小摩:中芯国际(00981.HK)目标价36港元 续予“减持”评级

智通财经
Aug 12, 2025
【小摩:中芯国际(00981.HK)目标价36港元 续予“减持”评级】智通财经APP获悉,摩根大通发布研报称,正在调整对中芯国际(00981.HK)的预测,以考虑到公司因去库存而导致的第四财季增长放缓,以及由于折旧成本上升和缺乏均价上升的压力,虽然高端晶圆比例上升,但产量降低令毛利持续受压。因此,小摩续予中芯国际“减持”评级,目标价为36港元。该行相信,由于公司将继续扩大28纳米及以下晶圆产能,其未来2至3年的资本开支或仍保持高位,估计达70亿至75亿美元。该行预计,公司于第四季去库存和CIS领域的竞争加剧,短期内可能抑制毛利和均价。

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