证券研究报告 | 公司动态点评 2024 年 02月 27日 华虹半导体（01347.HK） 24 年复苏迹象已现，盈利能力静待修复 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万美元） 2475 2286 2155 2529 2854 股票信息 增长率yoy（%） 51.8 -7.7 -5.7 17.4 12.9 归母净利润（百万美元） 450 280 114 234 246 行业 电子 增长率yoy（%） 72.1 -37.8 -59.2 104.6 5.4 2024年2月26日收盘价（港元） 16.120 ROE（%） 14.8 4.4 1.3 2.2 1.9 总市值（百万港元） 27,671.75 EPS最新摊薄（美元） 0.26 0.16 0.07 0.14 0.14 流通市值（百万港元） 21,098.82 P/E（倍） 7.9 12.6 31.0 15.1 14.4 总股本（百万股） 1,716.61 P/B（倍） 1.2 0.6 0.4 0.3 0.3 流通股本（百万股） 1,308.86 资料来源：公司财报，长城证券产业金融研究院 近3 ...

智通财经APP获悉，华虹半导体(01347)现跌超4%，截至发稿，跌4.03%，报15.68港元，成交额3113.28万港元。 消息面上，华虹半导体此前公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 国信证券指出，公司4Q23营收和毛利率达指引，1Q24预计继续业绩筑底；MCU、电源管理、NOR等需求下降，4Q23出货量环比下降12%。该行预计公司2024年-2026年资本开支将显著提升，两座新晶圆产线陆续投产亦带来显著折旧提升。 ...

昨天，国内晶圆代工双雄华虹半导体(01347)和中芯国际(00981)都发布了最新的财报。 首先看中芯国际方面； 中芯国际表示，2023年第四季的销售收入为1,678.3百万美元，2023年第三季为1,620.6百万美元，2022年第四季为1,621.3百万美元。统计2023年全年，中芯国际未经审计的全年销售收入为6,321.6百万美元，2022年全年销售收入7,273.3百万美元。 中芯国际进一步指出，公司四季度销售收入环比增长3.6%，略高于指引；毛利率为16.4 %，符合指引。2023年未经审计的全年销售收入则同比下降13%，毛利率为19.3%，也基本符合公司年初的指引。 从不同地区的营收贡献上看，如下图所示，和上一季度相比，来自美国区客户的占比有了少幅度的上升。从终端应用上看，电脑与平板依然是中芯国际最大的营收贡献来源，营收占比高达30.6%，智能手机则紧随其后，占比为30.2%，这两者在中芯国际当季营收占比较之上一季度有了不小的增长。 在产能方面，中芯国际表示，公司月产能由 2023 年第三季的 795,750 片 8 吋晶圆约当量增加至 2023 年第四季的 805,500 片 8 吋晶圆约当 ...

智通财经APP获悉，华虹半导体(01347)跌超5%，截至发稿，跌4.98%，报14.88港元，成交额7831.86万港元。 消息面上，华虹半导体公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%，主要由于平均销售价格及付运晶圆下降；毛利为1822万美元，同比减少92.4%，环比减少80.1%；毛利率为4%，同比减少34.2个百分点，主要由于平均销售价格下降及产能利用率降低。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 ...

