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中芯次季多賺600% 可再觸發股價倍升?

中芯國際(SEHK:981)股價有望再次倍升嗎? –

中芯國際(SEHK:981)近期成為市場熱捧股票,惟科創板上市後市場資金流出H股,中芯H股股價曾出現顯著回吐。不過,集團剛公布2020年6月底止第2季業績,股東應佔溢利錄得逾600%同比增長,股價有望再次倍升嗎?

盈利能力顯著改善

中芯第2季收入按年增加18.7%,毛利增長64.5%,經營溢利更由去年同期虧轉盈。這反映晶片內需擴張為中芯帶來訂單量增長之餘,更顯著加強了盈利能力。與去年同期相比,中芯的毛利率大幅提升7.4個百分點至26.5%,經營溢利率更由去年同期的負5.4%顯著改善至6.9%。

毛利顯著擴張,其中一個重要因素是產品組合變動。隨著中芯國際目前最先進的14納米製程技術踏入量產,本來由海外半導體代工廠如台積電所滿足的國內晶片需求,在國策推動下轉投中芯。按技術節點分類,中芯的晶片收入有9.1%來自14/28納米,較去年同期的比重大幅提升5.3個百分點。技術水平較高的製程技術定價能力更高,中芯的毛利率因而持續改善。

國策推動帶來順風

中芯的最大缺陷在於製程技術水平仍落後於國際水平。然而,國策推動下,集團相對落後的技術水平仍足以在國內市場搶奪份額,今年第2季產能利用率更已達98.6%,較去年同期的91.1%提升了7.5個百分點。集團在科創板上市集資的其一用途是擴充產能,中國政府加大力度推動晶片產業內需,中芯料將可受惠於國內科技產業對於落後國際水平的製程技術的需求推進。

最近國務院公布一系列針對集成電路產業發展的政策,其中包括向28納米及以下製程且經營期超過15年的企業,提供首10年免徵企業所得稅的優惠。隨著中芯來自14/28納米的收入貢獻持續提升,集團有望成為稅務優惠方案的最大得益者,稅後盈利能力料可持續改善。

結語

中芯的競爭優勢在國際市場處於弱勢,皆因技術水平嚴重落後,惟國策推動國內對落後技術需求擴張,仍足以為中芯提供業務增長空間。隨著中芯增加14納米製程的收入佔比,盈利能力有望持續改善。

編輯:Yan

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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