《大行報告》星展下調中芯(00981.HK)目標價至20.7元 評級「買入」
星展發表研究報告,指中芯國際(00981.HK)去年末季利潤率收縮幅度少過預期,其第四季純利按年跌28%至3.86億美元。管理層作出2023財年收入下降低雙位數及毛利率約20%的指引,遜預期。該行表示,由於較低的利用率及更高的折舊費用,下調集團2023及24財年盈測分別41%和10%,目標價由22元下調至20.7元,續予H股「買入」評級。
該行提到,雖然市場擔心明年整體晶圓代工產能供應增加,但由於成熟製程代工需求強勁,尤其是中國的MCU和汽車芯片,預計公司的利用率將比市場預期高4%。該行料倘中芯明年實現盈利復甦,或觸發估值重評。
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