高盛:重申對中芯(0981.HK)買入評級 目標價19.6港元
高盛發表研究報告指,中芯(0981.HK)上調今年首季收入至介乎按季增長6%-8%,毛利率則料為25%-27%,分別較之前預期的0%-2%,及21%-23%為高,主要由於需求及產品組合有所改善,重申對其正面看法,相信國內消費者對成熟技術持續增長的需求,將使中芯成為主要受惠者及可捕捉產品升級的趨勢,重申其“買入”評級,並維持目標價19.6港元。
高盛指,中芯今年首季收入增長較過去數年強勁,相信是由於來自CMOS圖像傳感器、NOR Flash晶片、藍牙IC及電源管理IC等產品需求強勁帶動;同時,公司高產能利用率亦使首季可取得較穩定的客户訂單,而中芯更新首季業績指引後,料令首季毛利率較該行及市場高出20%-30%。
該行又預期,中芯在股本回報率有所改善下料會迎來重估,並估計其28納米晶圓收入貢獻將由今年首季的1%,到明年首季增至5.9%,主要由於公司客户羣較廣泛、更多元化的應用,以及競爭減少所致。

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