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中芯國際(0981.HK)重大事件快評:重新認識核心資產,中芯國際從低估到合理估值,維持“買入”評級,目標價22~23.7 港元
格隆匯 01-17 09:22

機構:國信證券

評級:買入

目標價:22~23.7 港元

事項:

中芯國際的14nm 工藝製程成為市場焦點。 

國信觀點:

 1. 台積電、三星的 14nm 是在梁孟鬆的主導下完成,在梁孟鬆的帶領下,中芯國際 14nm 大概率能夠如期面市。 

2. 14nm 及以上工藝,能夠承接國內芯片設計公司90%以上的代工需求,14nm 能夠自主製造,是半導體國產化的重要 里程碑,中國大陸的半導體制造產業將不再受制於人。 

3. 中芯國際是真正的不可或缺的核心資產,在貿易戰、美國對中國半導體發展各種限制的大背景下,市場逐漸意識到 半導體制造才是核心資產,是不可或缺的資產,估值應該比面板商、組裝廠、手機零部件供應商高。 

4. 中芯國際股價已經達到我們原來的目標價格,考慮在貿易戰和半導體國產化大背景下,市場對中芯國際核心資產的 認識從低估迴歸合理估值,我們上調公司合理 PB 估值範圍至 2.5~2.7 倍(1.6~1.8 倍),公司合理估值 22~23.7 港 元(原 14.1~15.8 港元,昨日收盤14.4 港元),維持業績預測和“買入”評級。

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