《大行報告》野村降中芯(00981.HK)評級至「減持」 上調目標價至26元
野村發表報告指,在經過今年第二季錄按季增長3.7%後,中芯國際(00981.HK)預期第三季銷售按年僅增長1%至3%,考慮到第三季是華為旗下海思半導體能增加庫存的最後一個季,該行認為中芯的指引令人失望。
該行表示,中芯指引第三季毛利率介乎19%至21%,明顯較第二季的26.5%下降,亦遠低於市場預期的22.7%,估計是由於14nm晶圓業務開始折舊。
野村下調中芯股份評級,由「中性」降至「減持」,目標價由19元升至26元,至於今明兩年毛利率預測則調低6%至35%。該行維持中芯是海思半導體被禁的主要受害者的看法,因集團銷售至海思的佔比有20%,相信今年第四季開始影響將更為明顯。
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