中芯国际2025年三季度业绩点评:25Q3业绩全面超预期 强劲需求驱动2026年扩产有望加速

光大证券
Nov 16

事件: 3Q25 业绩全面超预期。3Q25 收入23.82 亿美元, YoY+9.7%,QoQ+7.8%,超过公司QoQ+5%~+7%指引区间上限、和市场预期(23.47亿美元)。其中晶圆出货量环比提升4.6%;晶圆ASP环比增长3.8%,系产品组合改善、更先进制程产品出货增加。3Q25 毛利率22%, YoY+1.5pct ,QoQ+1.6pct,超过公司18%~20%指引区间的上限,超过...

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