一、主要业务 科目（亿元） 2025年Q1 2024年Q1 同比变动 营业收入 39.13 32.97 +18.66% 归母净利润 0.23 2.22 -89.73% 研发投入 4.77 3.48 +37.21% 经营活动现金流净额 3.61 4.44 -18.57% 华虹半导体有限公司作为中国领先的半导体制造企业，始终秉持"技术驱动、精益运营"的理念，专注于 特色工艺晶圆代工领域。公司以8英寸及12英寸晶圆生产线为核心，覆盖功率器件、嵌入式存储、模拟 与射频等关键技术，为全球客户提供从设计支持到量产的全流程服务。2025年第一季度，公司实现营业 收入39.13亿元（人民币，下同），同比增长18.66%，彰显其在半导体产业链中的关键地位。 二、2025年第一季度业绩表现 尽管面临行业周期性调整与国际供应链波动，华虹半导体仍保持稳健经营。以下为关键财务数据对比： 全产业链协同能力 公司与国内外龙头设计企业、终端厂商建立战略合作，形成"设计-代工-应用"闭环。2025年Q1，华虹半 导体新增5.5亿至5.7亿美元订单（约合人民币39.6-41.1亿元），反映客户对其供应链稳定性的认可。 国际化产能布局 依托上海、 ...

Group 1 - Semiconductor stocks in Hong Kong, particularly Hua Hong Semiconductor (01347), have shown a rebound after a four-day decline, with a current price increase of 4.18% to HKD 31.15 [1] - Despite the rebound, the stock price remains below the Bollinger Band midline (HKD 34.28) and is testing important support levels on the weekly chart (HKD 31.35) [1] - Technical indicators present mixed signals, with key support levels at HKD 29.4 and HKD 26.4, while resistance levels are at HKD 33.8 and HKD 35.9 [3] Group 2 - The market sentiment is low, with many investors expecting the stock price to drop to the range of HKD 29-20, while a minority believes it could rise to HKD 33 [3] - In the derivatives market, Citigroup's call option (28354) is highlighted as an attractive bullish choice with a strike price of HKD 36.36 and a leverage of 3 times [3] - Other notable call options include Huatai's (16555) with a 3.2 times leverage and a current increase of 9.52%, and JPMorgan's (29035) with a higher strike price of HKD 38.93 and a leverage of 3.47 times [3] Group 3 - Bullish and bearish certificates are available, with JPMorgan's bullish certificate (55757) offering a leverage of 7.3 times and a recovery price of HKD 29, suitable for aggressive investors [6] - Conversely, JPMorgan's bearish certificate (55767) provides a leverage of 5.1 times with a recovery price of HKD 35.5, appealing to investors looking to short while managing risk [6]

Group 1 - The Hang Seng Tech Index turned positive in the late trading session [1] - Hua Hong Semiconductor (01347.HK) and Meituan (03690.HK) led the gains among constituent stocks [1]

Summary of Hua Hong Semiconductor Conference Call Company Overview - **Company**: Hua Hong Semiconductor - **Industry**: Semiconductor Manufacturing - **Market Position**: Second largest wafer foundry in mainland China, with both 8-inch and 12-inch production lines [doc id='13'][doc id='14'] Key Points and Arguments Financial Performance and Forecasts - **Stock Performance**: Hua Hong's stock price has increased by 46% year-to-date, reaching a valuation of 1.1 times the dynamic price-to-book ratio, which is within its historical range of 0.6-1.7 times [doc id='2'][doc id='14'] - **Revenue Growth**: Projected revenue growth of 14% for 2025, with a slight adjustment of 10% to 11% for 2026 due to faster capacity ramp-up [doc id='4'][doc id='27] - **Earnings Per Share (EPS)**: EPS forecast for 2025 has been reduced from $0.02 to $0.01, and for 2026 from $0.01 to -$0.002 [doc id='4'][doc id='27'] Margin and Profitability Concerns - **Gross Margin Decline**: Expected gross margin to decline significantly from 21.9% (2022-2024 average) to 8.3% in 2025 and 7.0% in 2026 due to increased depreciation costs from the expansion of the 12-inch foundry [doc id='3'][doc id='11'] - **Operating Losses**: Anticipated operating losses of $153 million in 2025 and $179 million in 2026, with operating margins of -6.7% and -7.0% respectively [doc id='27'] Competitive Landscape - **Market Position**: Hua Hong is smaller compared to competitors like SMIC, which has a projected ROE of 9.3% compared to Hua Hong's expected -0.3% [doc id='2'][doc id='14'] - **Pricing Pressure**: The wafer prices for Hua Hong's 55/90nm processes are $1,000, significantly lower than the industry average of $1,500, indicating competitive pressure in the mature process foundry segment [doc id='2'][doc id='14'] Expansion Plans - **Capacity Expansion**: The expansion of the second 12-inch foundry in Wuxi is crucial for increasing capacity but will lead to higher depreciation costs, impacting margins in the short term [doc id='3'][doc id='11] - **Long-term Outlook**: While the expansion is essential for future growth, the immediate impact on margins and profitability is concerning, especially in a weak wafer price environment [doc id='3'][doc id='11'] Valuation and Rating Changes - **Rating Downgrade**: The rating has been downgraded from Neutral to Sell, with a target price set at HK$20, reflecting concerns over future profitability and ROE [doc id='5][doc id='12'] - **Valuation Metrics**: Current valuation at 1.1 times price-to-book ratio is expected to decline, with a target based on a more conservative 0.7 times dynamic price-to-book ratio [doc id='5'] Additional Important Insights - **Industry Supply-Demand Dynamics**: The semiconductor industry may see a slight improvement in supply-demand balance starting in 2025, but competition in low-end MCU segments remains intense [doc id='10'] - **Long-term Risks**: The potential for overcapacity in mature process foundries is projected to reach 15% in 2025 and 17% in 2026, which could further pressure margins [doc id='10'] This summary encapsulates the critical insights from the conference call regarding Hua Hong Semiconductor's financial outlook, competitive positioning, and strategic initiatives.

机构：第一上海 研究员：黄佳杰/曹凌霁/韩啸宇 收入符合预期，盈利能力承压:1Q25 收入5.41 亿美元，同比增长17.6%，环比持平，主要受益于晶圆交 付量增加；毛利率9.2%，贴近上季指引的下限，环比下降2.2pcts 主要为新产线投产的折旧影响；整体 产能稼动率102.7%，仍保持高位；股东应占利润0.04 亿美元，1Q24 为0.3 亿美元，股东利润不及预 期，主要因为研发工程片开支明显增加以及汇兑损失影响。25Q2 收入指引为5.5-5.7 亿美元，毛利率7- 9%，毛利率指引保守主要是因为新产能折旧的突出影响。 2025 年需求结构性增长：1Q25 不同技术平台产品表现依然分化，嵌入式存储/独立存储/功率器件/模拟 与电源管理/逻辑及射频收入同比增速分别为9%/38%/14%/4%/35%，环比变化 为-5%/-7%/-1%/-1%/12%，功率器件（收入占比30%）在经历了五个季度的同比负增长后于本季转正， 主要受益于超级结和MOSFET 产品需求增加，有望实现触底回升，模拟及电源管理(收入占比25%)需求 增长动能能保持，嵌入式存储（收入占比24%）本季增速放缓。 产能释放饱满，ASP 仍有 ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor [1][30]. Core Views - The new capacity depreciation is squeezing profit margins, but localized production increases are expected [2][3]. - In Q1 2025, Huahong Semiconductor reported revenue of $541 million, a quarter-over-quarter increase of 0.3% and a year-over-year increase of 17.6% [2][6]. - The company achieved a net profit of $4 million, recovering from a net loss of $25 million in Q4 2024, although this represents a year-over-year decline of 88.2% [2][6]. - The quarterly wafer shipment volume reached 1.23 million equivalent eight-inch wafers, reflecting a quarter-over-quarter increase of 1.5% and a year-over-year increase of 20% [2][6]. - The capacity utilization rate was 102.7%, down 0.5 percentage points quarter-over-quarter but up 11 percentage points year-over-year [2][6]. Financial Performance Summary - For Q1 2025, the company guided revenue between $530 million and $550 million, with a Bloomberg consensus estimate of $548 million [6]. - The gross margin was reported at 9.2%, down 2.2 percentage points quarter-over-quarter but up 2.8 percentage points year-over-year, with guidance set between 9% and 11% [6]. - The company anticipates Q2 2025 revenue to be between $550 million and $570 million, with a gross margin forecast of 7% to 9% [6]. - The report projects revenues for 2025, 2026, and 2027 to be $2.279 billion, $2.823 billion, and $3.192 billion respectively, with net profits of $92 million, $183 million, and $271 million respectively [6][8]. Valuation Metrics - The report assigns a target price of HKD 36.84 based on a price-to-book ratio of 1.25x for the estimated book value per share in 2026 [6][30]. - The price-to-earnings ratios for 2025, 2026, and 2027 are projected to be 79.29, 40.05, and 22.47 respectively [8][30].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.0 HKD [7][8]. Core Views - The company reported Q1 2025 revenue of 541 million USD, a year-over-year increase of 17.6% and a quarter-over-quarter increase of 0.3%, driven by increased wafer shipments [16][20]. - The gross margin for Q1 2025 was 9.2%, up 2.8 percentage points year-over-year but down 2.2 percentage points quarter-over-quarter due to depreciation from new production lines [16][20]. - The company expects Q2 2025 revenue to be between 550 million and 570 million USD, with a gross margin guidance of 7% to 9% [21]. Summary by Sections Revenue and Profitability - Q1 2025 revenue reached 541 million USD, with wafer shipments of 1.231 million pieces, reflecting a 20% year-over-year increase [16][20]. - The company anticipates a stable ASP (Average Selling Price) throughout the year, with potential for price increases in 12-inch products as capacity ramps up [3][5]. Capacity and Production - The production capacity utilization