《大行報告》大摩:中芯(00981.HK)第四季毛利率指引遜預期 維持「減持」評級
摩根士丹利發表研究報告指,中芯國際(00981.HK)受累於附屬及合營公司表現,第三季每股盈利僅達到1.18美仙,較該行預市場預期低39%及46%,期內收入則大致符合預期,達到16.21億美元。
公司給予第四季經營指引,預測收入將按季增長1%至3%,較大摩及市場預期低8%及2%,而毛利率指引介乎16%至18%,亦較大摩及市場預測的19.7%及18.2%遜色。
該行重申對中芯的「減持」評級,認為利潤率持續受壓,第四季毛利率指引令人感到意外,反映公司短期內無法提高產品定價,考慮到更大幅度的折舊及資本支出增加,都將為公司利潤率及自由現金流前景帶來壓力,給予目標價16元。(gc/cy)
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