研報掘金|中金:維持中芯國際“跑贏行業”評級 下調目標價至20港元
中金髮布研究報吿稱,維持中芯國際“跑贏行業”評級,作為內地核心代工廠,仍然看好公司在成熟製程中的地位,目標價下調13%至20港元。考慮到2024年可能存在需求增長緩慢,以及成熟製程價格競爭問題,公司或出現“增收不增利”的情況,將港股淨利潤預測下調39.6%至5.92億美元,引入2025年淨利潤預測9.92億美元。報吿中稱,集團第四季度業績略高於該行預期,目前半導體行業仍處於“Double U”的週期波動中,下游庫存呈現出老產品出清慢,新產品供不應求的情況,全球區域之間、下游產品分類之間均呈現不同表現。中期來看,全球成熟製程擴產較多情況下,代工價格出現壓力的可能性較大,預計2024年公司或出現“量增價減”,維持温和增長的態勢。另預計中芯今年資本開支將同比持平。
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