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《大行报告》摩通:中芯(00981.HK)上季毛利率令人失望 维持「减持」评级
阿思达克 02-05 14:22
摩根大通发表研究报告,指中芯国际(00981.HK)公布去年第四季业绩及今年首季指引,末季收入及今年首季收入指引轻微胜预期,不过对2021财年指引则稍差於市场预期,主要因为被列入美国实体清单後的不确定性。虽然产能充分利用,不过毛利率仍然受压令人失望,主要因为折旧较多,公司计划扩充额外产能至8寸及12寸晶圆,不过在现有限制下能否执行仍存在不确定性。

公司2020年资本开支为57亿美元,但受美国监管要求及物流方面的挑战影响,仍未有显着的产能扩张。该行认为对公司而言主要变数在於,先进制程发展困难、未来策略应如何,以及美国设备供应商能否获得批准向公司出货等,估计股份将继续徘徊直至在这方面清晰度增加,维持「减持」评级,目标价20元。

该行指出公司指引今年首季收入将按季升8%,而今年上半年收入将达21亿美元,按年增长14%,分别较市场预测高12%及9%,主要受惠需求增加及价格提升,不过其对2020年全年收入指引则低於市场预测,估计毛利率在未来数季将维持受压;其指引首季毛利率介乎17%至19%,低於该行预期的21%。

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