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《大行報告》中銀國際降中芯(00981.HK)目標價至22.2元 平均售價壓力持續
阿思達克 02-08 16:05
中銀國際發表研究報告指,中芯國際(00981.HK)去年第四季業績表現大致符合預期,但市場對其首季度毛利率僅介乎9%至11%的保守指引感到失望,投資者更擔憂其成熟節點產能過剩問題。除非直至中芯完全消化其產能,否則產品平均售價壓力仍將存在。 該行預期,雖然上半年公司面對經營挑戰,但下半年可望出現顯著復甦,主要由於市場終端需求憧憬見底回暖、華為等龍頭企業的訂單將提供強勁動能,以及中芯在國內28納米節點及以下的相對先進製程領先市場難被同業撼動,維持「買入」評級,目標價則下調至22.2元,對應市賬率約1.1倍。
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