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中金:升中芯國際(0981.HK)目標價至18港元 評級“跑贏大市”
格隆匯 02-18 15:25
中金髮表研報指,中芯國際(0981.HK)日前公佈的第四季收入與毛利率均符合預期,而管理層為今年度制定的指引亦正面,認為公司對自身先進工藝研發有信心,而其成熟技術應用(mature node)也可受惠內地半導體國產化及華為供應鏈本地化。
中芯國際制定2020年指引,預期全年收入增長10%至20%,毛利率預料達20%,晶圓代工資本開支則定為31億美元,較2019年提升47%;當中首季季度收入按季增長0%至2%。該行認為,公司態度積極,反映其圖像傳感器(CMOS Image Sensor)、閃存芯片(NOR flash)及電源管理集成電路(PMIC)的成熟技術應用需求強勁,而其14納米及12納米工藝發展亦超出預期,估計今年銷售額增長可達18%。
中金對中芯國際今年度業績表現感樂觀,將收入及淨利潤預測分別調高1%和28%,並將目標價上調38%至18港元,以反映2020年預測市帳率的2.1倍,較最近週期市帳率高位溢價31%,認為市場將對其重新估值,評級“跑贏大市”。

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