《大行報告》法巴:憧憬內需復甦中芯(00981.HK)被溫和低估 維持合理值預測21元評級「買入」
法巴發表報告,指中芯國際(00981.HK)被溫和地低估,現估值低於市賬率一倍,亦反映了明年增長放慢預測。報告稱,中芯股價受美國10月公布的出口限制所壓抑,由於消費電子產品需求疲弱,未來三個季度產能利用率料下滑。美國通脹見頂回落,及中國終於逐漸退出動態清零,令該行認為,中芯下行空間有限,倘中國消費電子產品需求復甦,中芯股價或見反彈。報告降中芯國際(00981.HK)2022至2026年收入及經營開支預測,及將部分2023年部分資本開支估算移前至2022年後,維持予合理值預測21元,評級「買入」。
報告稱,中芯第三季收入按季持平於19億美元,符預期,銷售均價升3%,銷量跌3%,因汽車及工業產品需求受壓。
中芯末季毛利率指引中位數為31%,相當於按季降7.9個百分點,與同業華虹(01347.HK)及聯華電子預期毛利率穩定有分別。該行料這反映次季起中芯面對訂單被削減,以及過去數季消費電子產品需求疲弱,亦令明年首季業績難寄予厚望。考慮指引及明年上半年更保守展望,該行將其明年毛利率預測由31%降至28%,並降2022至2026年收入預測約3%,反映銷售均價前景輕微轉弱。
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