一系列促進智慧手機消費政策出臺。2025年1月,國家發展改革表示將實施手機等數碼產品購新補貼,對個人消費者購買手機、平板、智慧手錶手環等3類數碼產品給予補貼。消費電子方面,2024年3月,國務院下發促進消費品以舊換新的《推動大規模設備更新和消費品以舊換新行動方案》,對購買綠色智慧家電給予補貼。

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About the author

Profile photo of Megan Tao

Megan Tao
Analyst
Research

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.

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