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《大行報告》野村上調中芯(00981.HK)目標價至26元 評級「減持」
阿思達克 08-09 10:56
野村發表研究報告指,中芯國際(00981.HK)第二季業績明顯勝預期,當中毛利率達到30%,較增長指引及市場預期高出約3至5個百分點。考慮到增長指引持續提升,以及晶圓價格預期至明年上半年仍會上升,相應將目標價由16元提升至26元。 該行指,中芯整體平均售價水平按季升9%,升幅較首季的5%加快,此外處置子公司帶來一次性收益亦令每股盈利增長高於市場預期。 在市場發展向好及下半年前景明朗下,該公司將全年銷售增長預測提升至30%,毛利率料維持30%。野村上調對中芯估值基礎,但由於地緣政治風險仍存在,對長遠發展構成壓力,因此維持「減持」評級。
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