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《大行报告》美银证券升华虹(01347.HK)目标价至21元 评级「跑输大市」
阿思达克 02-16 14:54
美银证券发表研究报告,指华虹半导体(01347.HK)去年末季纯利约4,400万美元远胜市场预期的1,900万美元,收入2.8亿美元,按季升11%,按年则升15%,超该行及市场预期3%至4%。报告称,MCU、IGBT、超接合面(Super Junction)及CIS的客户需求强劲支持收入增加。毛利率25.8%,高於指引及市场预期,源於产品组合强劲及产能利用率胜预期。末季经营溢利约1,100万美元,远胜市场预期录经营亏损1,500万至1,600万美元,受惠政府补贴及资助增加。

报告称,公司指引今年首季收入2.88亿美元,意味按季增3%,与市场预期相符。管理层对今年整体表现有信心。

美银证券调整对华虹半导体今明两年股盈预测,至分别6.7美仙及9美仙;目标价由18元升至21元,指在扩张阶段下,盈利能力及回报仍充满挑战。现估值相当於预测市帐率3.2倍及股本回报率3%至4%,风险回报欠佳,维持「跑输大市」评级。

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