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《大行報告》富瑞下調中芯(00981.HK)目標價至25.28元 評級「買入」
阿思達克 08-16 10:59
富瑞發表研究報告指,中芯(00981.HK)第二季收入符合預期,純利及毛利率則高於市場及該行預期,可能是來自期內產品均價提升所帶動。期內需求依然強勁,但料未來數個季度在產品均價、毛利率及利潤都面對較大壓力,智能手機市場需求疲軟,但同時智能及工業家居應用錄得增長。 考慮到智能手機及消費電子產品需求於未來將保持疲軟,以及折舊攤銷成本將進一步上升,富瑞預期中芯未來幾個季度經營持續受壓。 第三季收入增長指引為按季持平至提升2%,富瑞提醒,受疫情影響年度預防性維護從第二季推遲到第三季,預期第三季收入可能因此下降。資本支出方面,雖然規劃穩定步入正軌,但最近有關中芯國際7納米發展以及美國SPE/EDA制裁可能加快,供應再次中斷的風險仍然存在。 富瑞指,市場對半下行週期及地緣政治風險的擔憂可能會限制估值重估,將2022至2024年收入預測下調8%,以反映下游需求惡化,目標價降至25.28元,評級「買入」。
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