大行評級|傑富瑞:大幅上調中芯國際目標價至62港元 評級升至“買入”
傑富瑞發表研報指,中芯國際2024財年第四季營收按季及按年分別增長32%及2%,與該行、市場預期及業務指引基本一致;毛利率按季及按年分別上升6.2及2.2個百分點,與該行預測一致,但高於市場預期及業務指引。管理層預計,2025財年首季營收將按季升6%至8%,較預期高9%;毛利率將介乎19%至21%,亦較預期高2.2個百分點。另外,管理層也預計2025財年資本開支將會持平,同樣高於市場預期。傑富瑞表示,相信政府將集中全國的半導體制造設備(SPE)資源,並專注於幫助中芯擴展高階節點(N+2和N+3)。該行保守估計,未來兩年內中芯的先進節點產能將從15kwpm提升至25kwpm,推動該公司營收及利潤錄得高於預期的增長。另外,該行將中芯2026財年收入及淨利潤預測,分別上調 2%及14%,以反映高階節點容量的穩定提升。該行將中芯H股目標價由27港元大幅上調至62港元,評級由“持有”上調至“買入”。
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