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《大行報告》麥格理:中芯(00981.HK)上季業績欠佳 維持「跑輸大市」評級
阿思達克 02-05 14:22
麥格理發表研究報告指,中芯(00981.HK)2020年第四季業績基本符合預期,表現欠佳,毛利率由24%大幅下跌至18%,經營虧損錄1.06億美元,遠超預期的4,700萬美元。

該行指出,中芯上季很大程度受到華為的負面影響拖累,但在政府補貼、投資收入及外匯收益所抵銷下,稅前利潤達到2.46億美元,超出該行預期60%。

中芯管理層表示,由於公司被列入美國實體名單,無法採購美國相關項目或技術,今年經營存在風險和不確定性,假設運營沒有受到重大不利影響下,預期今年首季收入按年升17%,按季升8%,毛利率維持18%,公司上半年收入目標為21億美元,全年計估計收入可錄得中至高單位數升幅,毛利率冀維持十數個百分點,並預期毛利將減少1.6億美元。

麥格理指出,中芯今年收入指引較預期低17%,毛利目標亦低36%,但目前對預測沒有改變,維持目標價20.5元及「跑輸大市」評級。

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