《大行报告》麦格理下调中芯(00981.HK)目标价至18.25元 评级「跑输大市」
麦格理发表研究报告指,受美国禁令及华为事件的影响,中芯国际(00981.HK)第四财季收入按季下跌9%,毛利率跌至18%,未来料将发展重心转移至成熟节点,并计划提升8寸及12寸晶片的产能。
报告指出,中芯预计成熟制程的强劲需求将持续,因此计划提升产能利用率,预期28nm以上节点的收入将维持稳定增长。该行指出,12寸晶片业务的增长取决於是否获得出口许可证,因此未来将重点关注现有的FinFET Gen 1及2平台。
麦格理认为,今年毛利率18%指引反映了成熟节点贡献将增加,预期2021至2023年毛利率将保持在17%至18%的水平,但是随着先进节点持续投修研发,预计撇除政府补贴及股权投资收益,中芯国际将在2021至2023年将录得运营亏损,若计及政府补贴则将录得约1亿美元经营利润。
考虑到产能扩张放缓及毛利率下降,麦格理将2021至2022的税前利润预测下调22%及52%,维持「跑输大市」评级,目标价由20.5元降至18.25元,并将中芯加入麦格理沽售名单中。
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.