大行评级|大和:首予英诺赛科“买入”评级,看好数据中心推动氮化镓需求

格隆汇
Aug 14
大和发表研报,首次给予英诺赛科“买入”评级,目标价55港元,对应2030年预测市盈率约21倍。该行认为,随着人工智能数据中心机架功率密度由目前约150kW水平,于明年起逐步迈向1MW水平,现有400V交流电配电架构将达物理极限,预测行业将于明年下半年起转至800V直流电架构,届时氮化镓功率器件需求将提升。 大和预测2027至2030年期间800V AI数据中心将带来5.4亿至45亿美元的氮化镓功率器件需求,而英诺赛科作为全球最大氮化镓功率器件供应商,2025年市占率约30%,有一定产品竞争优势。大和预测英诺赛科2025至2030年收入年均复合增长率将达到58%,受惠800V人工智能数据中心建设,净利润率由2026年负24%扩张至2029至2030年的17%至24%,纯利则预期由2027年的1.32亿元增长至2030年的28.26亿元,复合增长率达178%。

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