研報掘金丨第一上海:維持華虹半導體“買入”評級,目標價36港元
第一上海研報指出,認為華虹半導體(1347.HK)當前良好的運營提效趨勢下,未來經營業績將逐年改善,估值有望修復。以及按照華虹公司2023年8月科創版上市之規劃,三年內集團將把旗下上海華力微電子(華虹五廠)注入公司,華力微覆蓋65/55/40nm 工藝,目前已屬於折舊末期,注入後將進一步提升公司資產質量和產能增量。調整公司2025-2027年收入為24.5/29.6/34.4億美元,股東淨利潤為1.1/2.8/3.8億美元,上調未來十二個月目標價至36港元,對應2025年1.2倍預測市淨率,提升P/B估值中樞主要以反映公司運營改善以及中國半導體公司價值重估,目標價對應公司近十年市淨率中樞水平,維持“買入”評級。
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