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大行評級|高盛:中芯國際毛利率指引反映復甦超預期 目標價為21.4港元
高盛發表報吿指,中芯國際指引第三季度收入按季增長13%至15%,收入中位數較該行及市場預期分別高出10%及16%,毛利率指引為18%至20%,對比第二季度為13.9%,復甦進度快過預期。第二季度收入19億美元,按季升9%,略高出指引範圍,毛利率13.9%亦勝預期,該行認為是受惠於出貨量按季提升18%,對產能使用率構成支持。高盛指,因應本地半導體設計公司的需求增長,對中芯的長期增長感到樂觀,但短期盈利增長緩慢,主要因為行業處於下行週期,而且來自智能手機及消費電子產品的需求放緩。該股現價處於歷史市盈率的平均水平,認為估值合理。該行對中芯持“中性”評級,12個月目標價為21.4港元,反映明年預測市盈率26倍。
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