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美銀美林:降華虹半導體(1347.HK)目標價至14.5港元 評級“中性”
格隆匯 11-14 11:59
美銀美林發表研究報告指,華虹半導體(1347.HK) 第三季溢利4500萬美元按季增4%,但按年跌6%,符合該行及市場預期,因政府補貼及匯兑收益抵銷開支增加致經營層面上的遜預期。期內收入2.39億美元及毛利率31%均符合市場預期。
報告指,該公司管理層預料第四季收入約2.42億美元,按季升1.3%,低於該行及市場此前預期的介乎6%至8%季度增長。毛利率指引介乎26%至28%,相當於按季跌3至5個百分點,亦低於市場預期的28%。但考慮到公司銷售可能上升,故重申評級“ 中性 ”,不過將2019至2021年度每股基本盈測調低2至8%,分別為13美仙、14美仙及16美仙,以反映毛利率受壓,以及將目標價由16.5港元下調至14.5港元。

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