《大行報告》野村升中芯(00981.HK)評級至「中性」 目標價下調至25元
野村發表研究報告指出,中芯(00981.HK)股價至2020年8月以來累跌28%,明顯跑輸大市,某程度上是由於地緣政治問題所致。不過,公司對業務連續性的信心不斷增強,且來自電話會議的信息大多正面,預期第四季表現強勁,即使被美國列入實體清單,公司對業務連續性的信心更高,而2021財年產能按計劃進行,FinFET(鰭式場效電晶體)及28納米晶圓銷售增長,以及其對2022財年銷售增長預測超過代工行業平均水平。
該行認爲,在強勁的需求下,中芯制定積極產能擴張計劃,目標未來幾年將12英寸晶圓產能增加兩倍,惟仍需獲得美國批準。該行注意到中芯及華虹半導體(01347.HK)爲產能擴張最積極的代工廠,同時面臨如需求週期於2023年轉變的更大風險。
野村將中芯目標價由26元降至25元,惟上調其2021至2023財年每股盈利預測分別7%、37%及47%,以反映公司第四季銷售額及毛利率上升,評級由「減持」上調至「中性」。
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