野村忧华虹半导体(1347.HK)12英寸晶圆产能过剩评级中性
野村发表研究报告指,随著12英寸晶圆的产能提升计划结束,预料华虹半导体(1347.HK)在2020年的产能将较2018年增加15%至20%。尽管中国内地对半导体的需求正在增加,但该行担心这些新产能未能迅速得到充分利用,加上供应过剩将令价格受压。该行维持公司目标价19港元,以及“中性”评级。

野村指,华虹半导体的股价年初至今已下跌4.2%,对公司仍然维持中性立场不变,并认为公司决定在第二轮12英寸晶圆产品中提升功率,是一个新方向。市场对有关需求正不断增加,公司改变方向属合理。
该行预计,目前只有一家企业成功提升12英寸晶圆的功率,因此认为华虹的毛利率将从今年第四季至明年第二季受压,但在政府补助支持下,料对盈利影响仍然可控。
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