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大行評級丨高盛:中芯國際第四季指引符預期 維持中性評級
中芯國際(0981.HK)截至9月底止第三季盈利1.49億美元,同比增長58.3%。公司給出的今年第四季指引,為季度收入按季持平至增長2%;毛利率介於18%至20%之間。高盛發表報吿指,中芯第三季毛利率高於預期,主要是較高的使用率帶動,第四季收入指引則符合該行及市場預期,維持“中性”評級,目標價25.7港元。高盛表示,中芯第三季淨利潤低於該行及市場預測,主要由於更高的利息支出和外滙損失。該行認為,儘管資本支出短期放緩,但該行預計包括中芯國際在內的中國晶圓代工廠將繼續進行有意義的投資以增加產能,以抓住中國客户日益增長的國產化生產需求。該行認為,雖然看好中芯在本地無晶圓廠客户增長帶來的長期增長需求,但基於行業下行週期,該行認為短期內利潤增長緩慢,並且智能手機和消費電子產品的需求放緩(佔中芯收入超過50%)。中芯現價接近其歷史平均市盈率,認為估值合理,維持中芯A/H股的“中性”評級。
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