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瑞信:下調華虹半導體(1347.HK)目標價至14港元 評級“中性”
格隆匯 11-14 11:30

瑞信發表研究報告指,華虹半導體(01347.HK)第三季銷售及毛利率符合預期,銷售如期按季增4%,是受到嵌入式快閃記憶體和分立器件(Discrete)業務帶動。雖然毛利率按季持平於31%,但新晶圓廠的費用導致營運支出上升,亦令經營利潤率跌至14.2%。

報告指,公司12寸晶圓廠成本上升,但已致力在第四季及明年下半年提升產能,新工廠將可提高2020年銷售15至20%,但由於經營支出/折舊率,需於2021年中才能達收支平衡。瑞信將其2019及2020年每股基本盈利預測調低至1.06元及0.95元,目標價由15港元下調至14港元,維持“中性”評級。

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