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《大行報告》瑞銀降中芯(00981.HK)目標價至13元 評級「沽售」
阿思達克 02-08 10:51
瑞銀發表報告指,中芯國際(00981.HK)去年第四季收入17億美元,按季升4%,符合該行預測,主要受惠Android手機需求復甦、公司的中國Android客戶市場份額提升、無廠半導體公司的供應本地化進展加快。毛利率16.4%,低於該行預測的17.7%,主要受累於價格壓力持續、應用組合較為不利、以及折舊開支增加。 該行認為,關鍵設備出口限制,將會令中芯先進製程的增長受限,另一方面,終端需求溫和提升,晶圓價格持續受壓,加上產能利用率復甦疲弱,將公司今年毛利率預測下調至13.7%,低於去年的19.3%。報告料今年中芯產能利用率於60%至70%區間徘徊,今年全年收入料升5%。 瑞銀稱,在長期擴充計劃穩定推動下,估計中芯今年資本開支保持在高水平,公司指引今年資本開支75億美元,高於該行預測的70億美元。該行將其今明兩年每股盈測分別削49%及23%,至分別5美仙及9美仙;並將其H股目標價由15港元下調至13港元,維持「沽售」評級。
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