《大行》高盛略降對中芯(00981.HK)今年至2027年每股盈測 因擴產導致折舊及攤銷增加
高盛發表報告,認爲中芯國際(00981.HK)第二季收入增長放緩屬暫時性,並同意公司預計現季度收入按季升介乎5%至7%指引。公司現季度介乎18%至20%毛利率指引,低於該行及市場預測分別20.6%及21.1%,基於折舊及攤銷增加。但該行見到正面因素,包括產能使用率穩固、客戶訂單強勁及持續產能擴張支持公司捕捉需求並提供更完成產品。該行重申對中芯正面觀點,認爲將受惠本土化生產的需求增加及組合中12寸晶圓佔比增加。
該行又指,管理層預期未來數季訂單保持穩定,推動交付增長。均價亦處上升趨勢,基於12寸晶圓折扣減少及12寸晶圓銷售貢獻高於8寸晶圓。縱使第四季終端需求能見度仍低,管理層預期產能使用率將繼續穩固,基於客戶需求強勁。
該行下調對公司今年至2027年每股盈利預測1%,反映毛利率及經營溢利率假設下調,基於產能增加導致的折舊與攤銷增加持續。對中芯H股投資評級爲「買入」,目標價63.7港元,爲2028年目標市盈率36倍。
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