Financial Performance - Sales revenue for Q4 2023 was $455.4 million, down 27.7% year-over-year and 19.9% quarter-over-quarter[6] - Gross margin for Q4 2023 was 4.0%, a decrease of 34.2 percentage points year-over-year and 12.1 percentage points quarter-over-quarter[13] - Net profit attributable to shareholders was $35.4 million, down 77.8% year-over-year and up 154.8% quarter-over-quarter[13] - Total sales revenue for the full year 2023 was $2.286 billion, with an annual gross margin of 21.3%[7] - Sales revenue for 2023 was $2.286 billion, a decrease of 7.7% compared to the previous year, primarily due to a decline in average selling prices[19] - Gross margin was 21.3%, down 12.8 percentage points year-over-year, attributed to lower average selling prices and increased depreciation costs[19] - Net profit for the year was $126.4 million, a decline of 68.9% from $406.6 million in the previous year[19] - Profit attributable to the parent company was $280.0 million, down 37.8% from $449.9 million year-over-year[17] - Basic earnings per share decreased to $0.189 from $0.345, representing a decline of 45.2%[17] - Basic earnings per share for Q4 2023 were $0.021, compared to $0.122 in Q4 2022[41] - Basic earnings per share for 2023 was $0.189, compared to $0.345 in 2022, representing a decrease of 45.4%[44] Capacity and Production - The company increased its monthly production capacity to 391,000 eight-inch wafers by the end of Q4 2023[7] - The second twelve-inch production line is on track to be completed by the end of 2024[7] - Total wafer shipments for Q4 2023 were 951,000 8-inch equivalent wafers, a decrease of 4.1% year-over-year and 11.7% quarter-over-quarter[32] - Capacity utilization rate was 94.3%, down 13.1 percentage points from 107.4% in the previous year[17] - The overall capacity utilization rate for Q4 2023 was 84.1%, down from 103.2% in Q4 2022[30] Operating Expenses and Cash Flow - Operating expenses increased by 19.3% year-over-year to $333.1 million, mainly due to reduced government subsidies for R&D activities and increased spending on engineering projects[19] - Operating expenses for Q4 2023 were $95.063 million, up 59.6% year-over-year, primarily due to reduced government subsidies for R&D activities and increased engineering expenses[33] - Net cash flow from operating activities for Q4 2023 was $196.546 million, up 6.6% year-over-year and up 29.2% quarter-over-quarter, primarily due to increased government subsidies and reduced personnel expenses[36] - Operating cash flow for 2023 was $641,695, down from $750,865 in 2022, indicating a decrease of 14.6%[51] Revenue Breakdown - Sales revenue from China accounted for 80.5% of total sales, totaling $366.5 million, down 19.8% year-over-year[23] - Sales revenue from consumer electronics was $252.508 million, accounting for 55.4% of total sales, down 35.4% year-over-year[29] - Sales revenue from the industrial and automotive sector was $138.628 million, a decrease of 18.2% year-over-year, primarily due to reduced demand for MCU and smart card chips[31] - Embedded non-volatile memory sales revenue was $112.026 million, down 52.6% year-over-year, primarily due to decreased demand for MCU and smart card chips[26] - Standalone non-volatile memory sales revenue was $14.753 million, a decline of 59.6% year-over-year, mainly due to reduced demand for NOR flash products[26] - Discrete device sales revenue reached $182.377 million, down 14.4% year-over-year, affected by decreased demand for general MOSFET and super junction products, partially offset by increased demand for IGBT products[26] - Logic and RF sales revenue increased by 30.9% year-over-year to $56.227 million, driven by higher demand for CIS products[26] Assets and Liabilities - Total assets as of December 31, 2023, were $10.943 billion, up from $9.974 billion as of September 30, 2023[37] - Total liabilities increased to $2.929 billion from $2.642 billion, resulting in a debt-to-asset ratio of 26.8%[37] - Cash and cash equivalents increased to $5.585 billion from $4.990 billion, reflecting a significant increase in net cash flow[38] - Trade receivables decreased to $278.669 million from $318.787 million, primarily due to a decline in sales revenue[39] - Inventory decreased to $449.749 million from $492.783 million, mainly due to a reduction in raw materials and finished goods[39] Strategic Focus and Investments - Research and development investments are focused on new process platforms and optimization of existing technologies[7] - The company aims to strengthen strategic partnerships and expand into emerging markets, particularly in automotive and renewable energy sectors[7] Governance and Leadership - The board of directors includes non-executive directors and independent non-executive directors, indicating a diverse governance structure[53] - The chairman and executive director is Zhang Suxin, highlighting leadership continuity[53] - The company is based in Hong Kong, which may influence its market strategies and operations[53]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算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，概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引 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 （于香港注冊成立之有限公司） （股份代號：01347） 新聞稿 二零二三年第三季度業績公佈 所有貨幣以美元列帳，除非特別指明。 本合併財務報告系依香港財務報告準則編製。 中國香港 — 2023年11月9日 — 全球領先的特色工藝純晶圓代工廠華虹半導體有限公司（香港聯交所 股票代號：01347；上交所科创板证券代码：688347) (「本公司」)於今日公佈截至二零二三年九月三 十日止三個月的綜合經營業績。 二零二三年第三季度主要財務指標（未經審核） ...

