《大行報告》華興證券降中芯(00981.HK)評級至「持有」 目標價下調至14元
華興證券發表報告指,中芯(00981.HK)多年擴張計劃仍在穩步推進,目前更傾向於N22-28製程擴產,以避開12英寸/8英寸更成熟製程節點的競爭,因為在這些更成熟製程的領域,其他國內同業也具備相關產能並且持續擴張。根據中芯國際,N22-28製程產能擴張將在各地的超大型晶圓廠開展。
該行將中芯評級下調至「持有」;目標價由18元下調至14元。基於0.7倍2024年預測市賬率(此前為0.9倍),反映公司重視擴產多於盈利能力,令回報率及利潤增長大幅下降,預測中芯的中期淨資產收益率僅為低個位數水平,而其2024至2026年每股收益複合年增長率為25%。
該行指,中芯國際N28及更先進製程的業務,由合資晶圓廠開展,意味著公司將無法享受全部利潤。(cy/k)
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