《大行报告》摩通升中芯(00981.HK)评级至「中性」 目标价上调至23元
摩根大通发表报告表示,认为中芯国际(00981.HK)可受惠成熟制程需求强劲,收入及毛利均有上行,故带动产能利用率强劲增长,该行将公司每股盈测上调,并将评级由「减持」升至「中性」,目标价由20元升至23元,此相当於未来12个月预测市账率1.4倍。
该行指,与美国主要供应商在获批供应零件及原料方面未有显着进长,而中芯已被列入实体清单五个月,相信市场仍在等待发牌方面的具体消息,而公司策略转向成熟的12寸及8寸产品,该行认为是正确决定,不过要执行相关策略仍要取决於在获取美国批准方面的不确定性。
摩根大通指出,受惠特别是内地半导体需求强劲,中芯估计上半年收入将按年升30%,高於市场原先估计的15%,相信是由於成熟制程产能扩张,加上产能利用率较高及平均销售单价提升,值得留意的是公司晶圆整体平均销售单价按季升5%,估计次季续升7-9%,主要由於价格上升及产品组合改善等。
随着产能利用爆满及晶圆价格向上,公司毛利表现好过预期,展望次季公司估计毛利率将进一步扩张至25-27%,远高於市场预期的16-17%,虽然折旧开支将按年增50%,不过估计下半年公司毛利率可维持在26-27%的水平。
资本开支方面公司料今年将维持在43亿元水平,当中有50%用於成熟制程产能扩张,相信对公司而言方向正确,不过下半年能否全面执行其资本开支计划仍存在不确定性,因为现时仍未知道公司在实体清单下,美国主要供应商能否获批供货。(el/w) ~
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