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美銀證券:升中芯(0981.HK)目標價至9港元 評級“跑輸大市”
格隆匯 02-17 11:29
美銀證券發表的研究報告指,中芯國際(0981.HK) 去年第四季溢利錄近8,900萬美元,好過該行及市場預期,期內銷售額及毛利表現均符預期,經營溢利及税前溢利分別錄2,000萬及8,800萬美元,主要受惠研發補貼及政府資金等,期內晶圓出貨量按季升2%,而第四季產能利用率提升至99%。
公司對首季銷售指引反映按季增0%至2%,好過市場預期,而對毛利率的指引則介乎21%至23%,該行認為,中芯收入指引與同業類似,反映整個半導體行業正在上行週期,而新型冠狀病毒爆發所帶來的影響對首季影響較微,料在次季影響將更明顯。公司指引2020年資本開支將為31億美元,料到2020年第四季14nm芯片產能可達1.5萬wpm,而在去年第四季起投產的銷售貢獻為1%。該行現時估算2020及2021年相關銷售貢獻將分別為3%及10%,並相信公司在中國的本地化規劃可助維持領先優勢。
該行認為行業週期對40nm及55nm芯片業務有利,但現時公司估值高於歷史頂峯,而其股本回報率則維持在較低水平,故重申公司“ 跑輸大市 ”評級,目標價由7.8港元升至9港元。

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