《大行報告》建銀國際升中芯(00981.HK)目標價至26元 維持「跑贏大市」評級
建銀國際發表報告指出,中芯(00981.HK)第三季業績遜預期,錄得收入按年跌15%至16.2億美元,按季增長3.9%,符合該行預期及公司指引預測。毛利率19.8%,接近公司指引18%至20%的上限範圍,相對於去年同期及上季分別爲38.9%及20.3%。純利按年跌80%至9,400萬美元,差過市場預期。
該行認爲,雖然智能手機及個人電腦的需求有所反彈,但來自汽車及工業的需求仍然疲弱,因此將公司2023至2025年盈利預測下調11%至32%,主要由於公司新產能擴張導致折舊攤銷有所增加,因此該行下調對其毛利率預測。H股目標價由23元上調至26元,維持「跑贏大市」評級。
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