廣發證券:予華虹半導體(1347.HK)目標價14.3港元 評級“持有”
廣發證券發佈報告稱,予華虹半導體(1347.HK)目標價14.3港元,維持“持有”評級。
該行表示,鑑於未來兩年是公司新廠產能快速爬坡階段,同時參考中芯國際(0981.HK)2004年爬坡300mm產能時毛利率受壓狀況,該行認為無錫新廠折舊壓力對公司盈利能力的影響仍在初步反應階段。該行稱,預測公司2020-2021年歸母淨利潤分別為1.31及1.31億美元。
該行還稱,華虹半導體第四季的收入與毛利率符合預期,但淨利潤遜於預期,原因是12英寸投產帶來相應研發費用的提升。第四季收入環比增長2%,得益於無錫12英寸廠區開始貢獻收入,毛利率由第3季的31%下滑至第四季的27.2%,原因是無錫12英寸廠房產能爬坡帶來了折舊壓力。
另外,今年首季的指引顯著低於市場預期,但符合該行持續保守的判斷。首季收入指引大幅低於預期(環比下降 16%),是因為該集團在謹慎角度下給出保守指引,毛利率指引(22%)環比也大幅下滑5個百分點。

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