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大行評級|美銀:下調華虹半導體目標價至12港元 擔憂庫存與競爭問題
格隆匯 04-24 10:34
美銀證券發表報吿,重申該行對華虹半導體“跑輸大市”評級,目標價由原先13.5港元降至12港元。該行指,與市場相比,他們對華虹2025年盈利持更加審慎的態度。管理層指引產能利用率及平均售價將在今年下半年復甦。報吿表示,市場預測公司2025年利潤率會進一步改善,毛利及經營溢利將由2024年的分別12%及2%,回升至分別20%和9%,惟該行預測則分別為14%和0%。該行保守的投資理論主要因為內地無廠半導體公司的庫存水平極高,相信會阻礙半導體晶體圓形片價格的實時復甦,以及華虹計劃在今年第四季開設新廠,這將導致額外的折舊及初期成本,並限制2025年利潤率的復甦。報吿補充,由於半導體本地化需求,加上集中於成熟製程,料2025至2026年將有更多新產能投入內地晶圓代工市場。該行估算2024至2026年間成熟製程晶圓生產產能年均複合增長率達19%,料競爭加劇下將壓抑定價。
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