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《大行報告》瑞銀降華虹半導體(01347.HK)評級至「沽售」 目標價下調至35元
阿思達克 01-03 10:04
瑞銀發表研究報告指,考慮到2023年12吋晶圓供應過剩風險增加,對後緣代工行業看法轉為更保守,同時8吋晶圓需求轉移至12吋產品的趨勢或在未來幾年逐步加快,料將緩解8吋代工廠的產能壓力。 該行預期,華虹半導體(01347.HK)的股本回報率將由2021年的7.4%提升至10.3%,未來一年前景不俗,隨著利用率的正常化,預期於2023至2024年比率將回落至6.7%及6%。 瑞銀指出,華虹自2019年起積極擴充12吋晶圓產能,有助客戶加快產品基礎開發的進程,但預期行業供應情況改善,加上競爭加劇,2023年起其12吋業務增長將放慢。 瑞銀將華虹半導體的評級由「中性」降至「沽售」,指出股份現價處於較高估值水平,反映市場對2022年行業的樂觀態度,但計及2023年以後 不確定性會增加,將目標價下調至35元(原本52.5元)。
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