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《大行報告》匯豐研究上調中芯(00981.HK)目標價至19.5元 評級「持有」
阿思達克 05-15 11:29
匯豐研究發表研究報告指出,中芯(00981.HK)首季收入達15億美元,符合該行及市場預期。季內毛利率達20.8%,與該行及市場預期的21%及20.4%基本一致,並處於管理層此前指引19%至21%的上限水平。不過,公司首季經營溢利率5.7%,遠遜市場預期的7.2%,且與去年第四季的17.4%相比,按季大幅下滑。 該行將中芯今明兩年的每股盈利預測各下調27%及21%,均較市場預期低5%,以反映首季經營溢利率遜預期,並估計公司未來幾個季度的營運開支水平相若。該行對公司H股目標價由17.4元上調至19.5元,維持「持有」評級。
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