You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》摩通:中芯(00981.HK)上季毛利率令人失望 維持「減持」評級
阿思達克 02-05 14:22
摩根大通發表研究報告,指中芯國際(00981.HK)公布去年第四季業績及今年首季指引,末季收入及今年首季收入指引輕微勝預期,不過對2021財年指引則稍差於市場預期,主要因為被列入美國實體清單後的不確定性。雖然產能充分利用,不過毛利率仍然受壓令人失望,主要因為折舊較多,公司計劃擴充額外產能至8吋及12吋晶圓,不過在現有限制下能否執行仍存在不確定性。

公司2020年資本開支為57億美元,但受美國監管要求及物流方面的挑戰影響,仍未有顯著的產能擴張。該行認為對公司而言主要變數在於,先進製程發展困難、未來策略應如何,以及美國設備供應商能否獲得批准向公司出貨等,估計股份將繼續徘徊直至在這方面清晰度增加,維持「減持」評級,目標價20元。

該行指出公司指引今年首季收入將按季升8%,而今年上半年收入將達21億美元,按年增長14%,分別較市場預測高12%及9%,主要受惠需求增加及價格提升,不過其對2020年全年收入指引則低於市場預測,估計毛利率在未來數季將維持受壓;其指引首季毛利率介乎17%至19%,低於該行預期的21%。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account