高盛:降华虹半导体(01347)今年盈测23% 维持“中性”评级 目标价上调至46.9港元

智通财经
Aug 11

智通财经APP获悉,高盛发布研报称,华虹半导体(01347)第三季收入指引为按季增长10%至13%,毛利率料达10%至12%,对比第二季为10.9%,收入指引大致符合该行及市场预测,而毛利率指引较该行及市场预期高出1.1及1.8个百分点,反映公司对持续复苏的预期。该行对华虹12英寸产能扩张持正面看法,认为将推动长期增长及40nm、55nm产品优化,维持“中性”评级,目标价上调至46.9港元。

管理层相信上半年强劲的需求将延续至下半年,预期第二座12英寸厂房的产能可持续释放。华虹半导体第二季已实施价格调整,升幅为个位数百分比,预料相关影响将于第三及四季显现。

根据第三季指引及第二季业绩,高盛将华虹半导体2025年盈利预测下调23%,收入预测下调2%,但将毛利预测上调3%,并将经营亏损预测从8,400万美元扩大至1.04亿美元,以反映第二座12英寸厂房营运费用预期增加,而2026至2029年净利润预测则每年上调1%。

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