富瑞:中芯(0981.HK)季績勝預期首季預測亦強勁 給予9.5港元目標價
富瑞研報指,中芯國際(0981.HK)去年第四季業績勝預期,而首季業績指引亦強勁,現價相當於2019年市帳率1.1倍,予目標價9.5港元,評級為“持有”。
富瑞指,中芯去年第四季收入,較富瑞及市場普遍預期為佳,毛利率符合預期,但純利則勝預測,主要因為研發成本按年下跌8%以及一次性的收益,不過,14nm晶片僅佔收入約1%,意味14nm增產會令折舊開支大增,從而拖低毛利率,第四季的自由現金流亦出現負數,主要因為4.92億美元的資本開支。
據公司指引,中芯首季度收入按季或增加0-2%,遠勝去年,令人驚喜,而預測首季毛利率為21-23%,按季倒退,但仍比去年首季的18.2%改善,估計2020全年資本開支大升至31億美元,2019年為20億美元。

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