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《大行報告》大摩降中芯(00981.HK)評級至「與大市同步」 目標價上調至28元
阿思達克 08-10 09:38
摩根士丹利發表的研究報告,指以歷史市賬率計,中芯國際(00981.HK)估值處高位,而2022年的28nm產能擴張現時仍存在不確定性,故認為風險回報平衡,將投資評級由「增持」降至「與大市同步」,目標價則由25元升至28元。 該行留意到內地客戶需求強勁,預期指引將有上行調整,而增長幅度將遠高於該行及市場預期。今年次季公司平均銷售單價按季升9%,現時指引2021年收入將按年升30%,同時將全年毛利率指引升至約30%,反映受惠公司定位其40nm/50nm製程定價能力較強。 公司亦估計供應緊張情況將持續至2022年上半年,被問及公司能否跟隨同業的晶圓定價,中芯則相信公司在提價方面有滯後,所以該行認為2022年其晶圓平均銷售單價有空間改善,不過考慮到內地政府不鼓勵汽車芯片因供應短缺加價,所以料長遠晶圓定價或會「封頂」。 另一方面,管理層指出2021年產能擴張進展在正軌上,不過部分28nm及14nm的所需設備則要待美國審批,中芯表示正研究其他解決方案,同時亦會盡力與美國設備供應商獲取進口批准。該行認為28nm產能擴張減慢或會對收入增長帶來負面影響,但對公司利潤率則有利,因為資本開支及折舊減少。
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