大行評級|中銀國際:上調中芯國際目標價至31.5港元 維持“買入”評級
中銀國際發表報吿指,中芯國際第三季的收入符合預期,毛利率20.5%達指引上限。公司指引第四季將保持平穩,並對2025年的前景不甚樂觀,儘管部分受到主流半導體銷售回暖和國內替代需求的積極影響,但仍面臨持續的產能過剩風險。該行維持“買入”評級,目標價由23港元升至31.5港元,另上調對公司2024年至2026年的每股盈利預測分別3%、2%及6%。
該行表示,中芯管理層預測第四季的收入增長按季1%,毛利率約為19%。管理層預期由於淡季、新增12英寸產能的影響以及8英寸需求疲弱,出貨量和利用率(UTR)將下降,以及由於產品結構的改善以及12英寸晶圓的緊急訂單達到利用率,平均售價將按季改善。
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