4月11日上榜港股通成交活跃榜个股中，华虹半导体为近一个月首次上榜。 证券时报·数据宝统计显示，4月11日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 560.83亿港元，占当日港股通成交金额的44.38%，净买入金额64.45亿港元。 上榜的成交活跃股中，小米集团-W成交额为114.71亿港元，成交金额居首；其次是腾讯控股、中芯国 际，成交金额分别为114.12亿港元、104.06亿港元。 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 114.12 | 19.60 | 22 | 443.400 | -0.31 | | 00981 | 中芯国际 | 104.06 | -3.88 | 22 | 46.700 | 5.90 | | 01810 | 小米集团 W | 114.71 | 4.87 | 22 | 44.250 | 2.79 | | ...

港股午后持续走高，恒指涨1%，恒生科技指数涨2.5%，芯片股领涨，华虹半导体(01347.HK)涨超 20%。 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） CONTENTS | Definitions | 2 | | --- | --- | | Key Financials | 6 | | Letter to Shareholders | 7 | | Corporate Information | 9 | | Directors and Senior Management Team | 12 | | Corporate Governance Report | 22 | | Directors' Report | 34 | | 2024 Environmental, Social and Governance Report | 66 | | Independent Auditor's Report | 293 | | Consolidated Statement of Profit or ...

受益于AI（人工智能）相关需求的快速增长及消费电子领域的复苏，公司模拟与电源管理实现营业收 入4.48亿美元，同比增长25.1%；逻辑与射频实现营业收入2.72亿美元，同比增长34.4%。值得一提的 是，公司消费电子市场需求仍相对平稳，该终端营业收入占比达63.0%。 华虹半导体管理层在年报中表示，在新一年中，华虹半导体将坚定推进产能扩张，确保华虹制造项目按 计划进行产能爬坡；持续优化先进"特色IC+功率器件"的工艺及产品组合，提升高价值产品占比；深化 与客户及终端生态伙伴的战略协同，应对中国市场供应链本土化所带来的持续需求提升。 （文章来源：证券日报） 本报讯 （记者张文湘见习记者占健宇）3月27日，华虹半导体有限公司（以下简称"华虹半导体"）披露 2024年全年财报。公告显示，2024年华虹半导体实现销售收入20.04亿美元，第一季度至第四季度销售 收入分别为4.60、4.79、5.26、5.29亿美元，呈逐季增长趋势；此外，公司2024年归母净利润达5810.8万 美元，毛利率为10.2%。 在当前激烈的竞争格局下，特色工艺晶圆代工市场仍面临需求与价格压力。面对严峻的挑战，华虹半导 体坚持致力于差异化技 ...

3月27日，华虹半导体（A股代码：688347.SH，港股代码：01347.HK）披露2024年年度报告。 财报显 示，公司全年实现销售收入20.04亿美元，付运晶圆454.5万片（折合8英寸），同比增长10.8%；平均产 能利用率达99.5%，较2023年提升5.2个百分点，在全球主要晶圆代工企业中保持领先水平。 2024年第四季度，位于无锡的第二条12英寸产线——华虹无锡项目顺利投产，标志着公司"8英寸+12英 寸"战略取得阶段性成绩。该产线聚焦车规级芯片制造，规划月产能8.3万片，预计2025年逐步导入全新 的40nm工艺节点及各工艺平台产品组合，力争实现产能的稳定爬坡并带动收入的稳步提升。 在AI领域快速发展及部分消费电子市场逐步回暖的驱动下，全球半导体市场保持温和增长的态势。在 此背景下，公司2024年模拟与电源管理、逻辑与射频营业收入分别同比增长25.1%、34.4%；消费电子 市场需求仍相对平稳，营业收入占比达63.0%。 2025年，全球半导体市场预计延续温和回升态势。华虹半导体坚定不移地推进多元化发展战略，将更多 先进"特色IC+功率器件"工艺布局到"8英寸+12英寸"生产平台，为全球客户提 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 截至二零二四年十二月三十一日止年度全年業績公告 華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司 截至二零二四年十二月三十一日止年度的經審核業績。 本公告載列本公司二零二四年年度報告全文，並符合香港聯合交易所有限公司 （「香港聯交所」）證券上市規則有關全年業績初步公告附載資料之相關規定。 本公司二零二四年年度報告的印刷版本將於適當時候寄發予本公司股東，並可於 香港聯交所網站 www.hkexnews.hk 及本公司網站 www.huahonggrace.com 進行查 閱。 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 中國上海，二零二五年三月二十七日 於本公告日期，本公司董事分別為： 執行董事： 唐均君 （董事會主席） ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347 HK) with a target price of HK$44.00, representing a potential upside of 28% from the current price of HK$34.30 [2][9]. Core Insights - The new president, Dr. Bai Peng, has a solid background in IDM and foundry sectors, and he aims to enhance performance and efficiency by migrating some products to more advanced processes [7]. - The company is expected to benefit from the "China for China" strategy, competitive pricing compared to overseas peers, and the gradual ramp-up of its new 12-inch production line in Wuxi [7]. - The integration of Huahong's subsidiary, Huali Microelectronics, is anticipated to bring significant operational improvements and potential profit increases [7]. - Despite a slight increase in average selling prices (ASP), strong demand driven by consumer electronics is expected to continue into the first half of 2025 [8]. - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 5% and 6% respectively due to pricing pressures, but the overall growth strategy remains intact [8][11]. Summary by Sections Financial Adjustments - The target price has been raised from HK$30.40 to HK$44.00, reflecting a revised P/B multiple of 1.5x for 2025 [9][13]. - The 2025E EPS has been adjusted down from US$0.12 to US$0.09, a decrease of 22% [3][11]. - Revenue estimates for 2025E and 2026E have been reduced to US$2,339 million and US$2,770 million, respectively, with year-on-year growth rates of 17% and 18% [11]. Valuation - The report emphasizes a P/B valuation approach, with the target P/B multiple increased to 1.5x, indicating a more optimistic outlook for Huahong's industry positioning and technology portfolio [13][14]. - The estimated book value per share for 2025 is projected at US$3.72, leading to a target price of HK$44.00 [14]. Market Comparison - Huahong's current P/B ratio of 1.2x is at a discount compared to its peers, such as UMC at 1.7x and SMIC at 2.5x, highlighting its valuation attractiveness [9][14].

