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大行評級|里昂:上華虹半導體目標價調至36.9港元 指關税影響有限
里昂發表研究報吿指,華虹半導體首季淨利潤380萬美元,較市場預期大幅低出85%,而次季的收入與毛利率指引亦低於預期。集團管理層表示,由於公司八成收入來自國內客户,因此關税對公司的影響不大,且對美國客户的影響有限,因為他們在中國銷售的產品均是在中國製造。整體而高,公司預期關税對其設備、元件及材料採購的影響極微。該行指出,由於華虹的毛利率預測被下調,下調對其2025至27年各年盈測分別61%、10%及7%。不過,由於同業估值獲上調,上調對其估值基礎,目標市賬率由1倍升至1.25倍,對其H股目標價由30.6港元上調至36.9港元,維持“跑贏大市”評級。
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