《大行報告》花旗降中芯(00981.HK)目標價至20元 評級「中性」
花旗上周末發表研究報告,指中芯國際(00981.HK)次季銷售及利潤率大致符公司指引及市場預期,並引述公司相信現時是半導體下行周期的底部,料本土客戶端需求將有初步改善。該行維持予中芯「中性」評級,料未來銷售均價持續受壓;考慮需求復甦緩慢,降今明兩年盈測分別2%及17%,目標價由21元降至20元。
花旗料內地半導體周期性下行或持續。報告稱,儘管各大業務板塊需求持續疲弱,該行料中美「脫鉤」趨勢持續,內地無廠芯片商將在國內低端市場擴大市佔,包括翻新智能手機、手機「片上系統」、WiFi及消費電子產品。不過,由於中芯正擴大產能,料內地半導體競爭加劇,特別是成熟製程。
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