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《大行報告》高盛:中芯南方獲注資 重申中芯(00981.HK)確信買入名單內
阿思達克 05-18 11:59
高盛發表報告指,中芯南方獲國家集成電路基金II及上海集成電路基金II注資,根據協議中芯國際(00981.HK)對合資工廠持股比例將由50.1%減少至38.5%,中芯未來所負擔的虧損亦會減少。

該行預期,受客戶基礎擴大、應用更廣及較少競爭所推動,中芯14nm收入增長將較28nm更快,但預期14nm工藝剛量產,仍處於早期階段,相信未來一至兩年可能會出現運營虧損。

高盛以2021年預期市帳率約2.1倍計,維持目標價22.2元及「買入」評級不變,續列入「確信買入」名單內,預計盈利增長將受到海思半導體等國內客戶結構性需求增長的推動,今年盈利增長料復甦至升5%,2021及2022年將加快至39%及35%;股本回報率受惠於淨利潤率提升,料由今年的4%增長至明年及2021年的5%及7%,並於2024年達至11%、2028年料達16%。

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