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美银美林:降华虹半导体(1347.HK)目标价至14.5港元 评级“中性”
格隆汇 11-14 11:59
美银美林发表研究报告指,华虹半导体(1347.HK) 第三季溢利4500万美元按季增4%,但按年跌6%,符合该行及市场预期,因政府补贴及汇兑收益抵销开支增加致经营层面上的逊预期。期内收入2.39亿美元及毛利率31%均符合市场预期。
报告指,该公司管理层预料第四季收入约2.42亿美元,按季升1.3%,低于该行及市场此前预期的介乎6%至8%季度增长。毛利率指引介乎26%至28%,相当于按季跌3至5个百分点,亦低于市场预期的28%。但考虑到公司销售可能上升,故重申评级“ 中性 ”,不过将2019至2021年度每股基本盈测调低2至8%,分别为13美仙、14美仙及16美仙,以反映毛利率受压,以及将目标价由16.5港元下调至14.5港元。

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