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《大行》花旗升中芯(00981.HK)華虹(01347.HK)目標價 看好90日內表現
花旗發表研究報告指出,中芯國際(00981.HK)及華虹半導體(01347.HK)均受惠於中國本土化趨勢、人工智能相關需求、價格復甦及特色產能擴張。中芯首季業績優於預期,次季收入增長指引亦高於市場預測,主要受產品均價改善、出貨量增強及訂單能見度提升所支持。華虹方面,首季中國市場收入按年增長18.7%,在多個平台包括MCU、PMIC、嵌入式記憶體、獨立式快閃記...
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《大行》花旗升中芯(00981.HK)華虹(01347.HK)目標價 看好90日內表現
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花旗發表研究報告指出,中芯國際(00981.HK)  -2.900 (-4.076%)    Short selling $696.02M; Ratio 14.149%   及華虹半導體(01347.HK)  +0.200 (+0.173%)    Short selling $256.19M; Ratio 12.714%   均受惠於中國本土化趨勢、人工智能相關需求、價格復甦及特色產能擴張。中芯首季業績優於預期,次季收入增長指引亦高於市場預測,主要受產品均價改善、出貨量增強及訂單能見度提升所支持。華虹方面,首季中國市場收入按年增長18.7%,在多個平台包括MCU、PMIC、嵌入式記憶體、獨立式快閃記憶體、IGBT及智能卡晶片均錄得廣泛增長。

該行指出,28納米以上的成熟製程仍是中芯核心盈利來源,同時公司持續推進14納米及選擇性的7納米技術。管理層預計第二季收入將按季增長14%至16%,毛利率介乎20%至22%。花旗認為,中國本地化、人工智能相關需求及中芯在中國晶圓代工廠中的先進節點領導地位,將支持其估值重估。

至於華虹,花旗表示管理層預期今年價格有進一步上升空間,特別是在NOR快閃記憶體及其他供應緊張的平台,平均價格升幅約為10%至15%,部分產品可能更高。此外,無錫12吋晶圓廠預計在2026年第三季達到滿載。該行認為,人工智能硬件擴張及國產替代趨勢將為離散元件及功率管理產品帶來強勁訂單動力。

花旗上調中芯2026年及2027年每股盈利預測27%及27%,以反映盈利能力改善,同時將投資評級由「中性」上調至「買入」,基於2026至2027年平均每股賬面淨值的4倍(原本3.5倍),目標價由75港元上調至90港元。花旗上調整華虹2026年及2027年每股盈利預測約7%及2%,以反映中國本地化及功率管理應用的穩固前景,重申「買入」評級,基於2026至2027年平均每股賬面淨值的5倍(原本3.5倍),目標價由115港元上調至160港元。該行同時將兩間公司納入「90日內短線正面觀點」(Adding Upside 90-Day Short-Term View)

(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 12:25.)

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