美银美林:升中芯(0981.HK)目标价至7.8港元 评级“跑输大市”
美银美林发表报告表示,中芯国际(0981.HK)
第三季纯利录约1.15亿美元,远高于该行及市场预期,主因受惠于补贴带动开支下降及出售收益所带动。期内中芯产能使用率达97%,毛利率为20.8%,符合市场预期,公司管理层更预期第四季收益按季升2%至4%,毛利率改善至介乎23%至25%。
不过该行指,考虑到在高产能使用率及折旧增加的趋势,即使28nm产品在第四季度相比四年前较平稳,但相信季内毛利率上升空间有限,主因资本开支高企所致。
该行称,如果中美紧张局势继续升级,将来要获得美国制造的半导体设备有潜在风险,但将其目标价由6.8港元上调至7.8港元,以反映更好的周期因素及毛利率改善至介乎约20%至24%的范围,维持“
跑输大市
”评级。
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