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《大行報告》大和上調中芯(00981.HK)目標價至19元 評級「沽售」
阿思達克 05-17 10:57
大和發表的研究報告指,中芯國際(00981.HK)首季業績及次季指引均強勁,主要受惠訂單好過預期及價格上升等,不過該行對於庫存用盡後情況能否持續仍存疑問,而庫存風險、資本開支對盈利能力的影響及地緣政治因素對營運的影響等,令該行維持對其「沽售」評級,目標價由16元升至19元。

該行指出公司首季業績好過預期,主要受惠訂單表現強勁及價格提升等,首季其收入11億美元創紀錄,亦分別較該行及市場預期高5%及2%,由於期內出貨量及平均銷售單價均上升,而淨利分別較該行及市場預期高103%及50%,主要受惠資本開支下降致經營利潤率進一步改善等。

管理層預期次季收入將按季升17%至19%,好過該行及市場預測20%,主要受惠訂單持續及價格上升等,考慮到經營槓桿較理想,而公司指引毛利率25%至27%亦遠高於該行及市場預測,公司料全年收入增長及毛利將好過原先預期的目標,不過其拒透露地緣政治不確定性對採購設備等所帶來的實際影響。

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