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《大行报告》花旗下调中芯(00981.HK)目标价至14.6元 评级「沽售」
阿思达克 02-08 10:54
花旗发表的研究报告指,中芯国际(00981.HK)去年第四季收入按季跌9%,主要因为产品受合改变及其他收入贡献减低,毛利率由去年第三季的24.2%降至18%,主要因为产能利用率下降等,净利受惠政府补贴及非经营收益等按季上升。在晶圆生产业务方面令其14/28nm产品於去年第四季出现显着跌幅,面对美国方面的限制,中芯2021年收入及利润前景均经营层面收支平衡有一段距离,维持对公司「沽售」评级,目标价由20.3元降至14.6元。

该行指出去年第四季公司晶圆收入按季跌22%,而14/28nm的贡献则由16%降至4%,主要因为华为方面所受的限制,毛利率18%亦低於收支平衡点,撇除1.25亿元的补助,去年第四季公司应录经营亏损。另外公司增长目标仅中至高单位数,加上资本开支计划43亿美元亦存在不确定性,公司估计今年毛利率目标为15%左右,意味经营层面将录亏损,故该行亦调整了公司2020-22年的预测以反映最新的指引。

中芯估计今年资本开支将为43亿美元,现时正寻求扩张批准,估计产能将在下半年上线,受华为退场影响14/28nm产能利用率较低,估计中芯要待下一波客户才能充份利用相关产能,而今年的增长亦受8寸及12寸产能紧张所限。(el/k) ~

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