《大行》交銀國際昇華虹半導體(01347.HK)目標價至49元 評級「買入」
交銀國際發表報告指,華虹半導體(01347.HK)今年第二季毛利率超指引上限,單價提升或在第三季之後反映。第二季收入5.66億美元略超指引中位數及該行預期,毛利率10.8%超預期和指引上限。管理層指出已在第二季做價格調整,總體漲價在個位數左右,且會在第三、四季集中體現。指引第三季收入介於6.2億至6.4億美元,毛利率10至12%,均高於該行預期。
該行上調華虹半導體2025年底九廠產能預期至每月5萬片12寸產能,並保持之後每六個月增加2.5萬片/月的產能爬坡速率,在2026年第三季完成所有 8.3萬片規劃產能爬坡並貢獻收入。
交銀國際上調華虹半導體2025年及2026年收入預測24.1億及28.7億美元,前值預測22.9億及27.7億美元。上調2025年毛利率預測到10.8%,前值9.2%,該行昇華虹半導體目標價至49港元,評級「買入」。
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