《大行報告》高盛:中芯(00981.HK)首季指引勝預期 評級「買入」
高盛發表報告指,中芯國際(00981.HK)去年第四季度收入符合公司指引,毛利率35%達到了指引高端。而今年的資本支出預計爲50億美元。該行將今年第一季度的強勁指引歸功於產能擴張、更強勁的需求和更好的晶圓平均價格,由CIS、MCU、PMIC等驅動。
該行預計中芯財報電話會議的主要問題將圍繞第一季度強勁的收入和毛利率指引背後的主要驅動因素;晶圓價格趨勢;未來幾個季度的需求可持續性,以及今年的產能擴張計劃。該行維持對中芯國際「買入」評級,目標價爲37.6元,相當於預測今年市盈率24倍。
高盛上調中芯今年的收入預測5%,營運溢利預測上調12%,淨利潤預測上調11%。
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