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《大行报告》美银美林首予华虹半导体(01347.HK)「中性」评级 目标价16.5元
阿思达克 09-19 15:19

美银美林报告指华虹半导体(01347.HK)是中国第二大晶圆制造厂,主要集中於生产8寸晶圆。虽然对其长远前景抱保守态度,但公司是中国致力发展国内半导体供应链的受惠者。该行看到公司目前的风险回报水平均衡,首次给予「中性」投资评级,目标价16.5元。

该行发现一些会影响公司短期前景的不确定因素,指出从2至3年的上升周期开始,更高的库存、汽车及工业需求疲弱,以及加快转移至12寸晶圆产品,导致8寸晶圆厂的表现自上半年起开始下滑。该行预期,下行周期将会再持续2至3个季度,令华虹短期收入放缓。

此外,在中国内地新涌现的代工厂,意味中期的竞争力将会增加。而公司新的12寸晶圆厂虽会令收入增加,但或会在未来1至2年影响毛利率及现金流表现。

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