You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》高盛略降对中芯(00981.HK)今年至2027年每股盈测 因扩产导致折旧及摊销增加
高盛发表报告,认为中芯国际(00981.HK)第二季收入增长放缓属暂时性,并同意公司预计现季度收入按季升介乎5%至7%指引。公司现季度介乎18%至20%毛利率指引,低於该行及市场预测分别20.6%及21.1%,基於折旧及摊销增加。但该行见到正面因素,包括产能使用率稳固、客户订单强劲及持续产能扩张支持公司捕捉需求并提供更完成产品。该行重申对中芯正面观点,认为将受惠本土化生产的需求增加及组合中12寸晶圆占比增加。 该行又指,管理层预期未来数季订单保持稳定,推动交付增长。均价亦处上升趋势,基於12寸晶圆折扣减少及12寸晶圆销售贡献高於8寸晶圆。纵使第四季终端需求能见度仍低,管理层预期产能使用率将继续稳固,基於客户需求强劲。 该行下调对公司今年至2027年每股盈利预测1%,反映毛利率及经营溢利率假设下调,基於产能增加导致的折旧与摊销增加持续。对中芯H股投资评级为「买入」,目标价63.7港元,为2028年目标市盈率36倍。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account