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大行評級|瑞銀:予華虹半導體“中性”評級 最壞情況已過但利潤率上升空間受限

瑞銀髮表報吿指,華虹半導體首季銷售額4.6億美元,按季增長1%,出貨量增長8%,平均售價下降6%。由於利用率提高,毛利率由對上一季的4%提高到6.4%,略高於3%至6%的指引目標。該行予其“中性”評級,目標價17港元。瑞銀認為,華虹最壞情況已過,但利潤率上升空間受限。

如果出現以下情況,該行可能會考慮轉向更積極的觀點,即科技或半導體需求出現更強勁的復甦跡象;華虹以更高的平均售價和利潤率加快改善其12英寸產品組合;中國成熟製程代工廠的擴張出現放緩跡象。該行現時預測華虹全年收入將按年下降12%,隨着半導體週期改善,明年收入有望按年回升14%。

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