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《大行報告》大摩升中芯(00981.HK)評級至「與大市同步」 目標價上調至18元
阿思達克 05-15 10:57
摩根士丹利發表報告指,中芯國際(00981.HK)管理層在公布首季季績後,上調次季指引,預期產能滿荷下收入將按季增長3%至5%。該行認為,中芯有強勁議價能力,利潤空間較大,估計第二季毛利率將由首季的25.8%,進一步提升至26%至28%。

惟該行表示,仍然擔心終端需求未能追上半晶圓廠的高利用率,考慮到市場對智能手機及真無線產品需求不高,相信CMOS圖像傳感器(CIS)及NOR Flash的需求亦會減弱,預測中芯第三季收入將輕微下跌,但料可通過改善產品組合來維持利潤率。

大摩表示,管理層認為需求不會放緩,並因此會進一步增加資本支出,會關注未來數月市場需求,以判斷目前觀點是否太保守,將目標價由12.2元上調至18元,評級由「減持」提升至「與大市同步」。

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