高盛:維持ASM太平洋(0522.HK)72港元目標價 評級沽售
高盛發表研究報吿指,ASM太平洋(0522.HK)有強勁的第二季收入指引和首季創紀錄的高訂單量,或會在短期內成為積極的催化劑,但該行預期,第二季的訂單量將按季減少,而收入將在第四季按年轉為負增長。該行維持集團目標價72港元及沽售評級。
高盛認為,集團在提高毛利率方面具執行力,並將2021的盈測上調37%,2022及2023年每年各上調14%,這主要是由於收入和通用汽車業務提高。不過,該行對集團持謹慎態度,因為收益增長較之前的復甦週期慢,與該行覆蓋的其他中國半導體品牌相比,市場份額增長的相對有限。
高盛預料,第一季強勁的訂單量將在第二、三季轉化為收入,其後第四季收入將按年下降5%。該行又將集團2021至2023年將毛利率預測分別上調2.2、1.5及1.6個百分點。因應集團產品組合改善和成本控制,料其毛利率從去年的32.5%恢復到今年的39.1%,並料明年及2023年分別達39.4%及40.5%。

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