华虹半导体今年第二季毛利率超指引上限，单价提升或在第三季之后反映。第二季收入5.66亿美元略超 指引中位数及该行预期，毛利率10.8%超预期和指引上限。管理层指出已在第二季做价格调整，总体涨 价在个位数左右，且会在第三、四季集中体现。指引第三季收入达6.2亿至6.4亿美元，毛利率10至 12%，均高于该行预期。 该行上调华虹半导体2025年底九厂产能预期至每月5万片12英寸产能，并保持之后每六个月增加2.5万 片/月的产能爬坡速率，在2026年第三季完成所有8.3万片规划产能爬坡并贡献收入。 交银国际发布研报称，上调华虹半导体(01347)2025年及2026年收入预测24.1亿及28.7亿美元，前值预测 22.9亿及27.7亿美元。上调2025年毛利率预测到10.8%，前值9.2%，该行升华虹半导体目标价至49港 元，评级"买入"。 ...

该行上调华虹半导体2025年底九厂产能预期至每月5万片12英寸产能，并保持之后每六个月增加2.5万 片/月的产能爬坡速率，在2026年第三季完成所有8.3万片规划产能爬坡并贡献收入。 智通财经APP获悉，交银国际发布研报称，上调华虹半导体(01347)2025年及2026年收入预测24.1亿及 28.7亿美元，前值预测22.9亿及27.7亿美元。上调2025年毛利率预测到10.8%，前值9.2%，该行升华虹半 导体目标价至49港元，评级"买入"。 华虹半导体今年第二季毛利率超指引上限，单价提升或在第三季之后反映。第二季收入5.66亿美元略超 指引中位数及该行预期，毛利率10.8%超预期和指引上限。管理层指出已在第二季做价格调整，总体涨 价在个位数左右，且会在第三、四季集中体现。指引第三季收入达6.2亿至6.4亿美元，毛利率10至 12%，均高于该行预期。 ...

国海证券：维持华虹半导体买入评级，目标价44.43港元。 ...

Group 1 - Chip stocks experienced a significant rise, with Cambrian Technology hitting a historical high, and the Tianhong Chip ETF showing a strong performance [1] - The Tianhong Chip ETF tracks the CSI Chip Industry Index, with Cambrian Technology accounting for 9.37% of its estimated weight [1] - The Tianhong Chip ETF has a total circulation scale of 1.012 billion yuan, making it the largest of its kind in the Shenzhen market [1] Group 2 - SMIC and Hua Hong Semiconductor reported improved capacity utilization rates, with SMIC at 92.5% and Hua Hong at 108.3% in Q2 2025 [2] - SMIC's Q2 wafer sales volume increased by 4.3% compared to the previous quarter, while Hua Hong's revenue from products at 65nm and below grew by 27.4% year-on-year [2] - TI is set to initiate a new round of price increases in August, which may impact the market dynamics for domestic analog chip manufacturers [2] Group 3 - InnoSilicon has become a chip supplier for NVIDIA, collaborating on the 800V DC power architecture for AI data centers [3] - The demand for high-performance semiconductor hardware is expected to grow due to the rise of AI applications and the recovery in traditional consumer electronics [3] - The trend towards domestic semiconductor companies with independent capabilities is anticipated to continue benefiting the industry [3]

Core Insights - Semiconductor foundries, including SMIC and Hua Hong Semiconductor, reported mixed financial results for Q2 2023, reflecting ongoing challenges in the industry due to weak demand for consumer electronics [1][2][3] Financial Performance - SMIC reported Q2 2023 revenue of $1.56 billion, a year-on-year decline of 18%, with a net profit of $403 million, down 21.7% [1] - Hua Hong Semiconductor achieved Q2 2023 revenue of $631.4 million, a year-on-year increase of 1.7%, but net profit fell by 6.4% to $78.5 million [1][3] - SMIC's gross margin was 20.3%, down 19.1 percentage points year-on-year, while Hua Hong's gross margin was 27.7%, down 5.9 percentage points [1][3] Capacity and Utilization - SMIC's revenue from 8-inch and 12-inch wafers accounted for 25.3% and 74.7% of total revenue, respectively, with 8-inch wafer revenue declining by 2.8 percentage points [2] - SMIC's capacity utilization rate was 78.3%, significantly lower than 97.1% in the same period last year but higher than 68.1% in Q1 2023 [2] Market Trends - The semiconductor industry is facing challenges due to weak demand for consumer electronics, with global PC shipments down 15% year-on-year and smartphone sales down 8% [4] - However, there are signs of potential recovery in the second half of the year, driven by new smartphone releases and a gradual recovery in the PC market [4] Future Outlook - Hua Hong Semiconductor expects Q3 2023 revenue between $560 million and $600 million, with a gross margin of 16% to 18%, indicating a decline from Q2 [3] - SMIC anticipates a revenue increase of 3% to 5% in Q3 2023, with a gross margin forecast of 18% to 20% [3] - Both companies are investing in new capacity and technology development to prepare for future growth cycles, with SMIC's capital expenditure reaching $1.732 billion in Q2, up 37.6% [5]

截至发稿，华虹半导体(01347.HK)涨6.13%、宏光半导体(06908.HK)涨5.77%、中芯国际(00981.HK)涨 5.13%。 ...

