《大行》野村升華虹半導體(01347.HK)目標價至46元 維持「中性」評級
野村發表報告指,華虹半導體(01347.HK)定價條件改善有助減輕部分固定成本負擔,維持「中性」評級,並將目標價由35.4元上調至46元。管理層預計第三季收入將按季增長11%,受惠於持續的需求強勁以及高於市場預期的介乎10%至12%的毛利率,可能是由於第三季開始的晶圓出貨定價調整的影響。
野村認為,定價上調將減輕華虹毛利率的部分折舊負擔,因此將2025至2026年的毛利率預測調整為10.3%及11.2%,原先為7.2%及5.5%,並繼續認為華虹以及其他中國代工廠的12英寸晶圓代工定價上漲對亞洲成熟節點代工廠的整體定價動態有利。
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