智通财经APP获悉，摩根大通发布研报称，中芯国际(00981)股价在第三季显著上升，因公司作为内地领先的晶圆代工生产增长指标，支持AI芯片国产化生产。不过，该行认为需要见到实际盈利数据，才能支持估值持续溢价，而在未来6至12个月内实现的可能性较低。该行维持谨慎看法，续予“减持”评级，将2026及27年每股盈利预测分别上调8%及42%，目标价由36港元上调至57港元。
该行指，即使先进制程产品需求强劲，加上产能利用率接近饱和，公司的毛利率仍维持在低20%水平，并预期未来几年毛利率难以显著提升，因折旧成本快速上升。此外，该行留意到先进制程节点的良率仍然偏低，即使相关产品的占比持续提升，但整体平均售价仍然承压。
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