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《大行報告》瑞銀降華虹(01347.HK)目標價至15元 下調盈測
瑞銀髮表研究報告指,華虹半導體(01347.HK)第三季銷售收入按季下跌10%至5.69億美元,僅達到經營指引的下限,其中MCU、智能卡集成電路(IC)、NOR型閃存芯片、邏輯及其他電源管理(PMIC)產品的下降,被IGBT及超級接面結構業務的增長略微抵銷。 該行指出,由於終端需求持續低迷,華虹旗下無錫12英寸晶圓廠產能利用率從第二季的93%大幅下降至第三季的78%,估計公司整體產品平均售價按季下降約10%,其中8英寸按季下降7%,12英寸下降12%,加上折舊成本上升,拖累毛利率降至16.1%的指引下限。 考慮到華虹在庫存水平較高的中國客戶及消費者市場的佔比較大,瑞銀預期今年下半年至明年上半年其表現將較其他代工同行遜色,將今年全年收入預測下調至按年跌6%,明年預測下跌3%,今明兩年毛利率預測亦降至21%及14.7%,每股盈利預測下調4%及24%。 瑞銀預期投資者會對華虹的疲軟業績作出負面反應,維持「沽售」評級,目標價從15.5元下調至15元。
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