《大行報告》大摩下調中芯(00981.HK)目標價至22.8元 評級「與大市同步」
摩根士丹行發表研究報告指,中芯國際(00981.HK)宣布2022年資本支出為50億美元,資本支出保持高水平料有助於產能擴張,維持「與大市同步」評級。
中芯表示,相關所有資本支出終將轉為折舊,根據公司時間表,毛利率預期於2023至2024年下降,該行料至2024年或跌至20%以下,因此將目其標價由25元降至22.8元。
該行指出,半導體需求將出現結構性增長,未來代工行業將出現潛在供過於求,同時若美國出口受到更多限制,預期中芯會加大開支以確保外國設備及零部件供應,預期公司部分產能擴張不是來自市場需求驅動,而是為了滿足中國本土化的需要。
大摩表示,中芯去年第四季每股盈利將達到6.75美仙,超出該行及市場預期,今年增長指引亦好過預期,主因在晶圓出貨量及產品均價上升所帶動;公司料今年首季收入可按季增長15%至17%,毛利率達到約36%至38%,但不排除下半年起公司將降低晶圓價格。
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.