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《大行報告》華興證券降中芯(00981.HK)目標價至22.5元 評級「買入」
阿思達克 01-15 10:24
華興證券發表評級報告,認為中芯國際(00981.HK)多年擴張計劃正穩步推進,公司目前傾向於N22-28製程擴產,以避開12英寸或8英寸更成熟製程節點的競爭。因為在這些更成熟製程領域,其他內地同業也具備相關產能並且在持續擴張。 報告預期中芯今年資本支出可能會保持在高水平,由於擔心美國出口禁令進一步收緊,中芯去年11月將2023年資本支出提高至75億美元,以提前擴張,預測中芯今年毛利率將維持在中雙位數左右。 該行將其目標價由27元下調至22.5元,重申其評級為「買入」,考慮到目前公司估值低於其賬面價值,且在這輪行業周期底部展現出利潤韌性,可能吸引價值投資者的興趣。(ca/cy) ~
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