國信證券:予中芯國際(0981.HK)“買入”評級
國信證券發佈報告稱,預計中芯國際(0981.HK)2019~2021年收入分別為31.32億美元/36.04億美元/40.59億美元,增速分別為-6.8%/15.1%/12.6%,2019~2021年利潤分別為2.07億美元/1.84億美元/2.26億美元,增速55%/-11%/23%。公司合理PB估值範圍為2.5~2.7倍,對應22~23.7港元,維持業績預測,予“買入”評級。
該行表示,公司2019年Q4公司營收8.4億美元,環比增加2.8%,符合指引(2%~4%)。若不含已經出售的阿扎為8寸廠,環比增長4.6%(指引4%~6%)。而2019Q4毛利1.99億美元,環比增加17.4%,同比增加48.7%。公司的收入、毛利、毛利率從2019Q1以來一直保持上升趨勢,Q4毛利率繼續提升至23.8%。一季度是傳統的淡季,從公司的指引來看,淡季不淡,因為公司對2020Q1收入指引環比增加0~2%,按此計算同比增加26.8%。
另外,2019Q4第一代FinFET 14nm貢獻1%收入,14nm能夠大規模出貨,半導體國製造的國產化替代相當成功。除了高端麒麟用到7nm以外,14nm及以上的工藝完全滿足國內芯片設計公司的代工需求。所以,14nm能夠大規模出貨,將是內地半導體的重大轉折點。
該行稱,2019Q4來自內地和香港的收入佔比提升至65.1%,符合之前的預判,公司的產能和工藝技術能夠承接上游芯片設計公司的代工訂單轉移。該行還稱,公司的工藝技術節點突破是關鍵。應該先看技術,再看收入,最後才是利潤,而中長期則看好國產化替代大背景下的內地工廠崛起。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.