《大行報告》匯豐研究降中芯(00981.HK)目標價至13.6元 折舊負擔影響毛利
匯豐研究發表研究報告指,產品組合調整及平均售價受壓,令中芯國際(00981.HK)第四季毛利率表現不似預期;進入今年第一季後,毛利率下行風險加大。管理層透露今年首季收入或將按季持平或增長2%,與市場預期一致,但毛利率只得9%至11%,遠低於該行預測的18.3%及市場預期的17%。
匯豐研究認為,毛利率進一步受壓是由於產品平均售價持續受壓及折舊率上升。考慮到市場需求復甦前景未明朗,以及公司計劃維持資本開支水平,用於繼續在國內建設產能,以應對地緣政治風險。匯豐研究相信折舊負擔或將繼續拖累中芯國際,目前預測全年折舊將增加30%,相應將全年毛利率預測下調至11.3%。
該行並將中芯2024年每股盈利預測下調17%,目標價從19.5元下調至13.6元,維持「持有」評級。
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