预计2025Q4 需求有保证，继续受益AI 国产替代，维持“买入”评级我们预计2025Q4 收入环比继续增长，对应2025 年收入同比增长15%，主要考虑到公司在手订单充足、产线突发事件的负面影响消退、以及公司技术工艺积极进展。考虑到公司新增产能对应折旧增加、压制毛利率，我们将2025-2026 年归母净利润预测由8.7/10.7 亿美金下修至5.6/9.2 亿美金，维持2027 年归母净利润预测...
Source Link预计2025Q4 需求有保证，继续受益AI 国产替代，维持“买入”评级我们预计2025Q4 收入环比继续增长，对应2025 年收入同比增长15%，主要考虑到公司在手订单充足、产线突发事件的负面影响消退、以及公司技术工艺积极进展。考虑到公司新增产能对应折旧增加、压制毛利率，我们将2025-2026 年归母净利润预测由8.7/10.7 亿美金下修至5.6/9.2 亿美金，维持2027 年归母净利润预测...
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