中金发表研究报告指，华虹半导体次季营收5.66亿美元，按年升18.3%，符合此前指引的5.5至5.7亿美元 区间；毛利率10.9%，按年升0.4个百分点，超出此前指引7%至9%；归母净利润800万美元，按年升 19.2%，整体略超该行预期，因产能利用率和晶圆平均售价超预期。 考虑到公司出货量及价格均好过此前预期，该行上调公司2025年收入预测6%至24.04亿美元，即按年增 长20%，但考虑到折旧因素，基本维持归母净利润预测1.49亿美元不变；由于量价齐升，上调2026年收 入预测12.1%至27.98亿美元，即按年增长16.4%，上调2026年归母净利润预测10.5%至1.7亿美元。该行 上调目标价39%至50港元，维持"跑赢行业"评级。 ...

Core Viewpoint - The company reported a strong performance in 2Q25, exceeding previous guidance for both revenue and gross margin, with expectations for steady growth in 3Q25 [4][5]. Financial Performance - In 2Q25, the company achieved sales revenue of $566.1 million, representing a year-over-year increase of 18.3% and a quarter-over-quarter increase of 4.6%. The gross margin was 10.9%, up 0.4 percentage points year-over-year and 1.7 percentage points quarter-over-quarter, surpassing the prior guidance of $550-570 million in revenue and 7%-9% gross margin [5]. - For 3Q25, the company anticipates sales revenue of approximately $620-640 million and a gross margin of around 10%-12% [5]. Capacity Utilization - As of the end of 2Q25, the company's monthly capacity, equivalent to 8-inch wafers, was 447,000 pieces, reflecting an 18.0% year-over-year increase and an 8.2% quarter-over-quarter increase. The capacity utilization rate was 108.3%, up 10.4 percentage points year-over-year and 5.7 percentage points quarter-over-quarter, indicating a stable upward trend [6]. - The company has maintained full capacity utilization for multiple quarters, with stable release of 12-inch capacity contributing to revenue growth [6]. Market Demand - By end-market segmentation, revenue from consumer electronics, communications, and computers increased by 2.7%, 9.8%, and 2.8% quarter-over-quarter, respectively. Revenue from industrial and automotive sectors rose by 7.7% [7]. - Demand for analog and power management products continued to grow, with a year-over-year increase of 59.3% and a quarter-over-quarter increase of 17.9%. The recovery in power device demand also showed a year-over-year growth of 9.4% and a quarter-over-quarter growth of 2.4% [7]. Capital Expenditure - The company's capital expenditure in 2Q25 was $407.7 million, with $376 million allocated to Huahong Manufacturing, $17.6 million to Huahong Wuxi, and $13.7 million to Huahong 8-inch [8]. - The company plans for Fab 9 to reach full capacity by the first quarter of 2026, with a corresponding capacity of 60,000 pieces per month. The ramp-up of Fab 9's capacity is expected to accelerate, contributing to stable growth [8].

Core Viewpoint - Huahong Semiconductor reported strong financial performance for Q2 2025, with significant year-on-year and quarter-on-quarter growth in revenue, gross margin, and net profit, indicating effective cost management and operational efficiency improvements in a fluctuating global market [2][3][4]. Financial Performance - The company achieved sales revenue of $566.1 million in Q2 2025, representing an 18.3% increase year-on-year and a 4.6% increase quarter-on-quarter [2][3]. - Gross margin improved to 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][3]. - Net profit reached $8 million, a 19.2% increase year-on-year and a substantial 112.1% increase quarter-on-quarter [2][3]. Revenue Breakdown - Revenue from semiconductor wafer sales was the primary contributor, with 8-inch and 12-inch wafer sales generating $232.3 million and $333.8 million, respectively [4][6]. - By product category, wafer sales accounted for 95.6% of total revenue, while other products contributed 4.4% [5][6]. Regional Sales Analysis - Sales from China amounted to $469.7 million, representing 83.0% of total revenue and a 21.8% year-on-year increase [7]. - North American sales were $53 million, up 13.2% year-on-year, while sales from other Asian regions and Europe saw slight declines [7]. Capacity and Utilization - The company reported a capacity utilization rate of 108.3%, the highest in recent quarters, with total capacity equivalent to 447,000 8-inch wafers [8]. - The number of wafers shipped reached 1.305 million, reflecting an 18.0% year-on-year increase and a 6.0% quarter-on-quarter increase [8]. Product Technology and Market Segments - Revenue from embedded non-volatile memory reached $141.2 million, a 2.9% increase year-on-year, while power devices generated $166.7 million, up 9.4% [9][10]. - Consumer electronics remained the largest revenue source, contributing $357.4 million, or 63.1% of total revenue, with a year-on-year growth of 19.8% [11].

