以下文章来源于芯思想 ，作者赵元闯 芯思想 . 中国半导体正能量传播平台。为中国半导体产业服务，我们都是中国半导体产业腾飞的见证人。新闻分 析，精彩评论，独家数据，为您定制信息，欢迎拍名片回复，和行业精英交流。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容转自【芯思想】，作者：赵元闯，谢谢。 2024年前十大专属晶圆代工公司中，增幅排名前三的都超过20%，增幅最高的是台积电（TSMC）， 年增幅32%；其次是晶合集成（Nexchip），年增幅达28%；增幅排名第三的是中芯国际（SMIC）， 达27%。2024年营收唯一出现下滑的是格芯（GlobalFoundries），下滑超过8%。 在IDM厂商代工方面，三星代工2024年营收约1462亿元，英特尔1261亿元，都较2023年下滑7%。 台积电 2023年台积电的3纳米正式贡献营收，到2024年第四季营收占比达26%，全年营收占比18%。 台积电在IEDM 2024大会上首次披露了2nm（N2）工艺的关键技术细节和性能指标： 对比3nm，晶 体管密度增加15％，同等功耗下性能提升15％，同等性能下功耗降低24-35％ ，同时通过NanoFlex技 术 ...

Group 1 - The report highlights a significant decline in IPO activity in China, with 2024 witnessing only 217 new IPOs, a 44% decrease year-on-year, and a total fundraising amount of 139.9 billion yuan, down 64% compared to the previous year, marking the lowest point in nearly a decade [4][7][13] - The decline in IPOs is attributed primarily to policy changes, particularly the introduction of stricter regulations following the "National Nine Articles" in April 2024, which increased the scrutiny of IPO applications and included measures against certain practices like pre-listing dividends [5][6] - The average fundraising amount for new IPOs in 2024 was 645 million yuan, slightly higher than in 2017, but overall, it represents the second-lowest average in the past decade [7][10] Group 2 - In 2024, the proportion of companies choosing to list abroad increased, with 54% of IPOs occurring on foreign exchanges, marking a significant shift from previous years [10][16] - The report notes that the Hong Kong Stock Exchange remains the preferred choice for Chinese companies, while the number of companies listing on U.S. exchanges reached a decade-high of 24% in 2024 [10][16] - The report indicates that the average time from company establishment to IPO has increased, with only 4.65% of companies taking less than three years to go public, highlighting the lengthy process involved in achieving an IPO [43][46] Group 3 - The manufacturing sector dominated the IPO landscape in 2024, with 62 companies in advanced manufacturing and 34 in traditional manufacturing successfully listing, accounting for a significant portion of new IPOs [32][33] - The report emphasizes the differences in industry preferences between A-shares and foreign listings, with traditional manufacturing heavily favoring A-shares, while sectors like artificial intelligence showed a preference for Hong Kong listings [32][33] - The report also notes that over half of the new IPO companies in 2024 had received venture capital funding prior to going public, indicating a strong reliance on external capital for growth [29][30] Group 4 - The report identifies a trend of increasing participation from cornerstone investors in IPOs, with an average of 46% of the fundraising amount in 2024 coming from cornerstone investments, particularly in the Hong Kong market [19][22] - The types of cornerstone investors have diversified, including traditional financial institutions, state-owned enterprises, and even individual angel investors, reflecting a broader interest in supporting new listings [21][22] - The report highlights that the largest IPOs in 2024 were predominantly from companies listing in Hong Kong, with Midea Group raising 30.668 billion HKD, marking the largest IPO of the year [52][55]

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） 董事會會議日期通知 華虹半導體有限公司（「本公司」）特此通知，本公司謹訂於二零二五年三月二十七 日（星期四）下午三時三十分舉行董事會會議，以商討下列事項： 唐均君 （董事會主席） 白鵬 （總裁） 非執行董事 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事 張祖同 王桂壎太平紳士 封松林 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 1. 考慮及批准刊發本公司及其附屬公司截至二零二四年十二月三十一日止經審 核全年業績； 2. 考慮派付末期股息（如有）； 3. 考慮暫停辦理股份過戶登記手續（如有需要）； 4. 考慮召開本公司下一屆股東周年大會；及 5. 商議任何其他事項。 中國上海，二零二五年三月十三日 於本公告日期，本公司董事分別為： 執行董事 1 2 ...

