中金:升中芯國際(0981.HK)目標價至32港元 進口替代料推動收入大增
中金公司發表報告表示,中芯國際(0981.HK)是半導體國產化主要受益者,在進口替代推動下,預計公司2023年收入將較2019年翻倍,該行將中芯H股目標價上調78%至32港元,並首次覆蓋中芯A股,目標價83元人民幣,AH股均予“跑贏行業”評級。
報告表示,中芯國際資本支出計劃的不斷提升,意味着公司對成熟製程節點需求的信心增強,但超額的資本支出中必然包含一些提前採購設備的因素。在中美貿易摩擦背景下,公司會加速採購設備確保其供應鏈安全。
報告指,基於短期對先進節點需求的謹慎看法,以及成熟節點的需求消化空置產能需要1-2個季度的時間,預計2021年中芯國際的資本支出佔收入的比例不會停留在兩倍於收入的高位,將開始趨於正常水平。
中金又認為,中芯潛在催化劑包括智慧手機出貨按年回升,將帶動公司基本面繼續強勁。

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