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《大行報告》Jefferies升中芯(00981.HK)評級至「買入」 指美國限制實屬潛在祝福
阿思達克 12-22 11:56
Jefferies發表研究報告指中芯國際(00981.HK)被美國商務部正式列入實體清單,認為對公司是潛在正面因素,將迫使中芯專注於成熟產品,意味資本支出及研發費用將下降,提高資本回報率。該行稱,美國禁令涉及10nm或以下製程的技術;新副董事長蔣尚義在台積電成熟產品有研發經驗,並提倡採用先進包裝技術改善表現;以及成熟產品新北京合營已落實。Jefferies上調中芯H股評級,由「持有」升至「買入」,目標價23.04元。

報告稱,中芯管理層改變亦意味傾向專注成熟產品。除委任蔣尚義為副董事長外,中芯早前亦宣布,正核實聯合首席執行官梁孟松擬辭任的意願。Jefferies稱,即使梁氏在先進產品的願景與蔣氏在成熟產品/封裝的往績沒衝突,該行認為,蔣氏入局將為中芯帶來更務實的取態,及強化在成熟產品上的競爭力。美國對先進產品生產設備的禁令,將令中芯極難很快生產10nm或以下產品。

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