《大行報告》麥格理下調華虹半導體(01347.HK)目標價至65.13元 評級「跑贏大市」
麥格理發表研究報告指,華虹半導體(01347.HK)首季收入按年增長50%,按季升9%,較指引高6%。
該行指出,華虹半導體目前產能使用率為104%,新的12英寸產能主要用於生產感光元件、NOR晶片及由8英寸轉為的12英寸Smart Card產品,產能緊張且需求強勁,因此預期今年餘下時間業績表現將仍向好。
麥格理稱,12英寸的利潤空間正逐步改善,預期透過更好的專業工藝,華虹將從中芯國際(00981.HK)手上搶佔12英寸CMOS圖像傳感器及微處理器的訂單。管理層透露今年12寸產品銷售增加,今年每季平均售價料提升3%至5%。
麥格理指,考慮華虹半導體首季毛利率降至23.7%,相應將2022年盈測下調9%,維持「跑贏大市」評級,目標價由71.34元降至65.13元。
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