中芯国际25Q4营收超预期,保持高强度资本开支

申万宏源
Feb 24

事件:1)公司港股公告2025年四季报,实现营业收入24.89亿美元,YoY+12.8%,QoQ+4.5%,连续第六个季度超20亿美元,且高于指引(QoQ+0%-+2%);归母净利润1.73亿美元,YoY+60.7%,QoQ-9.9%;毛利率19.2%(QoQ-2.8pct),其表现在指引区间(18%-20%),主要因折旧增加。公司2025年合计实现93.27亿美元,YoY+16.2%,毛利率...

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