大行評級|交銀國際:下調中芯國際目標價至45港元 下調今年收入及毛利率預測
交銀國際研究報吿指,中芯國際首季收入為22.47億美元,按季升2%,低於之前指引下限的按季增6%。但毛利率22.5%,則超過先前指引上限的21%,顯示韌性仍強。該行估算期內或增加超過1萬片12吋月產能,而平均售價則按季減9%。管理層重申不主動降價的策略,並解釋收入不如預期主要因期內設備維護出現突發狀況,影響到開始部分開始生產的晶圓。考慮到平均售價按季下降,該行認為受影響的晶圓或主要集中在部分高端產品。管理層認為設備突發狀況影響或持續到今年次季,指引次季收入按季下降4%至6%,毛利率介乎18%到20%。該行認為中芯國際或將持續受益於關鍵半導體產品國產替代的需求,而折舊和平均售價壓力或使收入和利潤水平增長保持温和復甦。該行將今年收入預測由94.1億美元下調至89.5億美元,毛利率預測由20.9%微降至20.8%;維持“中性”評級,目標價由48港元降至45港元。
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