大行評級 | 花旗:華虹半導體上季盈利勝預期,目標價升至38港元
格隆匯2月15日丨花旗發研報指,華虹半導體(1347.HK)去年第四季純利按年增19%至1.59億美元,勝預期。而受益於更佳的產品組合和產能利潤率維持在103%,公司季度毛利率達38.2%,較集團原訂的指引高;預期集團將繼續受益於本地的半導體需求,尤其是傳統和特殊工藝節點。該行維持其“買入”評級,以反映穩健的前景,目標價由30.6港元調升24.2%至38港元。
報吿指,由於折舊成本上升,集團認為對毛利率將帶來負面影響。報吿估計,在潛在的平均售價壓力下,華虹半導體今年毛利率將下降4.6個百分點。儘管供應鏈庫存修改已於去年下半年開始,但集團上季110和130納米的收入仍按年穩健增長49%,而55和56納米收入則錄下跌。
報吿認為,華虹半導體上季表現體現出公司在宏觀不確定下的韌性,其eNVM工藝技術以及本地客户訂單回升將繼續支持集團業務前景。該行調升今明兩年的盈利預測25%和6%,以反映穩定的營業支出管控和較低的税務開支預期。

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