点击注册小程序 查看完整报告 特别申明： 放，晶圆出货量提升将持续驱动公司营收增长。公司表述华力微收购进展顺利，预计26M8前完成交易，2026 年接管运营。 4Q25营收指引相对平淡 公司指引4Q25营收6.5–6.6亿美元，中值对应YoY+21.5%、QoQ+3.1%，低于6.62亿美元的市场预期；指引毛利 率12%–14%，中值YoY+1.6pct、QoQ-0.5pct，高于11.3%的市场预期。我们判断：1）2026年营收保持较快增 长，因下游半导体需求提升，"local for local"承接海外IDM厂商订单，保障未来稼动率；叠加Fab 9产能有望超 预期释放，26年晶圆出货预计维持较快增长。2）未来盈利水平持续提升。25Q3 ASP涨价已开启，我们预计未 来价格保持稳健提价，尽管Fab 9折旧压力提升，但涨价效应和产能规模效应有望对冲，叠加公司积极成本管 控，盈利能力恢复。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权 ...

Core Viewpoint - The company is implementing a "Local for Local" strategy in its overseas production bases, focusing on building localized production capabilities and service systems [1] Group 1: Localization Strategy - The company leverages a global supply chain system to achieve flexible allocation, balancing domestic advantages with local procurement needs [1] - The overseas factories have strong local delivery capabilities, allowing for quick responses to local market demands [1] - Localized operations enable the company to provide products and services that better meet regional customer needs, facilitating a shift from manufacturing overseas to market expansion [1] Group 2: Global Production Base - The layout of global production bases effectively addresses changes in the international trade environment [1] - Multi-regional capacity layout helps mitigate the impact of tariff policies [1] - This strategy supports the company's competitiveness amid the restructuring of global industrial chains [1]