rate was 102.7% in Q1 2025, with the second 12-inch production line expected to ramp up steadily [2][21]. - The company plans to shorten ramp-up times and increase shipment volumes to stabilize gross margins [2]. Market Trends and Product Segments - The company is benefiting from local production trends accelerated by tariffs, particularly in the analog and power management segments, which saw a 34.8% year-over-year revenue increase [4][26]. - The 12-inch wafer segment generated 310 million USD in Q1 2025, a 40.8% year-over-year increase, while the 8-inch segment saw a decline [24][22]. Financial Forecasts - The report projects revenue growth of 8.2%, 13.1%, and 11.7% for 2025, 2026, and 2027, respectively, with net profit estimates of 52 million, 82 million, and 97 million USD for the same years [18][19]. - The target price of 43.0 HKD is based on a 1.5x multiple of the 2025 estimated book value per share [5][29].

Summary of Huahong Semiconductor Conference Call Company Overview - **Company**: Huahong Semiconductor - **Industry**: Semiconductor Manufacturing Key Points and Arguments 1. **Capacity Expansion**: Huahong Semiconductor's total capacity reached 413,000 wafers (equivalent to 8-inch) in Q1 2025, with the new Wuxi plant contributing an additional 25,000 wafers not fully accounted for yet. Significant delivery increases are expected in Q2 due to new capacity release [2][5][6]. 2. **Average Selling Price (ASP) Trends**: In Q1 2025, the ASP for 8-inch wafers slightly decreased while the ASP for 12-inch wafers slightly increased, leading to an overall ASP decline of approximately 0.x%. ASP is expected to rise in Q2 to Q4, despite initial operational pressures from the new plant [2][7][8]. 3. **Growth in Application Areas**: Rapid growth is observed in power management, RF, high-voltage power semiconductors, and embedded flash memory. Power device capacity is fully utilized, with potential price increases anticipated. Demand in the industrial robotics sector is recovering, and high-voltage power device demand remains strong [2][9]. 4. **Sales Performance by Product Type**: In Q1, sales revenue for analog and power management products grew by 34.8% year-over-year, while logic and RF products saw slower growth at 4%. The CIS business impacted overall growth, although WiFi RF showed good growth [2][10]. 5. **Cost and Margin Outlook**: The new plant's initial high fixed costs are pressuring gross margins, but as capacity increases, these pressures are expected to ease. The goal is to gradually increase overall gross margin from 10% to 20% [2][12][14]. 6. **Technological Advancements**: The company plans to advance to 28nm and 22nm processes, primarily for high-performance computing, IoT devices, and automotive electronics, with production taking place at the new Wuxi plant [2][12]. 7. **Utilization Rates**: The first 12-inch wafer fab has maintained full capacity, with actual production exceeding 100,000 wafers since early 2025. The second fab is expected to reach 83,000 wafers by mid-2026 [4][6]. 8. **Market Demand and Inventory Risks**: The company maintains a positive outlook for market demand in the second half of the year, despite some potential inventory risks in domestic applications. Overall, demand remains strong [15]. 9. **AI Impact**: The development of AI is significantly boosting power management business growth in North America, with expectations for continued acceleration in performance in the coming quarters [3][17][18]. 10. **Strategic Partnerships**: A strategic cooperation agreement with STMicroelectronics focuses on 40nm products, with expected sales growth starting in late 2025 and into 2026 [25]. Additional Important Insights - **MCU Market Performance**: The MCU market is gradually improving, with expectations for better performance in Q2 compared to Q1. Smart card sales showed significant growth in Q1 [11][15]. - **Revenue Distribution**: Future revenue distribution across product categories is expected to change, with power management anticipated to grow the fastest, while logic and RF may see adjustments to optimize high-value capacity utilization [22]. - **Stock Price Reaction**: The recent stock price decline may be attributed to market misunderstanding of the company's guidance, despite sales growth. This presents an opportunity for interested investors [27][28].

