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《大行報告》大和升中芯(00981.HK)目標價至21.4元 維持「持有」評級
阿思達克 11-13 11:08
大和發表研究報告指,雖然中芯國際(00981.HK)第三季度的核心業績維持穩健,但管理層下調利潤率指引,並對2024年芯片市場前景表示悲觀,預計本輪周期將再出現尋底,並陷入長期低迷情況。 該行指出,公司對第四季的收入指引與市場預期相若,但毛利率卻有所下降,相信是由於非專利產品或要降低產品均價來換銷量,預期收入增長仍會較不少同業優勝,但與資本開支相關的折舊增加,中芯更將今年全年資本開支預算進一步提高至75億美元,因此將2023至2025財年淨利潤預測相應下調2%至14%。 大和將中芯目標價從20元上調至21.4元,但維持「持有」評級,以反映地緣政治相關風險的擔憂揮之不去。
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