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《大行报告》麦格理:中芯(00981.HK)上季业绩欠佳 维持「跑输大市」评级
阿思达克 02-05 14:22
麦格理发表研究报告指,中芯(00981.HK)2020年第四季业绩基本符合预期,表现欠佳,毛利率由24%大幅下跌至18%,经营亏损录1.06亿美元,远超预期的4,700万美元。

该行指出,中芯上季很大程度受到华为的负面影响拖累,但在政府补贴、投资收入及外汇收益所抵销下,税前利润达到2.46亿美元,超出该行预期60%。

中芯管理层表示,由於公司被列入美国实体名单,无法采购美国相关项目或技术,今年经营存在风险和不确定性,假设运营没有受到重大不利影响下,预期今年首季收入按年升17%,按季升8%,毛利率维持18%,公司上半年收入目标为21亿美元,全年计估计收入可录得中至高单位数升幅,毛利率冀维持十数个百分点,并预期毛利将减少1.6亿美元。

麦格理指出,中芯今年收入指引较预期低17%,毛利目标亦低36%,但目前对预测没有改变,维持目标价20.5元及「跑输大市」评级。

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