《大行报告》高盛上调华虹(01347.HK)目标价至54.5元 评级「买入」
高盛发表的研究报告指,华虹半导体(01347.HK)去年第四季业绩及首季指引均好过预期,去年第四季收入较市场预期高4%,毛利率则较预期高3.3个百分点,12寸晶圆毛利率转正至6.5%,而12寸晶圆产能利用率亦有去年第三季的56%改善至76%。今年首季公司收入指引则料按季升3%,较市场预期高3%,首季毛利率指引介乎23%至25%则大致符预期,维持对公司「买入」评级,目标价由48元升至54.5元,认为需求强劲等将支持8寸晶圆的产能利用率今年维持高位,而12寸的产能利用率亦将提升。
该行指出去年第四季公司收入2.8亿美元,较市场预期及该行高4%,毛利率25.8%亦高於预期,期内经营溢利1,100万美元好过预期,净利按季升146%至4,400万美元,好过预期。公司指引今年首季收入将按季升3%至2.88亿美元,分别较该行及市场预期高7%及3%;管理层认为在IGBT、MCU、超级结结构(Super Junction)等需求强劲,12寸晶圆已完成研发及产品方面的认证,今年公司计划继续扩张技术平台,包括是工业MCU及下一代超级结结构等。
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