《大行報告》美銀證券升華虹(01347.HK)目標價至21元 評級「跑輸大市」
美銀證券發表研究報告,指華虹半導體(01347.HK)去年末季純利約4,400萬美元遠勝市場預期的1,900萬美元,收入2.8億美元,按季升11%,按年則升15%,超該行及市場預期3%至4%。報告稱,MCU、IGBT、超接合面(Super Junction)及CIS的客戶需求強勁支持收入增加。毛利率25.8%,高於指引及市場預期,源於產品組合強勁及產能利用率勝預期。末季經營溢利約1,100萬美元,遠勝市場預期錄經營虧損1,500萬至1,600萬美元,受惠政府補貼及資助增加。
報告稱,公司指引今年首季收入2.88億美元,意味按季增3%,與市場預期相符。管理層對今年整體表現有信心。
美銀證券調整對華虹半導體今明兩年股盈預測,至分別6.7美仙及9美仙;目標價由18元升至21元,指在擴張階段下,盈利能力及回報仍充滿挑戰。現估值相當於預測市帳率3.2倍及股本回報率3%至4%,風險回報欠佳,維持「跑輸大市」評級。
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