大行评级｜摩根大通：维持中芯国际“减持”评级产量降低或令毛利持续受压

格隆汇2025-08-12

摩根大通发表研究报告指，正在调整对中芯国际的预测，以考虑到公司因去库存而导致的第四财季增长放缓，以及由于折旧成本上升和缺乏均价上升的压力，虽然高端晶圆比例上升，但产量降低令毛利持续受压。摩通续予中芯国际“减持”评级，目标价为36港元。该行相信，由于公司将继续扩大28纳米及以下晶圆产能，其未来2至3年的资本开支或仍保持高位，估计达70亿至75亿美元。该行预计，公司于第四季去库存和CIS领域的竞争加剧...

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大行评级｜摩根大通：维持中芯国际“减持”评级 产量降低或令毛利持续受压

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大行评级｜摩根大通：维持中芯国际“减持”评级产量降低或令毛利持续受压