《大行報告》瑞信下調中芯(00981.HK)目標價至23元 評級「中性」
瑞信發表報告指,中芯(00981.HK)今年首季銷售額按季跌9.8%至14.6億美元,出貨量按季降20%,平均售價上升約10%。美國客戶下降30%,歐洲客戶跌20%。
該行指中芯毛利率按季下降至20.8%;較高的非營業收入將淨收入推高至2.31億元,高於預期。集團對第二季的銷售指引為按季增5至7%,毛利率為19至21%。
瑞信表示,因應較高的非營運收入及利息收入,將中芯2023財年的每股盈測由0.45元上調至0.63元,而2024財年每股盈測則由0.49元升至0.61元。不過,該行維持中芯「中性」評級,目標價由24元下調至23元,以反映高庫存等因影響。
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