《大行報告》匯豐研究引述中芯(00981.HK)指手機及消費電子終端疲弱 料晶片調整會持續至明年上半年
匯豐研究發表報告指出,中芯國際(00981.HK)第二季收入19億美元,符合管理層指引及該行預期。期內毛利率達39.4%,略高於該行預期。然而,整體晶圓均價按季升1%,相對於首季的13%按季升幅大幅放緩。管理層指引料第三季收入按季持平至增長2%,與該行預期相若;第三季毛利率為38%至40%,則好過該行預期的35%,意味著毛利率按季趨勢持平。如公司盈利於上半年達致高峰,整體第三季盈利前景預測放緩,與該行估計一致。
該行引述中芯管理層預期,仍有望透過汽車、工業和綠色能源的強勢抵銷消費者需求疲弱。與其他二線代工廠類似,管理層承認智能手機和消費電子等領域的終端需求弱過預期,預料晶片行業調整會持續至明年上半年。
此外,該行將中芯2022財年毛利率預測由35.8%上調至37.7%,以反映次季毛利率強過預期。但基於對明年半導體行業調整的看法更趨審慎,將2023財年毛利率預測由28.1%下調至27.5%。H股目標價維持17.5元不變,維持「持有」評級。
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