《大行报告》大摩升中芯(00981.HK)评级至「增持」 目标价上调至31.8元
摩士丹利发表报告指,将中芯(00981.HK)评级,由「与大市同步」升至「增持」,目标价由23.8元升至31.8元,此相当预测今年市账率2.1倍,认为潜在催化剂包括是设备获批等,而短期美国客户高通仍与中芯合作,而台湾企业等亦正寻求中芯提供额外的产能,该行上调对中芯今明两年每股盈利预测各14%及6%。
该行指,大部分投资者仍担心中芯国际(00981.HK)被纳实体清单将限制公司采用美国技术,包括是设备及化学品采购等,公司同时被限制获取美国半导体客户的新项目。长远而言由於被限制获取10nm以下制程技术,公司或难以追上同业技术进展,而在2月7日的业绩电话会议上,公司收入增长指引仅5-10%,主要反映设备供应上存在不确定性,而2021年其毛利率将跌至15%左右水平。
大摩表示,美国设备供应商最近开始恢复零件供应及服务等,相信最少短期可缓和投资者对其库存问题的忧虑,同时亦暗示未来在铸造业务方面设备供应有机会获批。因此该行估算中芯2021年收入将按年增10-15%,高过市场预期。
虽然中芯在内地半导体中扮演重要角色,不过由於美国商务部或不会批准供应10nm以下制程所需的设备,所以计划亦需作出转变,由於中芯之前打算投资於投资回报率较低的先进技术应用,所以新方向或对投资者较好。
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