富瑞予华虹(1347.HK)目标价19.5港元料下半年增长胜上半年
富瑞发表研究报告指,华虹半导体(1347.HK)第二季销售符合预期,而毛利收入则超出预期,其产能利用率亦回升至93%,智能卡芯片表现走软,使晶圆平均售价按季下降4.6%。管理层预期今年下半年增长会较上半年强,可望带动全年有正面增长,该行予目标价19.5港元及“买入”投资评级。
该行又指,随着其功率半导体的高度混合组合,华虹半导体第二季毛利率为31%,高于公司指标,并认为中国的芯心本地化、功率半导体及下一代国民身份证的潜在机遇,可抵销12英寸晶圆于第四季对盈利的负面影响。
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