金吾财讯 | 8月12日半导体材料企业Entegris（ENTG）获得机构评级上调，德意志银行将该公司股票评级从“中性”提升至“买入”，核心逻辑指向芯片设备资本开支新一轮周期即将开启，消息带动该股盘前交易阶段上涨3.3％，市场对半导体上游材料板块关注度随之提升。分析师Melissa Weathers 在研报当中指出，即将到来的WFE周期，有望带动资本开支相关收入大幅突破历史前期高点，背后来源于大量新建、造价更高的晶圆厂持续落地扩产。耗材业务层面，半导体全行业周期复苏叠加先进节点资本支出的高速增长，可以对冲消费电子板块景气走弱带来的负面影响。在行业销量逐步改善的背景下，周期向上的环境会给企业利润率带来高于常规水平的弹性。本次调整之后，机构给出200美元的目标价。机构同时提到，行业周期带来的红利之外，公司管理层过去数个季度落地的内部经营举措，同样会放大利润率端的改善空间。11月即将举办的分析师日，也被视作重要事件催化剂，有望帮助市场重新评估企业长期盈利水平。后续市场将持续跟踪全球晶圆厂资本开支落地节奏，验证上游材料企业的收入与利润兑现情况。
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