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《大行報告》大摩下調中芯(00981.HK)目標價至25元 評級「與大市同步」
阿思達克 11-15 11:08
摩根士丹利發表報告指,中芯國際(00981.HK)管理層稱其與客戶簽訂的長期協議只確定晶圓數量而非定價。該行看好集團務實的定價策略,但認為其靈活性或會導致二線代工廠(如力積電和世界先進)的晶圓價格競爭,並削弱包括中芯在內目前的定價能力。 該行預期若客戶的訂購量減少,晶圓代工的價格或將於明年下半年下跌,因此將中芯H股股份目標價由28元降至25元,維持「與大市同步」評級。 大摩相信,在消費者需求平淡下,積極的產能擴張可能導致代工供過於求。由於收入增長有限且折舊負擔增加,該行上調對中芯2021年及2022年每股攤薄盈利預測各7%及1%,但下調對中芯2023年每股攤薄盈利預測8%。
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