大行評級|傑富瑞:上調中芯國際H股目標價至18港元 毛利率復甦好過預期
傑富瑞發表研究報吿指,中芯國際次季業績勝該行預期,收入按年升22%至19億美元,大致符合該行及市場預期,以及公司指引;受惠個別海外客户提早補貨加快採購及產能利用率復甦,次季毛利率按季持平,則勝該行及市場預期,以及公司指引。純利按年跌59%,仍遠勝市場及該行預期分別92%及108%。該行引述公司指引第三季收入料按季增長13%至15%,以及毛利率指引料介乎18%至20%,兩樣同樣勝預期。公司對未來展望樂觀主要是受到本地化進展加快、對一般消費電子產品需求復甦,以及12吋產能進一步擴張所帶動,故預期平均售價按季改善。
該行維持對公司2025年至2027年的收入預測大致不變,不過上調純利預測10%,以反映毛利率復甦好過預期;但該行憂慮在成熟製程長遠供過於求風險下整體股本回報率展望。以現金流折現率計,該行將公司H股目標價由16.64港元升至18港元,維持“持有”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.