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《大行》里昂維持華虹(01347.HK)「跑贏大市」評級 看好半導體需求改善
阿思達克 08-08 12:04
里昂發表發表研究報告指,華虹半導體(01347.HK)第二季收入錄5.66億美元,按季上升4.6%,接近集團指引5.5億至5.7億美元的上限,期內毛利率爲10.9%,較首季改善1.7個百分點,高於指引的7%至9%。產能利用率提升5.6個百分點至108.3%,淨利潤錄800萬美元,按季增長112.1%,仍低於市場預期的1,280萬美元。 里昂指出,雖然華虹半導體上半年存在提前備貨的情況,但相信下半年實際需求與上半年相若,華虹半導體第二季開始調整價格,預料將於下半年反映,將帶動產品平均售價有單位數增幅。集團預測第三季收入爲6.2億至6.4億美元,高於市場預期的6.014億美元,毛利率指引介乎10%至12%,較市場預期9.2%高出1.8個百分點。 此外,該行預期華虹半導體第四季毛利率可延續第三季水平,看好集團12英寸晶圓廠Fab 9產能擴充進展順利,新產能將於2027年投產,基於半導體需求改善及國產替代的潛在帶動,該行分別將華虹2026及2027年盈利預測上調18%及12%,今年盈利預測則因稅項增加而下調31%,維持「跑贏大市」評級,目標價由36.9元上調至50.5元。
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