美满电子:ASIC核心受益标的 首次覆盖给予“买入”评级

华兴证券
05 Jun

基于CoWoS 产能供给数量,我们预计2025-27 年ASIC 行业对应的CoWoS 需求增速高于GPU 对应的CoWoS 需求增速。我们预计美满电子2025-28 财年净利润CAGR 为43%,高于市场预期(41%)。首次覆盖,给予“买入”评级,目标价为110.42 美元(对应2027-28 财年平均P/E的27.0 倍)。2025-27 年基于CoWoS 的需求分析显示ASIC 比GPU ...

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