中芯国际 4Q25收入环比增长4.5%，超越此前指引上限。产能利用率维持在95.7%的高位。毛利率为19.2%，符合此前指引的18%-20%，环比有所回落主要是受折旧增加影响。公司指引1Q26收入环比持平，毛利率18%-20%，指引2026年全年收入增幅“高于同业平均值”，预计资本开支与2025年(81亿美元)大致持平。从业绩会中，我们观察到：1)2026年，AI相关需求外溢或将导致成熟工艺供需...
Source Link中芯国际 4Q25收入环比增长4.5%，超越此前指引上限。产能利用率维持在95.7%的高位。毛利率为19.2%，符合此前指引的18%-20%，环比有所回落主要是受折旧增加影响。公司指引1Q26收入环比持平，毛利率18%-20%，指引2026年全年收入增幅“高于同业平均值”，预计资本开支与2025年(81亿美元)大致持平。从业绩会中，我们观察到：1)2026年，AI相关需求外溢或将导致成熟工艺供需...
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