Financial Performance - Revenue reached an all-time high of US$1,262.2 million, an increase of 3.8% compared to 1H 2022, primarily benefiting from improved average selling price[24] - Gross profit was US$377.3 million, an increase of 2.3% compared to 1H 2022, driven by improved average selling price[26] - Profit attributable to owners of the parent was US$230.8 million, an increase of 23.5% compared to 1H 2022[23] - Profit for the period was US$148.7 million, a decrease of 4.3% compared to 1H 2022, with a net profit margin of 11.8%[36] - Other income and gains were US$50.7 million, an increase of 153.3% compared to 1H 2022, primarily due to increased interest income and government subsidies[27] - Basic earnings per share attributable to ordinary equity holders increased to $0.176 from $0.144, marking a rise of 22.2%[168] Expenses and Costs - Finance costs increased to US$56.7 million, a rise of 278.5% compared to 1H 2022, primarily due to increased interest rates on bank borrowings[33] - Income tax expense was US$26.9 million, an increase of 25.9% compared to 1H 2022, primarily due to increased taxable profit[35] - Selling and distribution expenses decreased to US$5.1 million, a decrease of 27.6% compared to 1H 2022, primarily due to decreased labor expenses[30] - Administrative expenses increased to US$147.8 million, an increase of 6.4% compared to 1H 2022, primarily due to increased engineering wafer costs[31] - Cost of sales was US$885.0 million, an increase of 4.5% compared to 1H 2022, primarily due to increased depreciation and utility costs[25] Assets and Liabilities - Total non-current assets decreased by 2.7% from US$3,979.7 million to US$3,870.7 million[38] - Cash and cash equivalents decreased by 7.9% from US$2,008.8 million to US$1,851.0 million[50] - Net cash flows generated from operating activities decreased by 28.1% from US$407.8 million to US$293.1 million[50] - Total current liabilities decreased by 20.1% from US$1,382.4 million to US$1,104.4 million[38] - Other non-current assets increased by 63.3% from US$54.8 million to US$89.5 million due to increased prepayments for capital expenditure[42] Production and Capacity - The capacity utilization rate remained high, with double-digit growth in sales of eNVM/Standalone NVM process platforms[69] - Revenue from power discrete devices increased over 30% year-on-year in the first half of 2023[71] - The Company plans to continue expanding production capacity and accelerate process development in the second half of 2023, despite a slow recovery in the end-user market[73] - The joint venture for Wuxi Phase II project (HH Fab9) involves an investment of US$880.38 million and aims for a monthly production capacity of 83,000 wafers[72] Share Issuance and Financial Strategy - The RMB Share Issue raised gross proceeds of RMB21,203 million (approximately US$2,974 million), with net proceeds of RMB20,921 million (approximately US$2,934 million) after deducting issuance costs[77] - The Company intends to apply proceeds from the RMB Share Issue to projects including the "Hua Hong Manufacturing (Wuxi) Project" and the "8-Inch Factory Optimisation and Upgrading Project"[82] - The Company expects the RMB Share Issue to enhance its production capacity and R&D capabilities, consolidating its position as a leading pure-play foundry in the PRC[76] - The Board believes the RMB Share Issue will strengthen the financial position and broaden the Company's fundraising channels and shareholder base[76] Research and Development - The "Specialty Technological Innovation and Research and Development Project" aims to enhance proprietary innovation and R&D capabilities[85] - The "Special Process Technology Innovation R&D Project" is intended to strengthen the company's independent innovation and R&D capabilities[159] Market and Economic Conditions - The company will continue to pursue a diversified development strategy despite slow recovery in end-market demand[151] - Approximately 23% of the company's sales for the six months ended June 30, 2023, were denominated in currencies other than the functional currency of its subsidiaries[145] - The company’s bank borrowings amounted to $1.653 billion, with a potential impact of $57 million on pre-tax profit if the USD appreciates or depreciates by 5% against the RMB[145]

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） 截至二零二三年六月三十日止六個月 中期業績公告 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 截至二零二三年六月三十日止六個月的未經審核綜合業績。 本公告載列本公司二零二三年中期報告全文，並符合香港聯合交易所有限公司 （「香港聯交所」）證券上市規則有關中期業績初步公告附載資料之相關規定。 本公司二零二三年中期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 董事長兼執行董事 張素心先生 香港，二零二三年八月二十九日 ...

[0 -> 25] Ladies and gentlemen, thank you for standing by, and welcome to the Fohung Semiconductor Second Quarter 2023 Earnings Conference Call. The call is hosted by Mr. Junjun Tang, President and Executive Director, and Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Please be advised that your dial-in is in a listen-only mode. [26 -> 52] However, at the conclusion of the management presentation, there will be a question and answer session, at which time you will receive instruction ...

