花旗:降中芯國際(0981.HK)目標價至14.6港元 維持沽售評級
花旗發表研究報吿表示,預計中芯國際(0981.HK)今年將錄得經營虧損,面對美國政府的限制,公司指引顯示距離營運層面的盈虧平衡還很遠。該行將其H股目標價由20.3港元下調至14.6港元,維持沽售評級。
花旗指,中芯國際四季度毛利由第三季度的24.2%降至18%,因鰭式場效應晶體管(FinFET)需求疲軟,第四季度收入亦下降,但淨利潤按年增長,受惠於持續的政府補貼和非經營性所得,公司經營效率仍是投資者的主要擔憂。

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