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美銀證券:降華虹半導體(1347.HK)評級至“跑輸大市” 目標價14.5港元
格隆匯 01-21 11:38
美銀證券發表報告指,留意到8英寸晶圓代工的需求主要是由消費者及手機相關應用所推動,包括顯示驅動器集成電路(DDI)和電源管理(PMIC)等,但此與華虹半導體(1347.HK) 的核心產品如嵌入式性存儲(eNVM)及電源分立器件沒有太多重疊。
該行表示,雖然整體二線代工廠在今年上半年的利用率或較高,但預計華虹的利用率將落後於競爭對手,而對手將受惠於上述產品的需求回升。 另外,集團在無錫的12英寸晶圓廠於去年底開始投產,美銀預計集團將需更多時間將產品遷移到新廠,因此新產能利用率低意味其今明兩年的毛利率會面對挑戰。
美銀證券下調對華虹半導體評級,由“ 中性 ”降至“ 跑輸大市 ”,目標價14.5港元,並下調集團今明兩年每股盈測4%及5%,以反映預期毛利率走弱。 該行認為,華虹現價相當於今年市賬率1.9倍,為高峯週期估值,但其2019至2021年的淨資產收益率僅為7%至8%,對比2017至2018年為9%至10%。

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