《半導體》外資朝聯詠開第一槍 降評中立 - 股票
By Mary
at 2021-05-20T11:27
at 2021-05-20T11:27
Table of Contents
原文標題:
《半導體》外資朝聯詠開第一槍 降評中立、目標價414元
原文連結:
https://tinyurl.com/c7huxanb
發布時間:
2021年5月20日 10:37
原文內容:
【時報記者王逸芯台北報導】美系外資針對驅動IC產業出具最新研究報告,認為目前智慧型手機、電視等需求不確定性增加,顯示目前市場需求可能正位於高峰,對聯詠(3034)開出第一槍,調降聯詠2021年、2022年盈利預期13%、3%,將目標價由777元調降到414元,評等由加碼降至中立。
美系外資表示,預計第三季混合DDI售價將會進一步上升,季增幅度約5~10%,惟現在注意到隨著供需價格談判的動態變化,部分DDI客戶不願意接受下半年的價格調漲,主要還是來自於對於智慧型手機、電視等需求的不確定性增加,顯示目前市場需求可能正位於高峰,另外,目前有看到上周的整體NB庫存升高,4月大陸PC出口值年減少1%。
美系外資表示,先前預估第二季DDI定價漲幅恐達5~10%,且這種態勢可能會持續到第三季,而聯詠第二季的財測預估似乎也顯示該預估,然而,近期聯詠股價並沒有隨著強勁的前景而上漲,估計原因為這些市場有共識的平均售價和DDI需求業者,在2022年、2023年時儘管依舊存在,但這些DDI都已經成為商品(如DRAM)等,故DDI定價的年對年同季增漲幅度應該更有意義,但預估定價恐在下半年放緩。
美系外資表示,對IC設計公司來說,LDDI(大尺寸面板驅動IC)的價格可能仍會上漲、第三季度最高季增達10%,但僅來自某些供應商,但隨著DDI供應商的發展,智慧手機需求的疲軟,恐對SDDI(小尺寸面板驅動IC)定價上升趨勢帶來不確定性;另一方面,面板製造商仍在提高價格,但是增長可能很快達到頂峰,目前晶圓代工廠漲價可能延續到第三季,但年增幅正在下降,在晶圓供應有限下,預估進一步上漲的空間有限。
美系外資有鑑於上述原因,調降聯詠2021年、2022年盈利預期13%、3%,將目標價由777元調降到414元,評等由加碼降至中立。
聯詠預估第二季預估季合併營收將高達330到340億元之間,季增逾25%到近29%,毛利率達45%到48%之間,高於上季的43.64%,營業利益率約為29.5%到32.5%,較上季的27.35%提高。
心得/評論: ※必需填寫滿20字
連日崩跌,滷肉飯直接縮小變白飯
前日的漲停?拉高出貨而已啦
--
《半導體》外資朝聯詠開第一槍 降評中立、目標價414元
原文連結:
https://tinyurl.com/c7huxanb
發布時間:
2021年5月20日 10:37
原文內容:
【時報記者王逸芯台北報導】美系外資針對驅動IC產業出具最新研究報告,認為目前智慧型手機、電視等需求不確定性增加,顯示目前市場需求可能正位於高峰,對聯詠(3034)開出第一槍,調降聯詠2021年、2022年盈利預期13%、3%,將目標價由777元調降到414元,評等由加碼降至中立。
美系外資表示,預計第三季混合DDI售價將會進一步上升,季增幅度約5~10%,惟現在注意到隨著供需價格談判的動態變化,部分DDI客戶不願意接受下半年的價格調漲,主要還是來自於對於智慧型手機、電視等需求的不確定性增加,顯示目前市場需求可能正位於高峰,另外,目前有看到上周的整體NB庫存升高,4月大陸PC出口值年減少1%。
美系外資表示,先前預估第二季DDI定價漲幅恐達5~10%,且這種態勢可能會持續到第三季,而聯詠第二季的財測預估似乎也顯示該預估,然而,近期聯詠股價並沒有隨著強勁的前景而上漲,估計原因為這些市場有共識的平均售價和DDI需求業者,在2022年、2023年時儘管依舊存在,但這些DDI都已經成為商品(如DRAM)等,故DDI定價的年對年同季增漲幅度應該更有意義,但預估定價恐在下半年放緩。
美系外資表示,對IC設計公司來說,LDDI(大尺寸面板驅動IC)的價格可能仍會上漲、第三季度最高季增達10%,但僅來自某些供應商,但隨著DDI供應商的發展,智慧手機需求的疲軟,恐對SDDI(小尺寸面板驅動IC)定價上升趨勢帶來不確定性;另一方面,面板製造商仍在提高價格,但是增長可能很快達到頂峰,目前晶圓代工廠漲價可能延續到第三季,但年增幅正在下降,在晶圓供應有限下,預估進一步上漲的空間有限。
美系外資有鑑於上述原因,調降聯詠2021年、2022年盈利預期13%、3%,將目標價由777元調降到414元,評等由加碼降至中立。
聯詠預估第二季預估季合併營收將高達330到340億元之間,季增逾25%到近29%,毛利率達45%到48%之間,高於上季的43.64%,營業利益率約為29.5%到32.5%,較上季的27.35%提高。
心得/評論: ※必需填寫滿20字
連日崩跌,滷肉飯直接縮小變白飯
前日的漲停?拉高出貨而已啦
--
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