智通财经APP获悉，中芯国际(00981)午后急跌逾3%，截至发稿，跌2.5%，报46.75港元，成交额64.6亿港元。
摩根大通发布研报称，中芯国际目前估值处历史高位。该行认为这样的估值不太可能持续。下调评级，由“中性”降至“减持”，目标价则由24港元升至32港元。该行指，25年首季的部分上行空间是由于补贴和美国关税生效前零部件预制带来的前期需求，而这种趋势应会在下半年逆转，随着前期建设势头的减弱，从第二季度开始，连续增长动能可能有所减弱。同时，一旦中芯国际及其中国晶圆代工竞争对手的更多产能上线，定价可能会变得更加困难，从而使毛利率保持在20%以下的水平，该行对中芯国际保持谨慎。
汇丰研究发表报告指，中芯上季毛利率高于预期，但由于税项及少数股东权益增加，部分抵销金融资产收益，纯利为1.08亿美元，低于该行和市场预期的2.26亿美元和2.2亿美元。此外，首季指引胜预期，但下半年前景不确定。汇丰认为，目前股价未能反映定价压力、关税影响及需求能见度疲弱。维持35港元目标价及“减持”评级。
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