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《大行報告》富瑞降中芯(00981.HK)目標價至16元 季績符預期
阿思達克 02-08 11:49
富瑞發表報告指出,中芯(00981.HK)上季收入按年增長4%至17億美元,較預期略高1%;毛利率下跌15.6個百分點至16.4%,較預期低0.9個百分點,主要受累於產品均價下調,以及利用率(UTR)低於80%;純利按年跌55%,超過該行及市場預期。 該行提及,中芯對今年首季收入指引為按季持平至增長2%,料毛利率下跌約6個百分點至介乎9%至11%,資本開支保持在約75億美元不變。 此外,該行將中芯2024至2026年收入預測下調16%,主要由於產品均價及利用率的不利影響,而需求疲弱但較高的折舊與攤銷(D&A),或為未來幾年帶來更大的毛利及盈利能力壓力。對其目標價由22元下調至16元,維持「持有」評級。
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