高盛:重申对中芯(0981.HK)买入评级 目标价19.6港元
高盛发表研究报告指,中芯(0981.HK)上调今年首季收入至介乎按季增长6%-8%,毛利率则料为25%-27%,分别较之前预期的0%-2%,及21%-23%为高,主要由于需求及产品组合有所改善,重申对其正面看法,相信国内消费者对成熟技术持续增长的需求,将使中芯成为主要受惠者及可捕捉产品升级的趋势,重申其“买入”评级,并维持目标价19.6港元。
高盛指,中芯今年首季收入增长较过去数年强劲,相信是由于来自CMOS图像传感器、NOR Flash晶片、蓝牙IC及电源管理IC等产品需求强劲带动;同时,公司高产能利用率亦使首季可取得较稳定的客户订单,而中芯更新首季业绩指引后,料令首季毛利率较该行及市场高出20%-30%。
该行又预期,中芯在股本回报率有所改善下料会迎来重估,并估计其28纳米晶圆收入贡献将由今年首季的1%,到明年首季增至5.9%,主要由于公司客户群较广泛、更多元化的应用,以及竞争减少所致。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.