金吾财讯 | 华通证券国际研报指出，在2025年第三季度，中芯国际(00981)的财务表现呈现出整体上升的局面。尽管公司营收达到2381.82百万美元，实现了9.7%的同比增长，净利润也有一定的增长。本季度归母净利润为191.76百万美元，同比上升了28.87%，环比大幅增长了44.74%。与此同时，毛利率为22%，超出管理层给出18-20%指引上限；产能利用率上升至95.8%，环比增长3%。中芯国际三季度来自手机市场的收入同比下滑5.3%；平板与PC收入同比增长1.7%，增速较此前2个季度明显回落；消费电子收入同比增长11.8%，增速同样大幅回落；互联与可穿戴收入同比增长7%，增速回正，较此前明显回暖，但营收占比只有8%；汽车与工业营收同比增长65%，是支撑中芯国际营收增长的主要动力。该机构表示，预计2025年全年营业收入9234.41百万美元，增长15.00%，经营利润率5.02%。25-27年对应PE倍数分别为100.41、72.77、55.89倍。给予持有评级。
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