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\u5728\u7522\u696d\u5c64\u9762\uff0c\u6469\u6839\u58eb\u4e39\u5229 9 \u6708\u6307\u51fa\u6e2c\u8a66\u662f CPO \u91cf\u7522\u7684\u6838\u5fc3\u6311\u6230\uff0c\u5149\u5f15\u64ce\u8207 XPU\u3001HBM \u5171\u540c\u5c01\u88dd\u5f8c\u6e2c\u8a66\u96e3\u5ea6\u66f4\u9ad8\uff0c\u5c0d\u826f\u7387\u3001\u5c0d\u6e96\u7cbe\u5ea6\u8207\u81ea\u52d5\u5316\u7684\u8981\u6c42\u540c\u6b65\u63d0\u5347\u3002\u96c6\u90a6\u79d1\u6280 10 \u6708\u6307\u51fa\u55ae\u9846 PIC \u5b8c\u6574\u6e2c\u8a66\u6642\u9593\u8d85\u904e 100 \u79d2\uff0c\u74f6\u9838\u5df2\u8f49\u5411\u6e2c\u8a66\u901f\u5ea6\uff0c\u4e26\u9810\u671f 2027 \u5e74\u70ba CPO \u6e2c\u8a66\u67b6\u69cb\u8207\u8a2d\u5099\u6295\u8cc7\u6536\u6582\u7684\u95dc\u9375\u5e74\u30012028 \u5e74\u70ba\u9a57\u8b49\u5927\u91cf\u91cf\u7522\u6e96\u5099\u5ea6\u7684\u95dc\u9375\u671f\u3002<\/p>\n

\u5e02\u5834\u95dc\u6ce8\u7684\u8b8a\u6578<\/h4>\n

\u516c\u53f8\u8868\u793a\uff0c\u54e1\u5de5\u8a8d\u80a1\u8cbb\u7528\u5c6c\u4e00\u6b21\u6027\u3001\u975e\u73fe\u91d1\u652f\u51fa\uff0c\u4e0d\u5f71\u97ff\u73fe\u91d1\u6d41\u91cf\u8207\u6838\u5fc3\u71df\u904b\uff0c\u672a\u4f86\u898f\u5283\u80a1\u5229\u653f\u7b56\u6642\u5c07\u7d9c\u5408\u8003\u91cf\u7279\u6b8a\u8cbb\u7528\u8207\u5be6\u969b\u71df\u904b\u7e3e\u6548\uff1b\u524d\u4e09\u5b63\u6bdb\u5229\u7387 47.83%\uff0c\u6bcf\u80a1\u76c8\u9918 10.85 \u5143\u3002\u71b1\u7ba1\u7406\u6a21\u7d44\u7684\u51fa\u8ca8\u5ef6\u7e8c\u6027\u3001\u77fd\u5149\u5b50\u6e2c\u8a66\u7531\u670d\u52d9\u8f49\u5411\u8a2d\u5099\u92b7\u552e\u7684\u9032\u5ea6\uff0c\u4ee5\u53ca\u4e2d\u5357\u90e8\u88fd\u9020\u4e2d\u5fc3\u7684\u5efa\u7f6e\u6642\u7a0b\uff0c\u5c07\u5f71\u97ff 2027 \u5e74\u5f8c\u7684\u6210\u9577\u3002<\/p>\n","ifam_val_profit":"

\u76ee\u524d\u5e02\u5834\u666e\u904d\u9810\u4f30\uff0c\u6f22\u6e2c\uff087856\uff092026 \u5e74\u71df\u6536\u7d04 51.70 \u5104\u5143\u30012027 \u5e74\u7d04 98.80 \u5104\u5143\u3002\u4ee5\u4e0a\u70ba\u516c\u958b\u5e02\u5834\u5171\u8b58\u7684\u5e73\u5747\u503c\u3002<\/p>\n

    \n
  • 2026 \u5e74\uff1a\u5171\u8b58\u71df\u6536 51.70 \u5104\u5143\uff0c\u662f 2025 \u5e74\u5be6\u7e3e 24.25 \u5104\u5143\u7684 2.1 \u500d<\/strong>\uff08\u5e74\u589e +113.2%\uff09\u3002\u9810\u4f30\u5340\u9593 49.60\uff5e55.00 \u5104\u5143\uff0c\u5404\u5bb6\u770b\u6cd5\u76f8\u7576\u96c6\u4e2d\u3002<\/li>\n
  • 2027 \u5e74\uff1a\u5171\u8b58\u71df\u6536 98.80 \u5104\u5143<\/strong>\uff08\u5e74\u589e +91.1%\uff09\uff0c\u4f46\u5340\u9593\u662f 67.20\uff5e138.80 \u5104\u5143\uff0c\u5dee\u8ddd\u8d85\u904e\u5169\u500d\u2014\u2014\u5e02\u5834\u5c0d\u9019\u4e00\u5e74\u7684\u5206\u6b67\u9060\u5927\u65bc 2026 \u5e74\u3002<\/li>\n<\/ul>\n

