《大行報告》高盛上調中芯(00981.HK)目標價至37.6元 評級「買入」
高盛發表研究報告指,中芯國際(00981.HK)次季收入及毛利率分別較預測高出3%及4個百分點,第三季增長指標亦勝預期,收入指引較預測高5%至9%,毛利率料達32%至34%。
該行指,管理層同時預期2021年收入增長將達約30%,毛利率整體達30%,全年資本開支則維持43億美元不變,產能擴充計劃按部就班。
考慮到表現超出預期,高盛上調中芯盈利預測,將2021至2028年收入預測上調4%至10%,以反映本地客戶需求強勁及產品組合改善,推動出貨量及平均售價提升。該行並將2021至2028年毛利率預測上調1.6至7.7個百分點,淨利預測升12%至114%。目標價由33.3元提升至37.6元,維持「買入」評級。
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