《大行報告》麥格理削華虹半導體(01347.HK)目標價至46.96元 評級「跑贏大市」
麥格理發表報告,升華虹半導體(01347.HK)今年盈測6%,以反映首季稅務寬減,明後兩年盈測則升3%至4%;但由於估值環境已明顯轉變,科技及增長股板塊估值向下重評,因此調整估值基礎,目標價由70.76元下調至46.96元,評級「跑贏大市」。報告稱,華虹半導體今明兩年的產能增長和晶圓價格上升都按預期進行。管理層指引與其他半導體公司相若,都認為消費者情緒疲軟,但汽車、電動車及能源等需求強勁。
麥格理指,華虹半導體首季收入符預期,但由於政府研發補助已確認和發放員工獎金,毛利率為26.9%,低於該行預期的32%,導致營業利潤比該行預測低7%。但稅收減免令純利比該行預測高45%。該行預計華虹次季收入6.12億美元,毛利率預計介乎28%至29%。
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