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《大行報告》高盛下調中芯(00981.HK)目標價至16.7元 評級「中性」
阿思達克 02-10 10:43
高盛發表報告,指中芯國際(00981.HK)發表今年首季增長指引,預期收入將按季下跌10%至12%,全年收入則預期按年跌10%至13%,管理層將其歸因於行業周期下行。在高折舊及低利用率影響下,毛利率指引亦弱於預期,雖然市況疲軟,但中芯仍計劃將今年資本支出及產能擴張目標維持與去年相若水平。 高盛表示,未來將關注2023年收入指引疲軟的情況下,仍然維持高資本支出的理由,以及行業周期及復甦的可見性,與公司應對策略。 至於去年第四季業績,該行指出收入及毛利率表現均符合預期,季度淨利潤按年跌28%至3.86億美元,高於該行預期35%及市場預期25%,相信是由於利息收入及投資收入增加所帶動。 該行下調對其今年收入預測13%,明年至2028年預測降介乎2%至4%;並下調今年經營溢利預測66%,明年至2028年預測降介乎5%至26%;降今年純利預測70%,明年至2028年預測降介乎6%至28%。高盛將中芯目標價從18.9元降至16.7元,對應2025年每股盈利預測約16倍,評級「中性」。
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