中芯国际 自2020年7月16日上市至今，已迎来5周年。从上市首日收盘价为82.92元、市值5917.52亿元，到如今市值达到 7018.95亿元，中芯国际的成长不仅仅是中国 半导体 制造业的重要里程碑，更是国产 芯片产业 链自主可控的关键一环，但 从最近几年公司经营表现来看，盈利能力出现波动。 中芯国际的主营业务包括提供0.35微米至14纳米多种技术节点、不同工艺平台的 集成电路 晶圆代工及配套服务。其核心产 品主要分为集成电路晶圆制造代工和其他主营业务，从产品收入结构来看，集成电路晶圆制造代工占比最高，达到 92.13%，其他主营业务占比6.68%。 中芯国际上市的2020年，当年实现归母净利润43.32亿元，截至最新完整财年的2024年，公司实现36.99亿元的归母净利润， 累计利润增长了-14.63%。这5个年间，中芯国际无一年份出现亏损，归母净利润增长的年份达到3年，占比高达60%。从最 近五年的财报看出，公司盈利能力在2021年和2022年达到高峰后出现回调。 营收角度分析，中芯国际2020年实现营收274.71亿元，2024年达到577.96亿元。营收规模实现翻倍增长，年均复合增长率达 到20. ...

基金分析报告 如何捕捉港股科技的估值修复和成长性机会？ 2025 年 06 月 12 日 ➢ 如何捕捉港股科技成长机会？近期随着流动性和成长性的提升一定程度上 打破了港股的低估值锚定现象，港股市场估值明显回升。一方面，港股市场日均 成交额和南向资金的净流入大幅提升，同时公募基金对港股偏好持续提高，2025 年一季报主动权益型基金加权港股总仓位已达 13.51%，均创历史新高，促进港 股交易量的进一步上升；另一方面，中概股持续回流显著提高港股市场的成长性， 其中在港股上市的前中国 10 家科技巨头公司流通市值在港股的占比约 34%。 从近期港股通资金在各行业的净流入情况来看，科技、医药、消费和银行成今年 港股主要关注方向。 ➢ 长城港股通价值精选多策略基金（007132）长期收益弹性较强。基金显著 跑赢恒生指数，实现年化超额收益 5.54%，在市场回升的过程中表现出极强的弹 性。自 2024 年港股回升以来，基金大幅回弹，实现了 1.8 的年化夏普，且滚动 持有一年期相比于偏股基金指数的胜率基本保持在 50%以上，在预期港股估值 进一步修复过程中有望获得更高的超额收益。 ➢ 基金自下而上挖掘港股科技板块优质个股 ...

Core Viewpoint - Shanghai Pengwu Electronics Technology Co., Ltd. has recently completed a multi-million A+ round financing led by Jinyumaowu, indicating strong investor confidence in the company's potential in the integrated circuit testing equipment sector [2][4]. Company Overview - Established in 2015 and headquartered in Shanghai's Pudong New District, Pengwu Electronics is a high-tech enterprise focused on integrated circuit testing equipment [3]. - The company has sales centers in Zhangjiang, Shanghai, a research and development center in Suzhou Industrial Park, and a manufacturing base in Jiaxing, Zhejiang [3]. - Pengwu Electronics provides one-stop solutions for integrated circuit wafer and chip testing and verification equipment, combining hardware design and software development [3]. - The company's products have significant technological advantages in high-speed digital, high-precision analog, and wireless RF fields, effectively reducing testing costs and improving accuracy, thus breaking the long-standing monopoly of foreign giants in this area [3]. Financing Purpose - The recent financing will primarily be used for new product development and scaling production capacity [4]. - The company aims to increase R&D investment to enhance product performance and reliability, meeting the market demand for high-end integrated circuit testing equipment [4]. - Optimizing production capacity and improving efficiency will ensure faster product delivery and better service for customers, contributing to the independent innovation and domestic substitution of integrated circuit testing equipment [4]. Investment Rationale - Jinyumaowu's investment director highlighted the company's technological strength and innovation capabilities in the integrated circuit testing equipment field as key reasons for the investment [5]. - The company has achieved several technological breakthroughs through independent R&D, with its high-end ATE testing equipment 'P2' and high-speed digital instrument 'HSS10G' successfully introduced to clients, filling a gap in the domestic market [5]. - The market outlook for Pengwu Electronics is promising, as the rapid development of the domestic integrated circuit industry increases demand for high-end testing equipment, positioning the company to capture significant market share [5]. - The management team's experience and market insight were also noted as important factors for investment [5]. Industry Context - The national government has placed significant emphasis on the development of the integrated circuit industry, implementing various supportive policies, including tax incentives and financial subsidies for design, manufacturing, and testing sectors [5]. - The recent financing round for Pengwu Electronics reflects the positive impact of government policies on the industry, indicating a favorable environment for growth [5]. - The investment in Pengwu Electronics is seen as a response to national industrial policies, contributing to the development of the domestic integrated circuit industry and supporting independent innovation and domestic substitution [5].

3月27日晚间，国内晶圆代工领先企业中芯国际发布2024年年度报告。报告期内，公司实现营业收入人 民币577.96亿元，同比增长27.7%；同期实现归属于上市公司股东的净利润36.99亿元，同比下滑 23.3%；毛利率18%，产能利用率85.6%；截至2024年末，公司总资产约人民币3534亿元，折合8英寸标 准逻辑月产能达到94.8万片。 以地区分类，2024年中国区、美国区和欧亚区业务占主营业务收入比例分别为84.6%、12.4%和3.0%； 2023年相应占比分别为80.1%、16.4%和3.5%。 从地域发展情况看，中芯国际认为，为加强半导体供应链便利，近地产业链建设已成为全球各国各地区 发展半导体产业的大趋势。从中国内地的产业建设情况来看，现有集成电路产业在芯片设计、晶圆代工 产能规模、工艺技术能力、封装技术等领域与实际市场需求仍不匹配。我国作为全球最大的半导体消费 市场之一，现阶段的半导体需求仍一定程度地依赖进口，国内产业链的上下游企业与全球头部企业在技 术与规模化程度上仍存在较大差距，面临诸多挑战。随着新一轮科技创新举措的推动，行业具备较大的 成长空间。 对于经营计划，中芯国际阐述，2025年初 ...