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《大行》瑞銀升華虹(01347.HK)目標價至22.5元續籲沽售 料毛利率將受壓
阿思達克 08-08 09:57
瑞銀研究報告指,華虹半導體(01347.HK)次季銷售額按季增5%至5.66億美元,符合指引,受晶圓出貨量按季增6%推動;毛利率10.9%,優於指引,主因產能利用率提升,當中電源管理晶片(PMIC)為最主要增長引擎。 另外,華虹半導體第三季指引亦超出預期,管理層料銷售額為6.2億至6.4億美元,毛利率10至12%,並預期穩健需求將延續至第四季;該行料第三及四季銷售分別按季增13%及2%,電源管理晶片需求強勁。 集團將毛利率穩健表現歸因於成本管控與輕微加價,但表示隨著12寸晶圓廠Fab 9項目持續擴產,折舊費用將攀升。雖然次季部分產品價格有單位數升幅,該行認為仍不足以抵消廠房快速擴張帶來的結構性毛利率壓力。該行料華虹2025年第三季及第四季毛利率均為11.9%,並估計2026年首季、第二季、第三季及第四季毛利率各為7.4%、7.9%、9.2%及9.2%。 基於折舊快速增加,以及產業供過於求限制加價空間,該行將對華虹的毛利率與股本回報率(ROE)前景維持審慎觀點,目標價由20元升至22.5元,維持「沽售」評級。
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