《大行報告》花旗下調華虹半導體(01347.HK)目標價至33元 評級「買入」
花旗發表研究報告指,半導體行業市況低迷,加上持續的庫存調整,拖累華虹半導體(01347.HK)今年首季銷售額及毛利率都只達到增長指引及該行預測的下限,更略低於市場普遍預期。
公司管理層預計今年第二季收入將按季持平,在折舊成本上升及平均售價壓力下,毛利率相信會較首季進一步下降約6個百分點。但花旗認為,華虹半導體憑藉其專業技術,雖然需求前景較黯淡,相信公司仍然繼續推進其產能擴張計劃。
花旗認為,華虹半導體長期增長動力將來自於汽車行業,在當前疲弱的宏觀背景下認為短期有調整壓力,因此將今明兩年盈利預測下調21%,維持對華虹半導體「買入」評級,目標價則從38元下調至33元。
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