大行評級|浦銀國際:上調中芯國際目標價至55.6港元 對長期國產化需求以及龍頭優勢保持樂觀
浦銀國際發表報告指出,中芯國際去年第三季和第四季收入分別按年增長34%和32%,毛利率分別爲20.5%和22.6%;公司指引今年首季收入按年增長35%,毛利率爲20%,維持高位或上揚態勢。短期看,該行認爲國內對於消費電子產品的補貼,以及海外地緣政治帶來的提前拉貨,使中芯訂單需求較高,產能利用率維持較好水平,產品組合有所改善。而且,該行對中芯長期國產化需求以及龍頭優勢保持樂觀。目前,中芯2025年企業價值倍數(EV/EBITDA)爲13.9倍,仍具有上行空間。該行重申對中芯“買入”評級,目標價上調至55.6港元。
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