《大行報告》摩通:中芯(00981.HK)第四季度業績指引遠低於市場預期 評級「中性」
摩根大通發表研究報告指,中芯國際(00981.HK)第四季度業績指引遠低於市場預期,公司預期第四季收入將按季跌13%至15%,跌幅高於該行預測的8%,並預期毛利率將按季收縮至30%至32%,亦低於摩通估計的34.6%。
該行指出,半導體行業的庫存調整期開始,將影響訂單及產能利用率,預期庫存調整將在明年上半年繼續見效,令毛利率及產能利用率將於明年中期見底。摩通指出,去年以來中芯產品平均售價升幅非常強勁,預計將從今年第四季開始出現降價, 導致明年毛利率壓力顯著。
因此,摩通將中芯2022至2024年預測削減8%、16%及8%,維持「中性」評級,估計短期內去庫存及監管擔憂下,股價可能會維持區間波動,給予目標價18元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.