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) [6] Core Views - The company achieved revenue of $541 million in Q1 2025, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 0.3%, aligning with the company's guidance of $530 to $550 million [1] - The overall demand is expected to gradually recover, with structural growth in demand for products such as analog and power management due to US-China tariff policies [2] - The company is accelerating capacity expansion, with monthly production capacity expected to reach 40,000 wafers by the end of 2025 [3] - The forecast for net profit has been revised downwards for 2025-2027 due to increased depreciation pressure from accelerated capacity expansion, with expected net profits of $80 million, $180 million, and $270 million respectively [4] Summary by Sections Financial Performance - Q1 2025 revenue was $541 million, with 8-inch wafer revenue at $230 million (down 4% YoY) and 12-inch wafer revenue at $310 million (up 41% YoY) [1] - Q1 2025 gross margin was 9.2%, slightly above the lower end of the guidance range of 9%-11%, with a year-on-year increase of 2.8 percentage points [1] Demand and Market Outlook - The company expects a gradual recovery in downstream demand, with electronic consumer goods revenue accounting for 64.3% of total revenue, growing 20.9% YoY [2] - The ASP for 12-inch wafers shows signs of price increases, while the 8-inch wafer ASP is stabilizing but lacks upward momentum [2] Capacity Expansion - Huahong Semiconductor is actively advancing the construction of new manufacturing facilities, with a projected monthly capacity of 40,000 wafers by the end of 2025 [3] - Capital expenditures in Q1 2025 amounted to $510.9 million, with significant investments in 12-inch wafer production [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted downwards, reflecting increased depreciation pressure from capacity expansion [4] - The current stock price corresponds to a P/E ratio of 94x for 2025 and 41x for 2026, indicating a favorable long-term growth outlook supported by capacity expansion [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 37.5, reflecting a potential upside of 15.6% from the current price of HKD 32.45 [1][3][7]. Core Insights - The company reported a 1Q25 revenue of USD 541 million, a year-on-year increase of 17.6%, driven by a 42% increase in wafer shipments, despite ongoing price pressures [1]. - The gross margin for 1Q25 was 9.2%, which is below market expectations and the guidance range, but improved from 6.4% in the same quarter last year [1]. - Management expects 2Q25 revenue to be in the range of USD 550-570 million, indicating a 17% year-on-year growth [1]. - The semiconductor industry is expected to benefit from accelerated domestic substitution processes amid increasing geopolitical risks [1][7]. Financial Summary - For FY25E, the company is projected to achieve revenue of USD 2.317 billion, reflecting a 15.6% year-on-year growth, with gross margins expected to recover to 10.6% [2][8]. - The net profit for FY25E is estimated at USD 24 million, a significant decrease from the previous year, but expected to rebound in FY26E to USD 253 million [2][8]. - The company’s capacity utilization rates remain high at 100% for 8-inch and 105% for 12-inch factories, with new capacity expected to contribute from 1Q25 [7][8]. Market Position - Approximately 82% of the company's revenue comes from China, with 9.4% from North America, positioning it well to benefit from domestic demand for semiconductor manufacturing [7]. - The report highlights that the company is likely to maintain high utilization rates post new capacity deployment, driven by increasing domestic chip manufacturing needs [7].