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大行評級|摩根大通:上調中芯國際目標價至32港元 評級則降至“減持”
格隆匯 02-13 13:37
摩根大通發表研報指,受中國本土化及較好的2025財年首季前景所推動,中芯國際近期股價錄得上漲,目前其估值與2020年年中A股IPO時持平。但摩通同時認爲,這種估值不太可能持續,主要由於增長動能可能仍將保持相當低迷;2025財年首季的部分上行空間是由於補貼及美國關稅生效前,零部件預製帶來的前期需求,而這種趨勢應會在今年下半年逆轉;資本開支及折舊需求增加,加上持續的價格壓力,可能會繼續抑制利潤率。摩通將中芯的評級由“中性”下調至“減持”,至於H股目標價則由24港元上調至32港元。該行認爲,隨着前期建設勢頭減弱,2025財年次季開始,連續增長動能可能有所減弱。同時,一旦中芯及其中國晶圓代工競爭對手的更多產能上線,定價可能會變得更加困難,從而使公司毛利率保持在20%以下的水平。另外,摩通對中芯保持謹慎,並認爲鑑於中芯高於預期的資本開支及強勁的盈利勢頭,中國半導體設備供應商是實現中國半導體本地化戰略的更好選擇。
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