《大行報告》匯豐研究微降中芯(00981.HK)目標價至17.4元 評級「持有」
匯豐發表報告指,中芯國際(00981.HK)上季收入達16.2億美元,稍微低於該行預測的16.6億美元及市場預測的16.7億美元,其毛利率達32%,大致上符合該行及市場預測,而每股盈利5美仙,則高於該行預測的2美仙及市場預測的4美仙。相較同業,該行對中芯持更審慎態度,料今年毛利率壓力加劇。
該行指,管理層指引今年收入按季跌10%至12%;毛利率則料介乎19%至21%,遠低於該行預測的27%及市場的25%;該行將公司今年毛利率預測由26.7%下調至21.8%,同時將公司今年每股盈測下調16%至12美仙,以反映今年上半年需求弱,以及毛利率受壓,並將其目標價由17.5元輕微下調至17.4元,維持其評級為「持有」。
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