方正證券:首予華虹半導體(01347.HK)“強烈推薦”評級 將受益於半導體國產化進程
方正證券發佈報告稱,半導體需求拐點向上,該行判斷,華虹半導體(01347)作為國產特色工藝代工龍頭,受益於行業增長,隨着無錫廠擴產,2020年將是華虹的拐點之年,並預計其2019-2021年實現收入9.32/11.50/13.23億美元,每股淨資產為2.24/2.39/2.56美元,對應當前市值的PB為1.04、0.98、0.91倍,給予“強烈推薦”評級。
該行稱,國產晶圓代工景氣度顯著提升,且華虹無錫7廠於2019年9月宣佈投產,總投資規模25億美元,隨着新廠擴產,華虹將開啟收入高增長的4年,2019-2023年CAGR有望達到14.3%,其中2020年增速有望達到23.4%,拐點之年已來。
該行還稱,考慮到2020年國內5G終端需求提升,以及全球8寸代工代工產能緊缺,該行判斷未來兩個季度,公司通訊市場收入增長穩健,8寸廠產能利用率持續滿載,ASP有望在4Q19企穩。另外,內地區收入3Q19同比增長8%,是公司主要收入增長地區。華虹同時受到大基金和上海市國資委加持,長期以來專注特色工藝,戰略地位清晰,未來公司將受益於半導體國產化進程,內地區持續增長可期。

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