大摩升中芯国际(0981.HK)目标价至7.5港元维持“减持”评级
摩根士丹利发表的报告指,中芯国际(0981.HK)
次季经营开支增加,拖累业绩表现稍逊预期,期内收入按季增长18%至7.91亿美元,毛利率达19%,但研发开支沉重,拖累期内录经营亏损4300万美元,而该行早前预测经营亏损为500万美元。
此外,公司对第三季收入指引为按季增0%至2%,同样低于该行及市场预期的按季8%增长,另外公司亦指引第三季按非通用会计准则计算,开支将进一步增长至2.9亿至3亿美元,较原先预计多出3000万至4000万美元,反映没有政府补助下,公司季度收入规模需要翻倍至15亿港元,才能达到收支平衡。
大摩引述中芯管理层称,14nm晶圆业务应在今年稍后时间开始带来收入贡献。该行相信主要应用在华为网络晶片上,同时亦认为中芯未来供应HPC晶片以应付需求的概率已上升。惟大摩忧虑相关投资回报,并担心28nm及14nm晶圆业务受市场竞争激烈影响,难于短期内达收支平衡,而公司能否获投资,亦很大程度取决于政府对其研发的补助。
该行将中芯2019年盈利预测削减55%,以反映经营开支增加,相信今年公司将再经历转型,未来重点将在于中芯能否于未来两年充分利用14nm的产能,而该行近期的考察留意到现时中国正加快采用当地半导体零件,另外亦相信AI半导体将成下一波需求浪潮,将中芯目标价由6.7港元升至7.5港元,维持“
减持
”评级。
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