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大和:升中芯(0981.HK)目標價至9.2港元 重申“遜於大市”評級
格隆匯 11-20 15:34

大和總研發表研究報告指,中芯國際(0981.HK)由於受惠較高的政府資助及毛利率,該行預期公司的收入會回覆增長,但對其領先技術的執行維持憂慮。該行指,若公司失去政府的資助,或會失去盈利能力。該行重申其“遜於大市”投資評級,目標價則由8港元上調15%至9.2港元。

大和上調中芯國際2019-2020年淨利潤41%,以反映其低基數、高於預期的政府資助及毛利率的改善軌跡。該行預期,公司毛利率在2020年按年上升1.3個百分點至22.1%,但若失去政府資助,將無利可圖。另外,該行又料其收入在2020年按年增長17%。

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