大行评级丨招银国际:中芯国际次季业绩及本季指引胜预期,目标价升至119港元

格隆汇
Aug 18
招银国际发表研报指,中芯国际第二季收入达30.06亿美元创历史新高,同比增36.1%、环比升20%;毛利率为25.3%,同比升4.9个百分点、环比增5.2个百分点,均高于公司指引上限及市场预期。第三季指引仍然积极,收入预计环比增2%至4%,毛利率达26%至28%。基于第二季业绩及第三季指引胜预期,该行将其2026及27年收入预测分别调高5.3%及9.2%,毛利率预测分别上调3.4及2.3个百分点。该行维持对其“买入”评级,H股目标价由110港元上调至119港元,对应预测明年市账率5倍。该行认为中芯值得有估值溢价,因其具有独特战略定位,在中国晶圆代工生态圈内有领先的规模及技术宽度,定价能力改善,以及产能变现将持续支持盈利复苏,即使面临折旧开支压力。

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