中芯国际和华虹半导体扩大涨幅。 ...

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [8] Core Insights - The semiconductor industry continues to show optimistic growth trends driven by AI and high-performance computing, with strong demand for HBM, AI chips, and edge AI hardware [2][19] - The storage market is expected to see sustained price increases in the second half of the year, with strong demand for HBM and DDR5, while DDR4 supply remains tight [2][19] - Foundry services are optimistic, with expectations of price increases and capacity expansion, particularly for companies like Huahong and SMIC [2][19] Summary by Sections 1. Overseas Leaders and Domestic Foundry Performance - AI and high-performance computing remain core growth drivers, with strong demand for HBM and AI chips [2] - NAND Flash market is expected to see price increases due to production cuts and strong AI demand [2][19] - Foundry sector shows optimism with price increases and capacity expansion, particularly for Huahong and SMIC [2][19] 2. Wafer Manufacturing - SMIC's Q2 capacity utilization was 92.5%, with a revenue of $2.209 billion, expected to grow by 5%-7% in Q3 [3][20] - Huahong's Q2 revenue was $566.1 million, with a capacity utilization of 108.3% and a strong demand for power devices [3][20] - TSMC's revenue in July reached NT$323.166 billion, with strong AI chip demand and advanced process capacity remaining tight [3][20] 3. IDM and Advanced Logic Chips - Intel's Q2 revenue was $12.9 billion, with a net loss of $2.92 billion, while Qualcomm's Q3 net profit was $2.666 billion, driven by automotive and IoT business [4][30] - AMD's Q2 net profit surged to $872 million, with strong client segment performance, while MediaTek's Q2 revenue was NT$150.336 billion [4][30] 4. Storage Chips - Samsung's Q2 storage revenue was 21.2 trillion KRW, with HBM3E sales increasing to over 80% of total HBM sales [5][50] - SK Hynix's Q2 revenue was 22.232 trillion KRW, with a net profit of 6.996 trillion KRW, driven by strong NAND and DRAM demand [5][56] 5. Analog Chips - Texas Instruments reported Q2 revenue of $4.45 billion, with a net profit of $1.3 billion, driven by stable industrial and automotive demand [5][18] 6. IP Licensing and Design Services - Arm's FY2026 Q1 revenue was $1.053 billion, driven by demand from AI and data centers [5][18] 7. Overall Industry Outlook - The global semiconductor market is expected to maintain optimistic growth in 2025, driven by AI and domestic substitution efforts [6][19] - The storage sector is projected to see significant price increases in Q3 2025, with strong quarterly performance from leading companies [6][19]

芯片股早盘回暖，涨超3%，、涨近3%。 消息面上，花旗研报指出，中芯国际与华虹半导体已公布2025年第二季度业绩。受惠于国内内包需求推 动的高产能利用率(UTR)，两家公司收入与毛利率均超出市场预期。在定价环境改善及产能利用率持续 高企的背景下，尽管上半年存在提前拉货影响，中芯国际与华虹半导体分别预测2025年第三季度收入按 季增长6%和11%(按中位数计算)，显示半导体需求逐步复苏，但毛利率复苏可能仍遥远。 此外，交银国际发布研报称，看好中芯国际国产晶圆代工产的龙头地位，认为集团或持续受益于关键半 导体产品的国产代替趋势。建银国际则相信在本土化趋势以及工业和汽车市场改善下，华虹半导体将迎 来复苏。 | 代碼 | 名稱 | 最新價 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | | 01347 | 華虹未演讀 | 43.720 | +3.16% | 12.18億 | 756.13億 | | 00085 | 中電華大科技 | 1.780 | +2.89% | 1382.3萬 | 36.13億 | | 00981 | 中志國際 | 50.05 ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor [1][10] Core Views - Despite depreciation pressure from new factory investments, the company's gross margin exceeded market expectations in Q2 2025 [2][7] - The company reported Q2 2025 revenue of $566 million, a quarter-over-quarter increase of 4.6% and a year-over-year increase of 18.3% [7][8] - The net profit attributable to shareholders for Q2 2025 was $8 million, reflecting a significant quarter-over-quarter increase of 112.1% and a year-over-year increase of 19.2% [7][8] - The wafer shipment volume reached 1.305 million equivalent eight-inch wafers, with a capacity utilization rate of 108.3% [7][8] Financial Performance Summary - Q2 2025 revenue guidance was set between $550 million and $570 million, with Bloomberg consensus at $563 million [7] - Gross margin for Q2 2025 was reported at 10.9%, with a quarter-over-quarter increase of 1.7 percentage points and a year-over-year increase of 0.4 percentage points [7] - The company expects Q3 2025 revenue to be between $620 million and $640 million, indicating a quarter-over-quarter growth of 11.3% and a year-over-year growth of 19.7% [7][8] - The gross margin guidance for Q3 2025 is projected to be between 10% and 12%, surpassing market expectations [7][8] Future Projections - Revenue projections for Huahong Semiconductor are $2.417 billion in 2025, $3.004 billion in 2026, and $3.249 billion in 2027 [8][9] - Net profit attributable to shareholders is expected to be $87 million in 2025, $182 million in 2026, and $247 million in 2027 [8][9] - The report assigns a target price of HKD 44.43 based on a price-to-book ratio of 1.5x for the estimated book value per share in 2026 [8][9]