《大行報告》瑞信下調華虹半導體(01347.HK)目標價至41.5元 評級「中性」
瑞信發表研究報告,華虹半導體(01347.HK)去年第四季銷售額按季增長17%,毛利率亦提升至29.3%,表現勝於預期。該行指,無錫8英寸晶圓廠產能保持滿載,利潤率維持高水平,12英寸晶圓廠出貨增加至6萬WPM,運行率處於第二階段,加上產品平均售價持續改善,按季提升6%,支持公司今年首季銷售額按季增長6%的指引。管理層將毛利率預期下調至28%至29%,留下約80個基點緩衝空間。
報告指出,華虹今年產能利用率將達到穩定水平,預期明年將再次增加產能,預期公司今年將專注於改善產品組合,以進一步穩固定價。去年資本支出為9.39億美元,瑞信預期今年將增至13.5億美元,認為在強大本地化及週期性建設下前景強勁,將2022至2023年每股盈利預測上調至2元及2.15元,維持「中性」評級。
目標價則基於2023年預估市盈率約2倍,由43元下調至41.5元,反映來年部分風險調整,對華虹本土化長期增長潛力保持樂觀,仍然認為公司在國內市場處於有利地位。
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