《大行報告》匯豐研究上調中芯(00981.HK)目標價至19.7元 評級「減持」
匯豐研究發表報告指,中芯國際(00981.HK)第四財季稅前利潤達2.46億美元,遠遠超出該行2,600萬美元及市場約6,200萬美元的預期,主要由於期內獲得政府補貼等其他收入,但認為第四季超預期的表現將難以延續。
報告指出,受美國禁令的持續不確定性影響,中芯管理層將今年全年資本開支下調25%,較聯電和Vanguard等競爭對手投入水平都要低,2021財年銷售額指引為增長中至高單位數,亦比其他代工同業要低得多,即使公司有意於今年下半年增加8吋及12吋晶圓產能,預期公司今年可能繼續跑輸同業。
該行將中芯2021至2022財年每股盈利預測降至0.036及0.044美元,較市場普遍預期低15%,但指出受政府補貼等影響,營業收入有波動性,預計市場對其利潤預測幅度將較大。鑑於中芯業務波動性及美國禁令帶來的不確定性,匯豐研究基於2022年預測市銷率約22倍,將目標價由13.6元上調至19.7元,評級「減持」。
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