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瑞信:降中芯(0981.HK)評級至“跑輸大市” 目標價升至13港元
格隆匯 02-17 11:41
瑞信發表研究報告,指中芯(0981.HK) 2019年第四季的銷售按季增長2.8%,毛利率23.8%,表現均符合預期;受政府撥款及估值收益帶動,每股盈利升至0.12港元,均高過該行及市場預期。該行指,在公司的12寸及8寸晶圓訂單可見,今年首季的銷售增長介乎0至2%,至8.39至8.56億美元,但毛利率或跌至21至23%,主要是因為折舊費用上升及14納米工藝的成本上升所致。營運開支則料按季增長10%,至2.94至3億美元。公司在農曆新年期間仍維持晶圓廠營運,而在疫情爆發期間亦有維持生產。
該行將公司2020年的每股盈利預測略為上調至0.24港元,2021年則維持在0.28港元,投資評級由原來的“ 中性 ”下調至“ 跑輸大市 ”,目標價則由10.2港元上調至13港元,認為疫情爆發或會在未來一至兩季對其中國客户帶來影響。

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