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《大行報告》高盛:中芯(00981.HK)科創板上市集資 可支持擴產及研發策略
阿思達克 05-06 09:55
高盛發表的研究報告指,中芯國際(00981.HK)宣布董事會批准擬科創板上市集資計劃,初步計劃發行不多於16.86億股,意味每股盈利將攤薄不多於25%,募集資金計劃用於「12英吋芯片SN1項目」、公司先進及成熟工藝研發項目的儲備資金,以及補充流動資金。該行對上市的可能性沒有意見,但所得資金可支持公司產能擴張及研發策略,此外亦能改善其資金策略。

公司期望科創板上市可接受內地資本市場,在改善資本結構的同時維持其國際發展策略,募資所我四成將用於投資在「12英吋芯片SN1項目」,20%用於研發,而發行仍要待股東及監管機構批准。

該行估計公司12/14nm晶片方面發展將快於28nm/40nm,主要因為內地客群較廣,而應用亦較廣泛,包括可用於低端智能手機、電視盒子及汽車等,該行估計2020-22年12/14nm晶片收入貢獻將分別為3%、8%及12%,另外該行預計40-65nm晶片需求亦強勁,主要是來自CMOS影像處理器、藍牙/WiFi產品等,而在2020-22年40-65nm暗片的收入將分別增11%、24%及23%。(el/a) ~

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