廣發海外:維持華虹(1347.HK)持有評級 無錫新廠對公司盈利壓力仍在初步階段
廣發海外研報指,華虹半導體(1347.HK)4Q收入環比增長2%得益於無錫12英寸廠區開始貢獻收入(然8英寸收入環比下降了2%),毛利率由3Q的31%下滑至4Q的27.2%系因無錫12英寸廠房產能爬坡帶來了折舊壓力。淨利潤(2600萬)低於市場預期(3900萬),判斷是因12英寸投產帶來相應研發費用的提升。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。預測公司20-21年歸母淨利潤分別為1.31/1.31億美元,給予公司合理價值為14.3港元/股,維持“持有”評級。

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