Summary of Huahong Semiconductor Conference Call Company Overview - Huahong Semiconductor is the second-largest wafer foundry in mainland China, following SMIC, with multiple production bases including Shanghai Huahong Hongli, Wuxi Plant 7, and Plant 9. The overall capacity utilization rate is expected to remain above 100% in 2025 [4][5]. Historical Development - The company's history can be divided into three phases: 1. Formation of Huahong NEC with Japan's NEC, focusing on low-profit businesses. 2. Completion of mergers and acquisitions, listing on the Hong Kong Stock Exchange in 2014, and gradual expansion. 3. Expansion beyond Shanghai and listing on the A-share market in 2023. Revenue growth was stable before the chip shortage, which significantly increased during the shortage [3]. Core Business and Market Position - Huahong focuses on mature process technologies, including non-volatile memory, power devices, analog and power management ICs, and logic and RF components. Power devices are the largest revenue segment, with a strong push into the automotive market [4][6]. Future Growth Drivers - Key growth drivers include: - Recovery in terminal demand in 2025. - Increased domestic substitution demand due to U.S. sanctions. - Expansion in the automotive market, particularly in MCU and power device segments [7]. Financial Performance and Projections - The company anticipates improvements in profit and gross margins by 2025, despite rising depreciation costs. The gross margin for 8-inch wafers is approximately 30%, with a target of 40% by 2025. The target price based on a 1x PB valuation for 2026 is projected at HKD 30.1, and HKD 45.1 based on a 1.5x PB valuation [4][13]. Recent Stock Performance - Recent stock price increases are attributed to the global semiconductor cycle, positive sentiment in the Hong Kong market, and the company's proactive positioning across various product lines [8]. Impact of Market Recovery - The recovery in the Chinese market is occurring earlier than in Europe and the U.S., benefiting Huahong, especially in the automotive sector where semiconductor content in electric vehicles is increasing [9]. Integration of Huahong Plant 5 - The integration of Huahong Plant 5 is expected to enhance overall profitability, although the gross margin for 12-inch wafers remains negative. The company aims to improve margins significantly by 2025 [11]. Development of Huahong Plant 6 - Huahong Plant 6 focuses on more advanced processes, such as 28nm and 24nm technologies, which have potential for further development and could enhance the company's technological capabilities [12]. Risks and Challenges - Key risks include slower-than-expected ramp-up at Wuxi Plant 2, weaker-than-expected recovery in downstream markets, intensified competition in the mature process foundry sector, and potential impacts from U.S. sanctions [14].

产能释放驱动 24Q4 收入修复，受益 AI 带动半导体需求回升 证券研究报告 | 公司动态点评 2025 年 02 月 21 日 华虹半导体（01347.HK） | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2286 | 2004 | 2257 | 2610 | 3125 | | 增长率 yoy（%） | -7.7 | -12.3 | 12.6 | 15.6 | 19.7 | | 归母净利润（百万元） | 280 | 58 | 108 | 247 | 307 | | 增长率 yoy（%） | -37.8 | -79.2 | 85.2 | 129.5 | 24.4 | | ROE（%） | 4.4 | 0.9 | 1.7 | 3.8 | 4.5 | | EPS 最新摊薄（元） | 0.16 | 0.03 | 0.06 | 0.14 | 0.18 | | P/E（倍） | 31.8 | 153.3 | 82.8 | 36.1 | 29.0 | | P/B（ ...