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《大行報告》摩通下調中芯(00981.HK)目標價至10.5元 評級「減持」
阿思達克 04-01 10:54
摩根大通發表研究報告指,中芯國際(00981.HK)今年增長將放緩,認為該公司目前估值過高,看法維持謹慎。該行指,雖然增長放緩,但未見中芯會削減資本開支,預計其資本支出今年將增長40%達到28億美元。該行認為,與聯華電子不同,中芯看重發展前景及政府補貼,不太可能在收入增長放緩的情況下大幅減少資本支出,意味著未來兩年毛利率將持續壓力,維持「減持」評級,目標價由11元下調至10.5元。

摩通在報告中表示,半導體去庫存周期料於第二季開始,令中芯今年目標增長十數個百分點的雄心壯志受到挑戰,預期中芯國際的14nm芯片市場規模小,客戶群有限,且良率不佳,在未來兩年內仍將處於虧損狀態。

市場普遍認為中芯可從華為被實施制裁事件中受益,年初亦傳出中芯獲得華為旗下海思半導體公司的14nm芯片訂單。但該行並不認同,指出中芯國際在研發中有使用美國半導體設備,而華為海思半導體仍然是其主要客戶,任何對華為海思半導體供應商施加的許可限制都可能適用於中芯。 該行表示,中芯作為中國本土化半導體設備商,應專注發展多元化的入門應用產品。

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