《大行報告》中金降華虹(01347.HK)目標價至58元 評級「跑贏行業」
中金發表報告指,華虹半導體(01347.HK)去年末季營收5.28億美元,超出此前4.90億美元業績指引,按年升88.6%,按季升17%;毛利率29.3%,超出此前27%至28%業績指引,按年升3.5個百分點,按季升2.2個百分點。公司業績尤其是折舊壓力下的毛利率超出預期的原因,是平均銷售單價的穩步提升和持續高企的產能利用率。
該行基本維持其2022年盈利預測不變,預計2022年營收按年增長21%至19.77億美元,淨利潤按年增長16%至2.47億美元。並首次引入公司2023年盈利預測,預計公司2023年營收按年增長21%至23.94億美元,淨利潤按年增長22%至3億美元。現時估值相當於今年預測市賬率2倍。考慮到下游需求分化,下調目標價10%至58港元,相當於預測市賬率3.1倍,維持「跑贏行業」評級。
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