野村发表研究报告指，中芯国际(00981.HK) 受生产干扰影响，首季收入按季增2%，低于公司指引。管理层预计设备调整的影响将持续至第二季，并料期内收入将按季下滑4至6%。该行估计，这个过渡性因素或在首季令12吋晶圆的均价摊薄10%，又料次季的均价按季跌6%，并将在下半年回升。
该行上调中芯国际2025及26财年的净利润预测分别15%和9%，以反映晶圆工厂利用率上升及更有利的定价。该行大幅上调中芯估值基础，由原先预测今年市账率0.9倍，升至预测明年市账率2倍，大升集团H股目标价131%，由18.4元调升至42.5元，以反映国产芯片需求上升及利润管理优于预期。另外，由于折旧费用或在未来数年阻碍集团基本面显著改善，因此续予其H股“中性”评级。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-09 16:25。)
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