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《大行報告》華興證券降華虹(01347.HK)目標價至17元 評級「持有」
阿思達克 02-14 11:08
華興證券發表研究報告指,華虹半導體(01347.HK)去年第四季收入遜預期約3%,但在政府補貼帶動下淨利潤超出該行預期,達到3,539萬美元。 管理層預期今年首季收入將介乎按季下跌1%至增長10%,中位數計料有所改善,毛利率指引3%至6%,中位數亦預示會錄得按季提升。 華興證券維持對華虹的「持有」評級,目標價下調至17元,對應2024年預測市賬率約0.6倍,認為估值水平合理,當中已計及華虹去年在上交所科創板上市後淨資產收益率處於低單位數水平,相信上市集資可為暫時的經營虧損帶來緩衝。 華興並將華虹今明兩年收入預測分別下調8%及12%,以反映特定終端市場需求持續低迷,不過計及高於預期非經營類科目,將每股盈利預測相應上調26%及17%。
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