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《大行报告》野村下调中芯(00981.HK)目标价至16元 评级「减持」
阿思达克 02-08 10:28
野村发表的研究报告指,中芯国际(00981.HK)对2021年的指引令市场失望,但相信股价自上周五(5日)跌10%或是因为美国对批准供货予华为仍存在不确定性,而公司亦宣布在今年底前进一步扩产,不过美国未向厂商发出批准前计划未必可实现。虽然公司提供了今年上半年的销售指引,惟下半年可见性较低,而公司假设在美国限制下经营持续,预期今年销售增长将介乎中至高单位数,该行认为假如公司未获美国批准获得美国制材料,其经营可持续性将面对挑战,维持对中芯「减持」评级,目标价由17元降至16元。

野村指出去年第四季中芯销售按季跌7%,表现好过之前指引,主要受惠需求强劲,期内毛利率跌至18%,主要基於产品组合改变等,而今年首季销售增长指引则为按季升7%至9%,毛利率指引介乎17%至19%亦好过市场预期,不过在14nm晶圆方面的投资或拖累公司今年毛利率约10个百分点,而今年的毛利率指引则介乎10%至20%,意味至2021年下半年将迈向介乎约10%至14%较低水平。

该行上调中芯今年每股盈测33%反映晶圆代工定价环境及使用率改善,但下调明年盈测74%反映折旧成本上升及在美国制裁风险下使用率潜在下降。该行称,中芯估值相当於预测市帐率1.5至1.6倍,在本地半导体板块中,偏好华虹半导体(01347.HK)多於中芯。

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