《大行報告》富瑞升中芯(00981.HK)目標價至22元 季績符預期下季指引略遜
富瑞發表報告指,中芯(00981.HK)第三季收入及毛利符合該行及市場預期,第四季收入指引按季增長1至3%,略遜該行及市場預期,管理層歸因於市場需求疲弱,標準產品面對售價壓力。
管理層估計市場復甦可能需時兩年,時間較市場一般預期的一年更長,又認為市場呈「雙U型」回升,即使中途市場改善,亦難以扭轉宏觀疲弱趨勢,部分供應鏈提供者可能在短期產品置換周期受惠。管理層又預期,明年智能手機交付量大致持平。公司將今年資本開支上調至75億美元,因為在地緣政治緊張下,公司容許供應商提早交付設備,以保證產能擴充能夠按計劃進行。
該行大致維持中芯今明兩年的收入預測不變,不過將盈利預測上調,以反映更好的成本控制,維持「持有」評級,反映對長期供應過剩的關注,目標價由20元上調至22元。
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