中芯国际存储器涨价对需求影响或相对可控,维持买入

交银国际
Feb 13

4Q25收入超之前指引:4Q25收入24.89亿美元,环比+4.5%,高于之前指引上限(+2%),管理层提到晶圆销量和ASP同时环比微增。毛利率19.2%,环比-2.8ppts,符合指引(18%-20%之间)和我们的预期。产能利用率95.7%(环比-0.1ppts),管理层称8英寸产线超过满产,12英寸则接近满产。管理层指引1Q26收入环比持平,略低于市场一致预期的环比略增(VA一致预期:25.4...

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