中金:維持華虹半導體(1347.HK)“跑贏行業”評級 目標價20港元
中金髮布研報稱,6月1日,華虹宏力宣佈5月8寸晶圓產量和功率分立器件投片量創新高。該行認為,這進一步證明,經歷1季度較為疲軟的業績後,華虹半導體(1347.HK)盈利開始觸底反彈。中金看好公司2季度收入有望好於指引(收入有望達到2.3億美元),維持“跑贏行業”評級和目標價20.00港元。
8寸平台:工業相關產品推動復甦。研報指出,雖然1季度公司功率立器件收入環比下滑14%,但是中金近期的供應鏈調研顯示,工業相關需求(如來自斯達半導體和無錫新潔能等客户)開始回暖。華虹宏力表示,5月上海2號工廠IGBT晶圓投片量創新高,該行認為近期國內“新基建”相關投資增加起到了一定的積極影響作用。此外,隨着衞生事件逐步緩解,歐洲已經開始逐漸復工復產,中金也看好公司海外客户功率分離式元件需求將逐步恢復。
12寸:eNVM、CIS、功率半導體平台順利試產有望保產品順利遷移和新客户放量。無錫廠宣佈2019年4季度eNVM產品順利量產那(主要是SIM卡),2020年2季度基於90nmBCD工藝平台的功率IC和圖像傳感器產品繼開始出貨。中金重申看好無錫廠產能爬坡,主要考慮產品組合多元化,同時12寸技術方案更具競爭力。
估值與建議方面,考慮5月晶圓投片量創下新高,中金認為公司2季度收入有望好於指引,同時建議投資者密切關注下半年需求,維持2020-2021年收入和淨利潤預測不變。考慮公司估值具備吸引力(目前,華虹交易於1.1倍2020年市淨率,約為2017年以來週期的中值),中金維持跑贏行業評級。維持目標價20.00港元,基於1.5倍2020年市淨率,較當前股價具備27%上行空間。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.