瑞信升中芯(0981.HK)目标价至9.5港元评级“中性”
瑞信报告指出,中芯(0981.HK)
次季销售及毛利率符合预期。集团给予指引,料下半年增长缓慢,第三季销售按季增0-2%,低于该行预测。尽管14nm芯片营运开支上升限制了盈利能力,集团冀全年毛利率介乎19%至21%。
该行指,集团资本开支或会上升,主要用于上海的合营工厂、鳍式电晶体(FinFET)研发生产线,及用于发展12寸芯片产能。
该行基于出售晶圆代工厂LFoundry收益和研发补助金增加,上调2019/20年每股盈利
至0.19港元及0.14港元,目标价由8.35港元升至9.5港元,相当于市帐率
1倍,维持评级“
中性
”。
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