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高盛:中芯國際(0981.HK)第三季純利勝市場預期 維持買入評級
格隆匯 11-12 12:51

高盛發表研究報吿指,中芯國際(0981.HK)第三季收入按季升5%,稍為好過集團目標,毛利率亦符合目標發市場預期。由於研發和一般及行政開支較高,資本支出比率為11.2%,高於該行預期約0.8點子。純利約3.21億美元,較市場預期高12%。高盛維持其“買入”評級及37.6港元的目標價。

報吿表示,中芯上調今年全年的業績目標,當中收入按年增長39%,毛利率約於30%的水平,維持今年43億元的資本支出計劃。而集團目標第四季收入按季增長11%-13%,毛利率為33%-35%,均優於市場預期,這歸功於需求強勁,及晶圓平均售價上漲。該行關注,第四季強勁收入和毛利率背後的關鍵驅動因素、晶圓價格走勢、明年需求能否持續,及關於出口許可證的最新進展。

報吿指出,考慮到中芯第三季業績和第四季目標後上調其2021-23年的盈利預測,當中收入預測上調4%-8%,以反映內地消費者強勁的需求和產品組合獲改善下,帶動出貨量和平均售價上升;同時,分別上調營業利潤及純利預測分別13%-17%和11%-14%。

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