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《大行报告》中金上调中芯国际(00981.HK)目标价24%至31.5元 评级「跑赢行业」
阿思达克 02-11 11:30
中金发表研究报告,指中芯国际(00981.HK)去年末季收入9.8亿美元,按季跌9.4%,届业绩指引上限,亦符该行预期。末季毛利率18%,符指引及该行预期。报告对中芯成熟工艺产能维持满载及2021年潜在的销售均价上涨持乐观态度,维持予「跑赢行业」评级,目标价升24%至31.5港元,相当於今年预测市帐率2倍。

报告基本维持中芯今年收入预测不变,考虑到non-FinFET需求强劲带来的产品结构改善和部分急单带来的晶圆销售均价提升,中金上调中芯今年纯利预测28%至30.2亿元人民币;明年料进一步升至33.15亿元人民币。

中金称,中芯今年43亿美元资本开支计划支持未来成熟工艺扩产。其拟今年底12英寸成熟制程产线扩产1万片,成熟8英寸产线扩产不少於4.5万片。管理层指出,他们仍然需要申请设备出口许可,因此大部分设备预计在今年的下半年到货,这导致了新增产能低於预期,该行建议投资者持续跟进许可证申请进展。另外,中金认为一旦设备采购瓶颈得以解决,中芯或上调产能扩张计划及收入指引。

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