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大行評級|大摩:下調中芯國際目標價至13.8港元 預期下半年半導體行業復甦
摩根士丹利發表報吿,將中芯國際目標價由16港元下調至13.8港元,維持“減持”評級,雖然產能使用率復甦,但龐大資本開支、成熟裝程的晶圓價格戰加劇,將會繼續壓抑公司的毛利率表現。中芯指引第二季收入按季增長5%至7%,好過市場預期的按季1%增長,但毛利率指引介乎9%至11%仍然疲弱,該行將其全年毛利率假設下調至12.5%,估計持平的趨勢將會持續到明年下半年,主要受累於折舊增加及晶圓價格趨勢受壓。報吿指,非AI的訂單前景仍然受限,客户對供應鏈活動保持審慎,預期下半年半導體行業復甦,但補庫存及去庫存的趨勢將會持續,直至終端需求有明顯改善。
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