Group 1 - Semiconductor stocks showed significant gains in early trading, with Hongguang Semiconductor rising by 7.14% to HKD 0.6, Huahong Semiconductor up by 4.78% to HKD 49.58, Jingmen Semiconductor increasing by 3.16% to HKD 0.49, and SMIC rising by 2.88% to HKD 53.55 [1] - The National Internet Information Office of China has raised concerns regarding security risks associated with backdoor vulnerabilities in NVIDIA's computing chips, following reports of the U.S. embedding tracking devices in AI-related chips to monitor their transfer to China [1] - According to a report from Founder Securities, there is a strong outlook for two key directions in the semiconductor industry: self-controllability and edge AI. The report emphasizes that self-controllability is the main focus, with the domestic supply chain strengthening across AI computing, manufacturing, and packaging [1] Group 2 - Despite the current state of domestic AI computing chips being in a catch-up phase, the continuous iteration of products and the gradual enhancement of supply chain capabilities are expected to lead to an increase in market share [1]

港股市场半导体股集体上涨，其中，康特隆涨超8%，脑洞科技、宏光半导体涨超5%，华虹半导体、顺 泰控股涨超2%，贝克微、中芯国际、晶门半导体涨超1%。 本文源自：金融界AI电报 ...

高盛主要观点如下： 资金流向上 —— 高盛的交易平台买入呈现 1.2 倍净卖出状态。消费和科技板块是平台最活跃的主题(双 向交易并存，但消费股更适合卖出而科技股更宜买入)。消费板块呈现双向流动，餐饮类股遭遇部分抛 售，而普拉达等零售股则买卖交投活跃。科技板块中，持续在硬科技领域获得买单，但对腾讯音乐等冲 高个股转为卖出。网易也获得较大力度买入。医疗保健 / 制药板块更受青睐 —— 翰森制药虽呈双向交 易但买方更占优势。 香港股市创下自五月初以来的最佳单日表现。 从行业板块来看，医疗保健、科技和消费板块领涨 —— 在中国政府宣布对符合条件的个人消费贷款实 施贴息计划后，国内零售商与消费医疗企业的股价应声上扬。医疗板块中，信达生物(+9%)、药明康德 (+6.2%)、翰森制药(+5.4%)涨幅居前。科技板块以腾讯音乐(+15.6%)表现最为亮眼，其财报大幅超出预 期，多家投行同步上调目标价。其他涨幅显著的个股包括阿里巴巴(+6.1%)、哔哩哔哩(+7.4%)，华虹半 导体(+5.9%)等芯片股亦表现强势。能源与电信板块表现滞后，虽维持涨势但明显跑输大盘，部分资金 正轮动至成长股。 智通财经APP获悉，高盛发布研报 ...

Group 1 - Semiconductor stocks showed strong performance in early trading, with notable gains from companies such as Hongguang Semiconductor (+7.14%), Huahong Semiconductor (+4.78%), Jingmen Semiconductor (+3.16%), and SMIC (+2.88%) [1] - The National Cyberspace Administration of China has raised concerns regarding security risks associated with backdoor vulnerabilities in NVIDIA's computing chips, highlighting increasing scrutiny on U.S. companies [1] - Reports have emerged revealing that the U.S. has secretly embedded trackers in AI-related chips to monitor if they are being shipped to China, indicating a growing trend of security measures in the semiconductor industry [1] Group 2 - According to a report from Founder Securities, there is a strong bullish outlook on two key directions in the semiconductor sector: self-controllability and edge AI [1] - The report emphasizes that self-controllability is the strongest theme in the semiconductor industry, with a focus on enhancing the domestic supply chain from AI computing to manufacturing and packaging [1] - Despite the current lag in domestic AI computing chip capabilities, continuous product iterations and improvements in supply chain capabilities are expected to gradually increase market share [1]

智通财经APP获悉，中金发布研报称，华虹半导体(01347)次季营收5.66亿美元，同比升18.3%，符合此 前指引的5.5至5.7亿美元区间;毛利率10.9%，同比升0.4个百分点，超出此前指引7%至9%。归母净利润 800万美元，同比升19.2%，整体略超该行预期，因产能利用率和晶圆平均售价超预期。上调目标价39% 至50港元，维持"跑赢行业"评级不变。 考虑到公司出货量及价格均好过此前预期，该行上调公司2025年收入6%至24.04亿美元，即同比增长 20%，但考虑到折旧因素，基本维持2025年归母净利润预测1.49亿美元不变;由于量价齐升，上调2026年 收入12.1%至27.98亿美元，即同比增长16.4%，上调2026年归母净利润10.5%至1.7亿美元。 ...

转自：智通财经 【港股半导体股走强 华虹半导体涨近6%】智通财经8月14日电，截至发稿，华虹半导体(01347.HK)涨 5.62%、中芯国际(00981.HK)涨4.03%、上海复旦(01385.HK)涨2.46%。 ...

（文章来源：每日经济新闻） 每经AI快讯，8月14日，港股半导体股拉升走高，华虹半导体、晶门半导体涨超5%，中芯国际、宏光半 导体涨近4%，上海复旦涨超2%。 ...