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大行評級|招銀國際:上調華虹半導體目標價至37.5港元 受惠於國產替代需求

招銀國際發表研究報告指,預計華虹半導體全年收入按年增15.6%,主要受需求復甦及國產替代需求推動,但部分被持續的產品價格壓力所抵銷。該行預計整體產能利用率將維持在100%,但可能會減緩產品價格的復甦勢頭,預計產品價格在未來幾季將溫和改善,且由於價格承壓以及新廠產能爬坡帶來的折舊成本增加,毛利率恢復速度預計將慢於預期,料2025和26年的毛利率分別爲10.6%和16.8%。

該行對其H股目標價由24港元上調至37.5港元,維持“買入”評級。報告提到,去年公司約82%的收入來自中國,9.4%來自北美地區。隨着關鍵半導體組件關稅和出口限制風險的增加,該行料將推動公司的訂單成長。因此,明年收入將按年增27.1%,得益於產品價格的改善以及晶圓出貨量增長。

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