《大行報告》中金上調中芯(00981.HK)目標價至23元 料下半年需求回暖
中芯國際(00981.HK)今日(3日)股價抽上,盤中曾高見20.8元,最新報20.15元升8.3%,成升幅最大的藍籌股。中金近日發表報告,中芯去年業績符預期,指智能手機和消費電子行業當前仍處於去庫存階段,2023年下半年隨著新品陸續推出,料市場需求有望回暖。從不同下游終端應用來看,工業領域相對穩健;汽車電子領域供不應求,產生的增量訂單僅可部分抵銷智能手機和消費電子疲軟的負面影響,料行業整體回暖仍需時。
中金指,根據中芯在去年第四季業績說明會上的判斷,2023年上半年行業周期尚在底部,下半年可見度依然不高,但是目前已經感受到客戶信心的些許回升,新產品流片儲備相對飽滿。2023年公司給出了63.5億美元的高資本開支指引,穩步推進成熟產能擴建。
該行表示,中芯2023年全年毛利率指引約為20%。公司管理層給出業績指引,今年首季營收按季下降10%至12%,毛利率降至19%至21%之間;預計港股口徑全年營收按年下降低低十位數。該行認為,雖然2022年半導體市場行業預期轉弱,但隨著ChatGPT等新一輪科技應用走向產業化,晶圓代工需求依然保持增長態勢。
中金指,考慮到目前市場普遍預期半導體行業周期將在今年下半年見底,股價反應往往領先於基本面,維持公司「跑贏行業」評級,上調中芯H股目標價15%至23港元,對應2024年預測市賬率1.2倍。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.