研报掘金丨国泰海通:维持瑞芯微“增持”评级,上调目标价至182.91元

格隆汇
10 Jul

国泰海通证券研报指出,瑞芯微25H1业绩同比高增,受益于旗舰芯片持续放量,AIoT各产品线迎来全面增长。公司2025H1实现营业收入20.45亿元,同比+64%;实现归母净利润5.2-5.4亿元,同比+185-+195%;实现扣非归母净利润5.05-5.25亿元,同比+186-+197%,整体实现突破性增长。公司旗舰产品与次新品在汽车、工业控制、机器视觉及机器人等领域表现突出,推动各产品线高速增长。考虑到数字SoC中可比公司2025年平均估值为49倍PE,公司是国内为数不多进军8nm的玩家,给予一定估值溢价,给予其2025年67倍PE,上调目标价至182.91元,维持“增持”评级。

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