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《大行報告》麥格理下調中芯(00981.HK)目標價至18.25元 評級「跑輸大市」
阿思達克 02-08 10:54
麥格理發表研究報告指,受美國禁令及華為事件的影響,中芯國際(00981.HK)第四財季收入按季下跌9%,毛利率跌至18%,未來料將發展重心轉移至成熟節點,並計劃提升8吋及12吋晶片的產能。

報告指出,中芯預計成熟制程的強勁需求將持續,因此計劃提升產能利用率,預期28nm以上節點的收入將維持穩定增長。該行指出,12吋晶片業務的增長取決於是否獲得出口許可證,因此未來將重點關注現有的FinFET Gen 1及2平台。

麥格理認為,今年毛利率18%指引反映了成熟節點貢獻將增加,預期2021至2023年毛利率將保持在17%至18%的水平,但是隨著先進節點持續投修研發,預計撇除政府補貼及股權投資收益,中芯國際將在2021至2023年將錄得運營虧損,若計及政府補貼則將錄得約1億美元經營利潤。

考慮到產能擴張放緩及毛利率下降,麥格理將2021至2022的稅前利潤預測下調22%及52%,維持「跑輸大市」評級,目標價由20.5元降至18.25元,並將中芯加入麥格理沽售名單中。

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