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《大行報告》大和上調中芯(00981.HK)目標價至11.5元 維持「沽售」評級
阿思達克 05-15 10:28
大和發表報告表示,儘管受新型冠狀病毒疫情影響,中芯國際(00981.HK)首季表現仍勝預期,而次季指引亦具彈性,但該行認為疫情將拖累公司下半年的業務。該行微調了對公司的預測,將目標價由10元升至11.5元,評級維持「沽售」,認為公司估值不合理,如無政府補助即使復甦亦未能盈利。

該行指出,中芯首季純利5,200萬美元,較該行及市場預期分別高57%及25%,主辰受惠收入表現好過預期,期內收入較該行預期高6%,主要受惠客戶於疫情期間下急單,帶動毛利率表現,而公司對次季的指引亦似季未受疫情影響,對毛利率的預期亦好過該行估算。但該行認為疫情不僅影響供應鏈,同時亦影響到消費者市場的需求,估計亦將影響到晶片製造商,料上游企業到下半年將會受到衝擊。

大和估計中芯今年收入可按年增長15-19%,意味上半年表現將好過下半年,情況亦符合該行的預測,即疫情會拖累下半年業務表現,而中芯亦將不能倖免。另一個值得留意的地方,是公司資本開支由原先的31億美元升至43億美元,以加大產能及技術滿足需求,至於能否見效相信要視乎其執行能力,但該行估計其短期仍會拖累公司的盈利能力。(el/w) ~

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