HUA HONG SEMICONDUCTOR LIMITED 張祖同 王桂壎太平紳士 封松林 董事會設立三個委員會。下表提供各董事會成員在該等委員會中所擔任的職位： 董事名單與其角色和職能 執行董事： 唐均君 （董事會主席） 白鵬 （總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 華虹半導體有限公司 華虹半導體有限公司董事會（「董事會」）成員載列如下： | | | 委員會成員 | | | --- | --- | --- | --- | | 董事 | 提名 | 薪酬 | 審核 | | 唐均君 | C | | | | 白鵬 | | | | | 葉峻 | | M | | | 孫國棟 | | | | | 陳博 | | | | | 熊承艷 | | | M | | 張祖同 | | | C | | 王桂壎太平紳士 | M | C | | | 封松林 | M | M | M | 附註： C 有關董事委員會主席 M 有關董事委員會成員 二零二五年三月七日 ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2025-005 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 董事会谨此欢迎陈先生作为本公司非执行董事加入董事会。 1/3 二、 辞任非执行董事的情况 因工作需要，周先生辞任公司非执行董事职务，自 2025 年 3 月 7 日起生效。 周先生辞任后不再担任公司任何职务。 周先生已确认其与董事会并无任何意见分歧，亦无任何与其辞去职务有关的 其他事宜需要提请公司股东注意。 关于委任非执行董事及非执行董事辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华虹半导体有限公司（以下简称"本公司"或"公司"）董事会谨此宣布， 以下变动自 2025 年 3月 7 日起生效：陈博先生（以下简称"陈先生"）获委任为 公司非执行董事，本公司非执行董事周利民先生（以下简称"周先生"）辞任公 司非执行董事职务。现将有关事宜的具体情况公告如下： 一、委 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華虹半導體有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2025年3月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,310,915,151 | | 0 | | 1,310,915,151 | | 增加 / 減少 ...

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（ ...

Summary of Huahong Semiconductor Conference Call Company Overview - **Company**: Huahong Semiconductor - **Industry**: Semiconductor Foundry Key Points and Arguments Industry and Market Dynamics - In 2024, Huahong Semiconductor experienced a decline in wafer foundry prices, but a gradual recovery is expected in the second half of the year, with high capacity utilization rates and improving gross margins approaching breakeven [2][3][4] - The company anticipates maintaining high capacity utilization in 2025, with new capacities from the Wuxi Phase II and Jiuchang plants gradually being released, aiming for a full capacity of 83,000 wafers by the end of 2027 [2][4] Financial Performance and Projections - The company faced challenges in 2024, particularly in the first half, with 8-inch and 12-inch wafers under significant price pressure, hitting a low point in Q2 but recovering in Q3 and Q4 [3] - The fourth quarter loss was primarily due to foreign exchange losses from the appreciation of the US dollar, with plans to convert some dollar debt to RMB to mitigate future volatility [3][16] - Wuxi plant's gross margin exceeds 30%, but high depreciation costs have prevented profitability; significant improvements in gross margin and profit are expected post-depreciation period [3][17] Research and Development Focus - The company will continue to invest heavily in R&D, adjusting technology nodes to meet market demands, particularly in high-value platforms and products [2][5] - The new CEO is expected to lead the company into new areas while adhering to a specialty process route, focusing on cost reduction and efficiency [2][5] Product and Capacity Allocation - The company plans to allocate capacity across various platforms, with approximately 20,000 to 25,000 wafers for memory, and around 20,000 wafers for logic, RF, and image sensors, with flexibility to adjust based on market demand [2][11] - The local market revenue share has approached 80%, with plans to enhance localization capabilities while actively expanding international markets for balanced growth [2][12][13] Market Outlook and Demand - Significant growth is expected in power management, RF, and embedded platforms in 2025, driven by increased demand from AI data centers [2][9][10] - The company is optimistic about the recovery of high-performance logic and RF sectors, with AI's growth providing substantial opportunities [9][10] Strategic Partnerships and Local for Local Strategy - The company has established trust with several international semiconductor firms and plans to provide 12-inch wafer production services to global clients [22][23] - Collaboration with STMicroelectronics has been ongoing for over 20 years, focusing on power semiconductors and MCUs [22] Challenges and Future Expectations - The semiconductor market is expected to face challenges, but the company remains confident in its ability to navigate these through strategic R&D and operational efficiency [26] - The automotive chip sector is seen as a growth area, currently representing 5% to 6% of total sales, with significant potential for expansion [25] Conclusion - Huahong Semiconductor is positioned for recovery and growth in 2025, with a focus on enhancing product offerings, optimizing capacity, and expanding market reach while managing costs effectively [26][27]