《大行報告》花旗下調時代電氣(03898.HK)目標價至30元 評級「沽售」
花旗發表研究報告指,大部分投資者都關注時代電氣(03898.HK)的絕緣柵雙極晶體管(IGBT)業務發展,認為管理層對IGBT增長指引不明確,可能導致市場情緒冷卻。
報告指出,雖然時代電氣半導體業務去年錄得1.2億元人民幣的淨利潤,但該行預期二期晶圓廠即將進入商業營運,這可能會增加折舊和其他營運成本,令今年的利潤增添不確定性;同時由於原材料上漲,毛利率繼續承壓。
花旗表示,去年業績未見有利好的催化劑,因此維持「沽售」評級,將今明兩年盈利預測下調11%,並下調毛利率預測,又指碳化矽(SiC)產品首個應用測試產品為鐵路領域而非新能源汽車,亦將降低市場對新能源汽車IGBT業務發展的預期,目標價下調至30元。
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