Financial Performance - Sales revenue for Q2 2023 reached $631.4 million, an increase of 1.7% year-over-year and flat compared to the previous quarter[2]. - Gross margin was 27.7%, down 5.9 percentage points year-over-year and down 4.4 percentage points quarter-over-quarter[2]. - Net profit for the period was $7.8 million, a significant decrease from $53.2 million in the same period last year and $140.9 million in the previous quarter[2]. - Basic earnings per share for Q2 2023 were $0.060, down from $0.064 year-over-year and $0.116 quarter-over-quarter[2]. - Operating expenses were $76.7 million, an increase of 8.5% year-over-year, mainly due to higher R&D costs[8]. - Other net losses amounted to $54.709 million, a decrease of 3.5% year-over-year, mainly due to increased government subsidies and interest income[22]. - The company reported a significant increase in interest income by 193.3% year-over-year, reaching $14.057 million[22]. - The company reported a net profit attributable to the parent company of $78.52 million for Q2 2023, compared to $83.93 million in Q2 2022[30]. - The company reported a pre-tax profit of $43,679 thousand for the three months ended June 30, 2023, down 46.5% from $81,519 thousand in the same period last year[32]. Future Projections - The company expects Q3 2023 sales revenue to be between $560 million and $600 million[3]. - Projected gross margin for Q3 2023 is expected to be between 16% and 18%[3]. Production and Capacity - The company’s eight-inch monthly production capacity increased to 347,000 wafers by the end of Q2 2023[4]. - The company maintained a production capacity utilization rate of 102.7% in Q2 2023[7]. - The overall capacity utilization rate for 200mm wafers was 112.0%, while for 300mm wafers it was 92.9%, resulting in a total capacity utilization rate of 102.7%[19]. - The company shipped 1,074,000 wafers in Q2 2023, reflecting a year-over-year increase of 3.7% and a quarter-over-quarter increase of 7.3%[20]. Revenue Breakdown - Revenue from 8-inch wafers was $361.2 million, accounting for 57.2% of total sales, while 12-inch wafers generated $270.1 million, or 42.8%[10]. - Sales revenue from China was $489.3 million, representing 77.5% of total sales, with an 8.6% year-over-year increase driven by demand for IGBT and MCU products[11]. - Sales revenue from North America was $48.5 million, down 33.7% year-over-year, primarily due to decreased demand for power management and MCU products[12]. - Embedded non-volatile memory sales reached $208.3 million, up 18.9% year-over-year, driven by increased demand for MCUs and smart card chips[13]. - Standalone non-volatile memory sales were $33.4 million, down 52.1% year-over-year, mainly due to reduced demand for NOR flash products[14]. - The industrial and automotive segment reported sales revenue of $195.158 million, a significant increase of 55.2% year-over-year, attributed to rising demand for IGBT, smart card chips, and general MOSFET products[18]. - Sales revenue for the 55nm and 65nm technology nodes was $84.920 million, down 25.7% year-over-year, primarily due to decreased demand for NOR flash, CIS, and logic products[15]. - Sales revenue for the 0.11µm and 0.13µm technology nodes increased by 15.2% year-over-year to $120.254 million, driven by higher demand for MCU products[16]. - The electronic consumer goods segment contributed $347.824 million in sales, accounting for 55.1% of total sales revenue, but saw a decline of 14.1% year-over-year[17]. Cash Flow and Assets - Net cash flow from operating activities for Q2 2023 was $161.19 million, a decrease of 24.1% year-over-year, but an increase of 22.2% quarter-over-quarter[23]. - Net cash flow used in investing activities was $(150.65) million, including capital expenditures of $165 million, partially offset by interest income of $14.4 million[24]. - Net cash flow used in financing activities was $(300.18) million, with new pledged deposits of $167.7 million and repayment of bank loans of $85.6 million[24]. - Total assets decreased from $7.38 billion in Q1 2023 to $6.95 billion in Q2 2023, while total liabilities decreased from $2.75 billion to $2.56 billion[25]. - Current assets totaled $3.08 billion, down from $3.32 billion in Q1 2023, with cash and cash equivalents decreasing from $2.22 billion to $1.85 billion[27]. - The current ratio improved to 2.8x in Q2 2023, compared to 2.7x in Q1 2023[28]. - Total non-current assets were $3,870,674 thousand, down from $4,060,779 thousand as of March 31, 2023, a decrease of 4.7%[31]. - Inventory increased to $558,252 thousand from $473,935 thousand, representing an increase of 17.8%[31]. - Total current liabilities decreased to $1,104,366 thousand from $1,220,712 thousand, a reduction of 9.5%[31]. - The company’s long-term bank borrowings stood at $1,410,544 thousand, a decrease from $1,496,396 thousand as of March 31, 2023[31].