美銀美林:升中芯(0981.HK)目標價至7.8港元 評級“跑輸大市”
美銀美林發表報告表示,中芯國際(0981.HK)
第三季純利錄約1.15億美元,遠高於該行及市場預期,主因受惠於補貼帶動開支下降及出售收益所帶動。期內中芯產能使用率達97%,毛利率為20.8%,符合市場預期,公司管理層更預期第四季收益按季升2%至4%,毛利率改善至介乎23%至25%。
不過該行指,考慮到在高產能使用率及折舊增加的趨勢,即使28nm產品在第四季度相比四年前較平穩,但相信季內毛利率上升空間有限,主因資本開支高企所致。
該行稱,如果中美緊張局勢繼續升級,將來要獲得美國製造的半導體設備有潛在風險,但將其目標價由6.8港元上調至7.8港元,以反映更好的週期因素及毛利率改善至介乎約20%至24%的範圍,維持“
跑輸大市
”評級。
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