FAB一季度财报回顾及二季度展望：自主可控和本地化制造回流持续短期波动不改长期趋势

上海申银万国证...2025-05-11

本期投资提示：本周中芯国际和华虹半导体发布2025 年一季度业绩和展望。中芯国际25Q1 营收低于指引区间，毛利率超指引区间；华虹半导体25Q1 营收和毛利率符合指引，两家中国大陆晶圆厂恢复节奏略有不同。两大晶圆厂稼动率已接近满产或满产，ASP 淡季下滑。中芯国际25Q1 整体稼动率继续提升至89.6%，QoQ+4.1pct；晶圆交付量2292K，yoy+27.7%，QoQ+15.1%，ASP ...

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FAB一季度财报回顾及二季度展望：自主可控和本地化制造回流持续 短期波动不改长期趋势

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FAB一季度财报回顾及二季度展望：自主可控和本地化制造回流持续短期波动不改长期趋势