智通财经APP获悉，大和发布研报称，由于估值过高，下调中芯国际(00981)评级至“沽售”，目标价由27港元上调至29港元。同时基于该行与管理层同样关注需求透支可能对其2026年业务构成压力，下调对中芯国际明年业绩预测。该行称公司异常高且长的资本支出周期亦加重该行对折旧及地缘政治负担的担忧，可能对其结构性盈利能力构成压力。
该行指，中芯今年资本支出同比持平的指引令该行意外，因该行相信基于地缘政治问题导致其2020至2024年的异常高资本密集度，会在今年美国收紧出口管制生效而结束。该行不确定中芯会否在此高支出周期下继续建立传统产能，或是将传统产能转换为低效扩充的类似7纳米以作营运。但由于长期的折旧负担，持续高企的资本密集度将继续拖累其利润率，增加该行对折旧和地缘政治影响结构性盈利能力的主要担忧。
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