《大行報告》高盛降華虹(01347.HK)目標價至31.8元 第四季毛利率指引較預期弱
高盛發表研究報告指,華虹半導體(01347.HK)披露第四季收入指引,料按季跌介乎12%至21%,毛利率指引亦較預期弱,僅介乎2%至5%,中位數為3.5%,對比第三季則為16.1%。由於需求疲軟,管理層認為主要產品都將面臨價格壓力,不過相信客戶正在消化庫存,並預計需求將在明年復甦。
該行指出,在電動汽車、新能源和工業應用發展的推動下,本地客戶對華虹的IGBT、MCU、模擬等專業技術的需求不斷增長,因此維持長期增長的正面看法,評級維持「買入」。
考慮到第三季業績及第四季指引,高盛相應下調盈利預期,將2023至2028年收入預測下調3%至7%,以反映需求疲軟和銷售均價下降,並將今明兩年毛利率預測下調2.5及0.8個百分點,而2025至2028年毛利率預期基本維持不變,總體而言將2023至2028年淨利潤預測下調29%、13%、1%、2%、1%及2%;每股盈測分別下調29%、33%、24%、25%、25%及25%,主因A股上市帶來攤薄。H股目標價由37.1元降至31.8元。
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