《大行報告》野村上調中芯(00981.HK)目標價至18.1元 評級「中性」
野村發表研究報告表示,與中芯國際(00981.HK)管理層交流後,認為公司對第三季經營前景略為正面,透露目前已見到中國主要IC設計公司的訂單出現恢復及有計劃逐步增加庫存,從而為今年下半年及明年推出的新產品做準備。
報告指出,中芯管理層預測第三季收入將按季增長3%至5%,對應市場普遍預測增長5%,公司指引的18%至20%毛利率水平亦在野村預期之內。公司預計下半年價格壓力將持續,野村則認為8英寸晶圓的價格較容易受到需求疲軟等因素所影響,而且競爭情況亦較12英寸晶圓更為激烈,自2月起一直預計中芯的產品平均售價將自第二季開始下跌。
因此雖然收入及出貨量有所增長,但野村仍然預期中芯國際第三季及第四季毛利率將保持在約19%水平,同時因應可觀的利息及投資收益等非經營性收入,相應將2023年每股盈利預測上調109%,目標價由17.8元上調至18.1元,維持「中性」評級不變。(gc/k)
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