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《大行報告》中金上調中芯國際(00981.HK)目標價24%至31.5元 評級「跑贏行業」
阿思達克 02-11 11:30
中金發表研究報告,指中芯國際(00981.HK)去年末季收入9.8億美元,按季跌9.4%,屆業績指引上限,亦符該行預期。末季毛利率18%,符指引及該行預期。報告對中芯成熟工藝產能維持滿載及2021年潛在的銷售均價上漲持樂觀態度,維持予「跑贏行業」評級,目標價升24%至31.5港元,相當於今年預測市帳率2倍。

報告基本維持中芯今年收入預測不變,考慮到non-FinFET需求強勁帶來的產品結構改善和部分急單帶來的晶圓銷售均價提升,中金上調中芯今年純利預測28%至30.2億元人民幣;明年料進一步升至33.15億元人民幣。

中金稱,中芯今年43億美元資本開支計劃支持未來成熟工藝擴產。其擬今年底12英寸成熟制程產線擴產1萬片,成熟8英寸產線擴產不少於4.5萬片。管理層指出,他們仍然需要申請設備出口許可,因此大部分設備預計在今年的下半年到貨,這導致了新增產能低於預期,該行建議投資者持續跟進許可證申請進展。另外,中金認為一旦設備採購瓶頸得以解決,中芯或上調產能擴張計劃及收入指引。

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