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大行評級|瑞銀:華虹毛利率及盈利將受折舊上升所限制 予“中性”評級
格隆匯 02-14 13:25
瑞銀髮表報吿指,華虹去年第四季銷售額為5.39億美元,按季增長2.4%。由於平均售價下降及折舊費用增加,全年毛利率較去年同期下降11.1%。季內,公司亦因為15億美元的貸款而遭受匯兑損失。主要產品線的表現各有不同。功率分立器件因IGBT產品需求下降而繼續受挫,原因是該公司指出激烈競爭導致供過於求。瑞銀預測華虹今年首季營收將持平,而毛利率則為10.9%。雖然仍認為整體半導體產業復甦將帶來2025年銷售增長,但華虹12吋晶圓廠產能爬坡所造成的折舊增加,將使其營收受到限制。在初期階段,該公司也可能需要以利潤率較低的產品來填充晶圓廠。該行預計今年銷售額增長為14%,之前預測為15%,全年銷售增長預測由13.3%降至12.2%,純利預測由5000萬美元降至2900萬美元。該行予其目標價20港元,評級“中性”。
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