大行評級|交銀國際:上調華虹半導體目標價至32港元 上季業績符合預期
交銀國際發表報告指,華虹半導體上季業績符合預期,指引稍遜於預期。上季收入5.39億美元,略高於該行和市場的預期,毛利率11.4%略低於該行和市場的預期。管理層指引今季收入中位數5.4億美元,毛利率中位數10%,略遜於該行和市場預期。交銀國際指,華虹管理層提到,平均售價基本穩定,毛利率不及預期的主要原因是無錫第二條產在線線過程中對成本的壓力。
交銀國際維持華虹“買入”評級,上調目標價至32港元,反映港股流動性改善和市場對中國科技企業的價值重估;微調首季收入預測到5.42億美元,下調全年收入預測至23.5億美元;下調首季和全年毛利率預測分別至10.4%/13.1%,以反映無錫第二條生產線上線後的折舊和生產上量對於成本的壓力。
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