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《大行報告》富瑞下調中芯(00981.HK)目標價至17.04元 評級「持有」
阿思達克 02-14 09:55
富瑞發表報告指出,中芯(00981.HK)去年收入按年增長33.6%至72.7億美元,毛利率升7.2個百分點至38%。但單計第四季,公司收入按季跌15%至16.2億美元,略遜該行及市場預期。管理層預期需求疲弱情況將於今年上半年持續,估計首季收入按季跌10%至12%;由於新工廠的折舊率較高及產能利用率較低,估計毛利率將降至約20%,相比於去年第四季為32%。 該行認為,雖然中芯管理層對公司今年下半年前景展望相對更為樂觀,但鑑於該行對智能手機及消費類電子產品需求(佔中芯收入50%)看跌前景下,對中芯保持審慎的看法。另對公司2023至2025財年收入預測下調9%,純利預測下調8%,對公司目標價由18.76元降至17.04元,維持「持有」評級。
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