大行評級|中銀國際:予中芯國際“買入”評級 目標價降至22港元
中銀國際發表報吿表示,中芯國際首季收入及毛利率分別較指引中位數高3%及3.7個百分點,受惠於智能手機及消費者電子產品急單。公司第二季業績指引為收入按季增長5%至7%、毛利率9%至11%,反映需求迴歸及減價戰仍為贏取訂單關鍵的情況不變,基於業內成熟製程仍供應過剩。該行料市場情緒下半年改善,因用作本土單晶片系統(SoC)及人工智能芯片的新14納米及7納米晶圓產能投產,縱使折舊攤銷及平均售價壓力短期仍將令盈利能力受壓。
該行基於中芯國際作為中國先進芯片代工廠的獨特地位,給予該股“買入”評級,目標價由22.2港元降至22港元,市賬率目標維持1.1倍。
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