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《大行》匯豐研究升中芯(00981.HK)目標價至68元 毛利率展望遜惟長期增長仍穩固
阿思達克 08-11 12:40
匯豐環球研究發表報告指出,中芯國際(00981.HK)(688981.SH)第二季營收達22.1億美元,按季降2%,但按年增16%,優於該行及市場共識預期及公司指引(中值為按季減5%)。平均售價按季降6.4%,但晶圓出貨量按季增4.3%。毛利率20.4%超越指引(18%至20%)與市場預期,主因產品組合優化及產能利用率提升,部分抵消平均售價下滑影響。每股盈利0.02美元,分別低於該行及市場預期14%/31%,主要受非營業收入低於預期拖累。 中芯預期第三季營收按季增5%至7%,低於匯豐及市場共識的10%和9%增長。管理層指出,出貨量仍將增長,但接近滿載的產能利用率可能限制出貨量增幅。正面訊息是平均售價將回升,顯示首季定價問題已緩解。毛利率指引18%至20%低於市場預期,公司歸因於新產能折舊成本增加。 因第三季指引低於預期,該行下調中芯2025年每股盈利預測15%,2026年預測大致不變。H股目標價由64港元上調至68港元;A股目標價由148元人民幣上調至157元人民幣。維持H/A股「買入」評級,因看好其在本土化與先進製程擴張的長期優勢,儘管現階段良率與效率仍有改善空間。
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