交銀國際:升中芯國際(0981.HK)目標價至15港元 評級“中性”
交銀國際發佈報告稱,將中芯國際(0981.HK)目標價升57%,從原來9.5港元上調至15港元,維持“中性”評級。
該行稱,中芯國際去年第四季度經營數據基本符合預期,是因為非經營性收益推動淨利潤增長,同時對今年第一季度展望穩健,而今年資本支出高於預期,預計2020年收入將同比增長超過10%。
該行還稱,公司維持14納米產能提升計劃,到2020年底產能達到1.5萬件,但產能提升將集中在下半年。公司計劃今年底前有限度生產N+1,14納米將因折舊和其他費用上升而壓低毛利率。由於過去三個月股價反彈超過50%,該行認為應靜待更好的買入機會。

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