《大行報告》瑞信降中芯(00981.HK)評級至「跑輸大市」 潛在面臨美封殺華為風險
瑞信發表的研究報告指,美國針對華為的禁令符該行原先預期,意味供應芯片予華為或為華為設計芯片將需要獲得牌照,而華為是中芯國際(00981.HK)最大客戶,去年中芯有19%的收入是來自華為,惟考慮到出貨或暫停,故該行將公司2020年第四季預測調整至按季跌15%。
該行同時降低對公司的估算,以反映華為方面的風險,將其2020-21年銷售預測由按年升18%及14%調整至按年升15%及10%,認為當地化將持續,但在高端客戶方面或現流失。另外該行將2020-21年淨利預測由2.7億美元及3.74億美元,降至2.38億美元及3億美元。中芯失去14nm晶片的主要銷售目標,或會減慢其資本開支計劃,故將其2020年資本開支預算由43億美元降至38億美元,而明年資本開支預算則維持32億美元。
該行相信中芯的科創板上市將有較好反應,料將籌29億美元,但將其目標價由17.6元降至16元,以反映科創板上上市後估值回到更合理水平,評級由「中性」降至「跑輸大市」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.