《大行報告》富瑞上調中芯(00981.HK)目標價至32.08元 評級「買入」
富瑞發表報告,上調中芯國際(00981.HK)目標價由30.97元至32.08元,評級「買入」。該行指喜歡中芯國際,但更偏好風險較低的華虹半導體(01347.HK) 。
富瑞指,中芯去年第四季度業績與預期一致,但營業收入和淨利潤超過預期。而公司今年的資本支出爲50億美元。管理層表示,產能計劃是基於與客戶的密切對話所預測的需求,並考慮了物流挑戰和美國法規。該行相信,鑑於中國的本土化努力、電動汽車、智能電網和工業數字化,需求仍然強勁。然而2023年後,供應的緊張程度會有所降低,屆時平均售價和利用率會有一些潛在的下行壓力。另中芯正在建設三座新工廠,更高的資本支出和折舊攤銷將對毛利率產生壓力。
在該行提升預測後,富瑞對中芯2022年至2024年的收入和淨利潤預測比市場共識分別高出24%至46%及18%至106%。
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