《大行報告》瑞信上調中芯(00981.HK)目標價至28元 評級「中性」
瑞信發表研究報告指,中芯(00981.HK)對維持經營和擴產方面有信心,與去年底該行預期實體清單只不容許先進工具的假定一致。
該行指,公司有潛在突破瓶頸與特定產品提價的可能,今年銷售增長預測由7%上調至13%,高於其他券商預期。公司維持今年43億美元資本開支預期,以增加8寸和12寸晶片的產能,因應資本開支佔銷售比例近100%,令毛利受限於15-19%(mid- to high-teens),經營溢利維持低單位數。
該行維持中芯「中性」評級,目標價由19.6元升至28元。
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