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瑞信:降華虹半導體(1347.HK)評級至“跑輸大市” 目標價升至16.5港元
格隆匯 02-17 11:51
瑞信發表報告指,華虹半導體(1347.HK) 去年第四季銷售符合指引,按季增長2%,但經營開支上升較預期為高,主要由於無錫新廠需時提升,使季度利潤較該行及市場預期為低。
瑞信表示,集團對今年首季的指引較該行上一次預測更為疲弱,由於新型冠狀病毒肺炎爆發,和模數轉換(analog)及微控制器(MCU)的需求仍然淡靜,集團首季收入指引按季下跌18%至2億美元,毛利率指引則為21%至23%,對比該行預測為24%-26%。
基於近期業績表現,該行下調對華虹半導體評級,由“ 中性 ”降至“ 跑輸大市 ”,但股份目標價由14港元升至16.5港元,以反映中長期來自本土化的增長。瑞信認為,銷售基礎不足加上無錫新廠提升成本高,將減弱集團的盈利能力。

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