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袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
Phone:
36670666

中芯國際(00981.HK)

Thursday, December 5, 2019 Views5434

中芯國際集成電路製造有限公司(「中芯國際」,港交所股份代號:981,美國場外市場交易代碼:SMICY),是世界領先的集成電路晶圓代工企業之一,也是中國內地技術最先進、配套最完善、規模最大、跨國經營的集成電路製造企業,提供0.35微米到14納米不同技術節點的晶圓代工與技術服務。中芯國際總部位於上海,擁有全球化的製造和服務基地。在上海建有一座300mm晶圓廠和一座200mm晶圓廠,以及一座控股的300mm先進制程晶圓廠在建設中;在北京建有一座300mm晶圓廠和一座控股的300mm先進制程晶圓廠;在天津和深圳各建有一座200mm晶圓廠;在江陰有一座控股的300mm凸塊加工合資廠。中芯國際還在美國、歐洲、日本和中國臺灣設立行銷辦事處、提供客戶服務,同時在中國香港設立了代表處。

中芯國際公布,截至今年9月底止第三季,純利為1﹒15億美元。期內,收入約8﹒16億美元,按季升3﹒2%,按年則跌4%,主要由於季內晶圓付運量增加所致。毛利率為20﹒8%,按季及按年分別升1﹒7個百分點及0﹒3個百分點。第三季產能利用率為97%。

  本人認為隨著中美貿易戰的進一步惡化, 美國進一步限制對華技術輸出, 國內很多大型電子企業會轉用國內晶片,從而帶動需求。 展望第四季,預期收入將按季升2%至4%;毛利率率介乎23%至25%。中芯國際聯席首席執行官趙海軍及梁孟松指,隨著客戶消化庫存,公司產能利用率提高,先進光罩銷售增加,帶動期內經營業績優於指引。另外,中國區客戶需求強勁,營收佔比達60﹒5%,按季增長10%,加上物聯網、智慧家居帶動需求,預期第四季公司營收將保持增長。

但是,政府資助和領先技術還是主要憂慮: 由於公司的盈利受惠較高的政府資助 ,若公司失去政府的資助,或會失去盈利能力,但相信機會較少。但對其領先技術維持憂慮。遺重申其「優於大市」投資評級。
  

 

建議

買入價:$10.32

目標價 : $13.52

止蝕價 : $10

 

註:本人袁鉅文為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

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