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大行評級|美銀:重申華虹半導體“跑輸大市”評級 預計公司毛利率續受壓
格隆匯 02-14 11:16

美銀證券發表報吿指,華虹去年第四季銷售額錄5.39億美元,按季增2.4%、按年則增18.4%,毛利率為11.4%,符合其先前的指引目標,即銷售額5.3億至5.4億美元,毛利率介乎11%至13%。然而,該行指,華虹營業利潤跌幅由去年第三季的跌3.3%擴大至第四季的跌9.1%,主要是由於新廠房的啟動開支所致。由於匯兑損失及政府補貼減少,公司亦產生4000萬美元的非營業虧損,相較於第三季的5200萬美元收益。

由於利潤生成受限及負自由現金流(受累高資本開支),美銀預計公司毛利率續受壓,重申“跑輸大市”評級,目標價為17.8港元。

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