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《大行報告》高盛上調華虹半導體(01347.HK)目標價至31.1元 評級「買入」
高盛發表研究報告指,絕緣柵雙極型晶體管(IGBT)是目前庫存水平較低的少數產品之一,這意味著客戶的需求依然強勁,預計華虹半導體(01347.HK)將受惠於當地客戶在電動汽車和清潔能源應用中不斷增長的IGBT需求。由於IGBT的平均售價和利潤率高於其他功率分立產品,該行預計,集團功率分立產品的收入和利潤率在未來幾年將有所改善。基於在電動汽車、新能源和工業應用的推動下,當地客戶對其IGBT、MCU、Analog等專業技術的需求不斷增長,該行維持對華虹的正面看法 報告指,集團將其CIS產能轉移到其他產品,如MCU和Analog,以降低高CIS庫存的影響。總體而言,該行認為,集團的產品組合和客戶群可接觸到更多庫存水平較低且終端需求更多元化的產品,這可能導致其在下行周期中表現相對有彈性。 該行表示,由於較高的IGBT收入,將集團2023至24年的收入分別上調1%及3%,而2025至27年則分別增4%,並於2028年上升3%,而2023至28年的利潤率則分別上調0.4/0.8/1.3/1.2/1.2/1.0個百分點。整體來說,該行將集團2023至28年的營業利潤分別提高4%/10%/15%/14%/12%/10%;淨利潤提高4%/7%/14%/13%/11%/9%。
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