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《大行报告》大和上调中芯(00981.HK)目标价至19元 评级「沽售」
阿思达克 05-17 10:57
大和发表的研究报告指,中芯国际(00981.HK)首季业绩及次季指引均强劲,主要受惠订单好过预期及价格上升等,不过该行对於库存用尽後情况能否持续仍存疑问,而库存风险、资本开支对盈利能力的影响及地缘政治因素对营运的影响等,令该行维持对其「沽售」评级,目标价由16元升至19元。

该行指出公司首季业绩好过预期,主要受惠订单表现强劲及价格提升等,首季其收入11亿美元创纪录,亦分别较该行及市场预期高5%及2%,由於期内出货量及平均销售单价均上升,而净利分别较该行及市场预期高103%及50%,主要受惠资本开支下降致经营利润率进一步改善等。

管理层预期次季收入将按季升17%至19%,好过该行及市场预测20%,主要受惠订单持续及价格上升等,考虑到经营杠杆较理想,而公司指引毛利率25%至27%亦远高於该行及市场预测,公司料全年收入增长及毛利将好过原先预期的目标,不过其拒透露地缘政治不确定性对采购设备等所带来的实际影响。

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