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大行評級|瑞銀:維持中芯國際“沽售”評級 受惠半導體本地化惟將被利潤壓力抵銷
格隆匯 02-13 11:03
瑞銀髮表研究報吿指,中芯國際上季經營利潤為2.14億美元,高於市場預測的1.93億美元;收入按季升1.7%,相對公司指引為持平至增2%;毛利率22.6%,優於指引的18至20%。集團將受惠中國半導體本地化,惟將被利潤壓力抵銷。報吿提到,中芯預計首季銷售按季增6至8%,雖然出貨量增加,但由於產品組合較弱,令均價輕微下降,並預期毛利率介乎19至21%。至於今年全年,集團預期人工智能將繼續提供強勁的需求,而其他市場則應保持平穩或温和增長。如果外部環境沒有重大變化,集團預計其收入增長將可超過同業平均水平。瑞銀將中芯2025年的每股盈測由0.2美元下調至0.18美元,以反映最新指引及利潤壓力上升。該行續予集團“沽售”評級,維持目標價14港元。
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