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《大行報告》摩通升中芯(00981.HK)評級至「中性」 目標價上調至23元
阿思達克 05-17 09:38
摩根大通發表報告表示,認為中芯國際(00981.HK)可受惠成熟製程需求強勁,收入及毛利均有上行,故帶動產能利用率強勁增長,該行將公司每股盈測上調,並將評級由「減持」升至「中性」,目標價由20元升至23元,此相當於未來12個月預測市賬率1.4倍。

該行指,與美國主要供應商在獲批供應零件及原料方面未有顯著進長,而中芯已被列入實體清單五個月,相信市場仍在等待發牌方面的具體消息,而公司策略轉向成熟的12吋及8吋產品,該行認為是正確決定,不過要執行相關策略仍要取決於在獲取美國批准方面的不確定性。

摩根大通指出,受惠特別是內地半導體需求強勁,中芯估計上半年收入將按年升30%,高於市場原先估計的15%,相信是由於成熟製程產能擴張,加上產能利用率較高及平均銷售單價提升,值得留意的是公司晶圓整體平均銷售單價按季升5%,估計次季續升7-9%,主要由於價格上升及產品組合改善等。

隨著產能利用爆滿及晶圓價格向上,公司毛利表現好過預期,展望次季公司估計毛利率將進一步擴張至25-27%,遠高於市場預期的16-17%,雖然折舊開支將按年增50%,不過估計下半年公司毛利率可維持在26-27%的水平。

資本開支方面公司料今年將維持在43億元水平,當中有50%用於成熟製程產能擴張,相信對公司而言方向正確,不過下半年能否全面執行其資本開支計劃仍存在不確定性,因為現時仍未知道公司在實體清單下,美國主要供應商能否獲批供貨。(el/w) ~

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