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公司公布05年3季度业绩报告,毛利率 上升至8．2％,亏损缩小,销量上升7．6％, 使用率上升至92％,财务状况也较为健康。 对比去年同期的行业周期高峰,各项财务指 标则大幅衰退,但按季公司经营出现低谷回 升。预测公司4季度毛利率将进一步提高,但 研发投入使经营利润率降低,亏损有所增 加。公司在技术进步和高端客户方面不断有 新进展,特别在全球第一家制造出TD- CDMA0．13微米芯片。虽然12月目标价下 调至1．3港元,但公司作为芯片代工行业的 后起之秀,我们认为其长期投资机会来临。
The company reported third quarter 2005 results, gross margin rose to 8.2%, loss reduction, sales rose 7.6%, the utilization rate rose to 92%, the financial situation is relatively healthy. In contrast with the peak of the industry cycle in the same period of last year, various financial indicators experienced a sharp decline, but the quarterly rebound in operating companies. It is forecasted that the company’s gross profit margin will further increase in Q4 but the R & D investment will reduce the operating profit margin and increase the losses. The company continues to make new advances in technological progress and high-end customers, especially in the world to create TD-CDMA0.13 micron chip. Although the target price for December was lowered to HK $ 1.3, the Company, as a rising star in the chip foundry industry, believes that its long-term investment opportunities will come.