    \u516c\u53f8\u7684\u898f\u6a21\u5728\u4e09\u5e74\u88e1\u653e\u5927\u4e86 3.0 \u500d\u3002<\/strong> \u5408\u4f75\u71df\u6536\u7531 2023 \u5e74\u7684 8.09 \u5104\u5143\u30012024 \u5e74 15.98 \u5104\u5143\u5230 2025 \u5e74\u7684 24.25 \u5104\u5143\uff1b\u6bcf\u80a1\u76c8\u9918\u5f9e\u8667\u640d 10.52 \u5143\u8f49\u70ba 2.71 \u5143\u300110.65 \u5143\u3002\u6bdb\u5229\u7387\u4e00\u8def\u8d70\u9ad8\uff1a2023 \u5e74 21.7%\u30012024 \u5e74 36.2%\u30012025 \u5e74 42.1%\u3002<\/p>\n

    2026 \u5e74\u4e0a\u534a\u5e74\u71df\u6536 21.85 \u5104\u5143\u3001\u5e74\u589e 114.5%\uff0c\u6bcf\u80a1\u76c8\u9918 21.49 \u5143\uff08\u53bb\u5e74\u540c\u671f 4.84 \u5143\uff09\uff1b\u7b2c 2 \u5b63\u55ae\u5b63\u71df\u6536 12.00 \u5104\u5143\u3001\u6bcf\u80a1\u76c8\u9918 12.15 \u5143\uff0c\u8f03\u7b2c 1 \u5b63\u7684 9.85 \u5104\u5143\u8207 9.34 \u5143\u518d\u5f80\u4e0a\u4e00\u968e\u3002\u800c\u4e14\u7372\u5229\u7387\u540c\u6b65\u5f80\u4e0a<\/strong>\uff1a\u4e0a\u534a\u5e74\u6bdb\u5229\u7387 54.9%\uff08\u53bb\u5e74\u540c\u671f 46.1%\uff09\u3001\u71df\u696d\u5229\u76ca\u7387 33.6%\uff08\u53bb\u5e74\u540c\u671f 13.2%\uff09\u3002<\/p>\n

    \u8981\u8d70\u5230 2026 \u5e74\u7684\u5171\u8b58\uff0c\u4e0b\u534a\u5e74\u9084\u5f97\u518d\u5f80\u4e0a\u4e00\u968e\u3002<\/strong> 2026 \u5e74\u4e0a\u534a\u5e74\u71df\u6536 21.85 \u5104\u5143\uff0c\u5360\u5168\u5e74\u5171\u8b58 51.70 \u5104\u5143\u7684 42.3%\uff1b\u63db\u53e5\u8a71\u8aaa\u4e0b\u534a\u5e74\u8981\u505a\u5230 29.85 \u5104\u5143\u3001\u6bd4\u4e0a\u534a\u5e74\u518d\u6210\u9577 +36.6%\uff0c\u5168\u5e74\u624d\u6703\u843d\u5728\u5171\u8b58\u4e0a\u3002\u81f3\u65bc 2027 \u5e74\u90a3\u500b\u5169\u500d\u4ee5\u4e0a\u7684\u5340\u9593\uff0c\u8981\u770b\u7684\u662f\u92b7\u8ca8\u6536\u5165\uff08\u8a2d\u5099\u8207\u63a2\u91dd\u5361\uff09\u80fd\u4e0d\u80fd\u5ef6\u7e8c\u4e0a\u534a\u5e74 242.0% \u7684\u5e74\u589e\u5e45\u5ea6\uff0c\u4ee5\u53ca\u6280\u8853\u670d\u52d9\u6536\u5165\u6703\u4e0d\u6703\u8ddf\u8457\u4e00\u8d77\u6210\u9577\u2014\u2014\u4e0a\u534a\u5e74\u9019\u4e00\u584a\u53ea\u5e74\u589e 1.5%\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"","ifam_trades":"","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":10.7,\"label\":\"2025(A)\uff1a10.7 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":2570,\"peLabel\":\"2,570 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":240.1869158878505,\"text\":\">100 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"

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