《大行報告》富瑞上調中芯(00981.HK)目標價至21.83元 評級「持有」
富瑞發表級報告指,中芯(00981.HK)首季收入及毛利率均高於該行及市場預期,同時次季收入指引較市場預測的高出逾7%,毛利率指引則較市場預測的高出1個百分點。該行指,半導體需求疲軟,但管理層仍見到來自新產品或客戶的緊急訂單,這推動了其在28或40納米生產線的100%產能利用率,同時管理層料於次季見底,但平均售價仍有較多下行空間。另外,公司計劃每年建設月產能5萬片標準12吋晶片,令已計劃的資本開支仍然高企。
基於季績勝預期及次季指引正面,該行將公司2023年至24年收入預測上調5%、純利預測亦上調13%,目標價相應由17.04元上調至21.83元,維持評級「持有」。(ca/k)
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