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美銀證券:下調華虹半導體(1347.HK)目標價至14港元 評級“跑輸大市”
格隆匯 02-17 11:56
美銀證券發表研報指,華虹半導體(1347.HK) 受無錫新工廠的高營運成本所拖累,2019年第四季純利按年跌46.5%至2,620萬美元,較該行及市場預期低27%至33%,更是歷年來首次錄得經營虧損。華虹管理層在電話會議中透露,目前公司首要任務是理順無錫工廠的生產,預期至2021年每月產能可達到2萬片。惟該行表示,預期月產能2.5萬至3萬片才能達到收支平衡,加上新工廠正常化運營費用約為3,000萬美元,相信其整體盈利能力至2021年初將仍然受壓。
該行指,2020財年首季收入指標為按季跌18%,遠低於市場預期的增2%,管理層將部分影響歸咎於新型肺炎疫情,但美銀則認為是由於8英寸相關產品組合變動所致;在非運營方面,該公司對上海華立的投資則帶來盈利貢獻。考慮到代工業務競爭風險加劇等因素,美銀下調其2020至2021年每股盈利預測約65%,將目標價由14.5港元輕微下調至14港元,評級“ 跑輸大市 ”。

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