《大行》高盛降華虹(01347.HK)今年盈測23% 維持「中性」評級 目標價上調至46.9元
高盛發表研究報告指,華虹半導體(01347.HK)第三季收入指引爲按季增長10%至13%,毛利率料介乎10%至12%,對比第二季爲10.9%,收入指引大致符合該行及市場預測,而毛利率指引較該行及市場預期高出1.1及1.8個百分點,反映公司對持續復甦的預期。
管理層相信上半年強勁的需求將延續至下半年,預期第二座12英寸廠房的產能可持續釋放。華虹半導體第二季已實施價格調整,升幅爲個位數百分比,預料相關影響將於第三及四季顯現。高盛對華虹12英寸產能擴張持正面看法,認爲將推動長期增長及40nm、55nm產品優化,維持「中性」評級,目標價上調至46.9元。
根據第三季指引及第二季業績,高盛將華虹半導體2025年盈利預測下調23%,收入預測下調2%,但將毛利預測上調3%,並將經營虧損預測從8,400萬美元擴大至1.04億美元,以反映第二座12英寸廠房營運費用預期增加,而2026至2029年淨利潤預測則每年上調1%。
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