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《大行報告》富瑞下調華虹半導體(01347.HK)目標價至25元 評級「持有」
阿思達克 08-11 10:38
富瑞發表報告指,華虹半導體(01347.HK)第二季營業額符合預期,毛利率則下跌至27.7%勝預期。不過, 管理層預計第三季營業額介乎5.6至6億美元,毛利率介乎16%至18%,均按季大幅下降。管理層解釋指,潛在預計跌幅是由於折舊成本上升和平均售價下降。 該行擔心成熟製程節點(Mature Node)會出現供過於求的風險,並將加劇競爭,對國內企業帶來更大的定價壓力。該行維持對該股「持有」評級,目標價由27.77元降至25元,因平均售價和毛利率前景疲弱。同時將今明兩年利潤率預測下調3%,主要原因是平均售價降幅超過預期,並將今年銷售額預測下調3個百分點。
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