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《大行报告》汇丰研究上调中芯(00981.HK)目标价至19.7元 评级「减持」
阿思达克 02-08 10:10
汇丰研究发表报告指,中芯国际(00981.HK)第四财季税前利润达2.46亿美元,远远超出该行2,600万美元及市场约6,200万美元的预期,主要由於期内获得政府补贴等其他收入,但认为第四季超预期的表现将难以延续。

报告指出,受美国禁令的持续不确定性影响,中芯管理层将今年全年资本开支下调25%,较联电和Vanguard等竞争对手投入水平都要低,2021财年销售额指引为增长中至高单位数,亦比其他代工同业要低得多,即使公司有意於今年下半年增加8寸及12寸晶圆产能,预期公司今年可能继续跑输同业。

该行将中芯2021至2022财年每股盈利预测降至0.036及0.044美元,较市场普遍预期低15%,但指出受政府补贴等影响,营业收入有波动性,预计市场对其利润预测幅度将较大。监於中芯业务波动性及美国禁令带来的不确定性,汇丰研究基於2022年预测市销率约22倍,将目标价由13.6元上调至19.7元,评级「减持」。

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