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《大行報告》花旗下調中芯(00981.HK)目標價至14.6元 評級「沽售」
阿思達克 02-08 10:54
花旗發表的研究報告指,中芯國際(00981.HK)去年第四季收入按季跌9%,主要因為產品受合改變及其他收入貢獻減低,毛利率由去年第三季的24.2%降至18%,主要因為產能利用率下降等,淨利受惠政府補貼及非經營收益等按季上升。在晶圓生產業務方面令其14/28nm產品於去年第四季出現顯著跌幅,面對美國方面的限制,中芯2021年收入及利潤前景均經營層面收支平衡有一段距離,維持對公司「沽售」評級,目標價由20.3元降至14.6元。

該行指出去年第四季公司晶圓收入按季跌22%,而14/28nm的貢獻則由16%降至4%,主要因為華為方面所受的限制,毛利率18%亦低於收支平衡點,撇除1.25億元的補助,去年第四季公司應錄經營虧損。另外公司增長目標僅中至高單位數,加上資本開支計劃43億美元亦存在不確定性,公司估計今年毛利率目標為15%左右,意味經營層面將錄虧損,故該行亦調整了公司2020-22年的預測以反映最新的指引。

中芯估計今年資本開支將為43億美元,現時正尋求擴張批准,估計產能將在下半年上線,受華為退場影響14/28nm產能利用率較低,估計中芯要待下一波客戶才能充份利用相關產能,而今年的增長亦受8吋及12吋產能緊張所限。(el/k) ~

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