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《大行報告》瑞銀下調華虹半導體(01347.HK)目標價至15.5元 評級「沽售」
瑞銀發表研究報告指出,華虹半導體(01347.HK)第二季銷售收入按季持平,與指引一致。毛利率27.7%雖然按季跌4.4個百分點,但仍略高於指引,主要由於折舊成本、公用成本上升,以及產品均價下降。該行估計公司的8英寸及12英寸的產品均價按季各跌7%及5%。 該行認為,隨著華虹半導體的無錫晶圓廠月產能提升至7.5萬片,以及NOR flash與電源管理(PMIC)的需求疲弱,開始看到12英寸產能利用率(第二季達93%,相對於第一季為99%)大幅下降。 鑑於對華虹半導體產能利用率及產品均價下降,該行對公司今年收入預測下調至按年跌4%,估計明年銷售將按年增長3%。對公司今明兩年的毛利率預測,由原來的26.1%及22.3%,下調至23.8%及20%,以反映折舊成本上升和產品均價下降的影響。下調公司今明兩年每股盈利預測31%及45%,較業績前市場預期低32%及67%。 隨著公司8月7日完成A股上市後,該行認為可能失去一個正面的催化劑,投資者將重新關注於公司的基本面。考慮到公司毛利結構不利因素,以及來自中國同業日益激烈的競爭,該行對公司維持審慎看法,保持對其「沽售」評級,目標價由16元下調至15.5元。
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