《大行報告》美銀美林首予華虹半導體(01347.HK)「中性」評級 目標價16.5元
美銀美林報告指華虹半導體(01347.HK)是中國第二大晶圓製造廠,主要集中於生產8寸晶圓。雖然對其長遠前景抱保守態度,但公司是中國致力發展國內半導體供應鏈的受惠者。該行看到公司目前的風險回報水平均衡,首次給予「中性」投資評級,目標價16.5元。
該行發現一些會影響公司短期前景的不確定因素,指出從2至3年的上升周期開始,更高的庫存、汽車及工業需求疲弱,以及加快轉移至12寸晶圓產品,導致8寸晶圓廠的表現自上半年起開始下滑。該行預期,下行周期將會再持續2至3個季度,令華虹短期收入放緩。
此外,在中國內地新湧現的代工廠,意味中期的競爭力將會增加。而公司新的12寸晶圓廠雖會令收入增加,但或會在未來1至2年影響毛利率及現金流表現。
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