智通财经APP获悉，大和发布研报称，上调中芯国际(00981)2026至2028年每股盈利预测11%至48%，目标价由36.5港元上调至40港元，相当于2026至2027年平均预测市账率1.1倍，维持“沽售”评级。大和认为，股价已充分反映利好因素，目前估值偏高。
中芯第二季业绩胜大和预期，惟第三季指引好淡参差。报告指出，中芯第二季纯利5.12亿美元，较市场预期高出104%，主要受惠于加价、消费订单提前拉动，以及人工智能相关芯片的强劲需求。然而，管理层预期第三季收入仅按季增长2%至4%，低于市场预期的7%至9%增长，主要由于第二季订单提前拉动后的再平衡效应。
大和表示，虽然加价效应带动毛利率预期向好，第三季毛利率指引22%至24%亦胜市场预期，但对中芯的估值、折旧压力及地缘政治风险仍然忧虑。报告提到，中芯仍处于密集资本开支周期，折旧开支沉重，而技术发展亦受地缘政治限制，加价能否在折旧于2028年上半年见顶前持续支撑业绩，仍属未知之数。
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