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大行評級|大和:下調中芯國際評級至“沽售” 建議投資者撤離等待估值重設
格隆匯 02-21 12:55

大和發表報吿,下調對中芯國際明年業績預測,基於該行與管理層同樣關注需求透支可能對其2026年業務構成壓力。公司異常高且長的資本支出週期亦加重該行對摺舊及地緣政治負擔的擔憂,可能對其結構性盈利能力構成壓力。加上估值過高,該行下調對中芯投資評級,由“持有”降至“沽售”,目標價則由27港元上調至29港元。該行建議投資者撤離,等待估值重設。

該行指,中芯今年資本支出按年持平的指引令該行意外,因該行相信基於地緣政治問題導致其2020至2024年的異常高資本密集度,會在今年美國收緊出口管制生效而結束。該行不確定中芯會否在此高支出週期下繼續建立傳統產能,或是將傳統產能轉換為低效擴充的類似7納米以作營運。但由於長期的折舊負擔,持續高企的資本密集度將繼續拖累其利潤率,增加該行對摺舊和地緣政治影響結構性盈利能力的主要擔憂。

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