You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》美銀證券上調華虹半導體(01347.HK)目標價至30元 評級「跑輸大市」
阿思達克 11-12 15:54
美銀證券發表研究報告指出,華虹半導體(01347.HK)今年第三財季純利5,100萬美元,較該行及市場預期分別高11%及13%,收入按年增長79%至4.51億美元,高過預期,主要由於12英寸晶圓銷量強勁。基於晶圓平均售價有所改善(按季增長5%),以及強勁的利用率,毛利率為27%,略高於預期。值得留意的是,12英寸晶圓廠的毛利率由第二季的3.3%,增長至第三季的8.5%。營運利潤率為11%,高過預期的7至8%,主要由於營運槓桿及補貼。 該行指出,雖然消費者或智能手機的需求疲弱,但華虹半導體管理層對前景樂觀,第四季指引預期銷售收入按季增長8.5%至約4.9億美元,高過預期的8%,而預計毛利率約在27%至28%之間,亦較預期的26%高。另估計無錫晶圓廠的產能將於2022年底進一步擴大,隨著該廠的收入貢獻增加,料折舊負擔將持續上升。如晶片供應短缺問題在2022財年下半年有所緩和,或引發利潤率出現重大下行風險。 此外,該行將華虹半導體2021及2022財年的盈利預測上調至1.86億至2.49億美元,目標價由27元上調至30元,認為公司未來產品定價及利潤前景將更好。雖然收入前景樂觀,但激進的擴張步伐或對公司盈利能力及回報構成壓力,該行對其風險回報狀況保持謹慎,重申「跑輸大市」評級。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account