智通财经APP获悉，建银国际发布研报称，维持华虹半导体(01347)"跑赢大市"评级，因为该行相信在本 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。该行将该公司的目标市净率从1.2倍上 调至1.7倍，目标价从36港元上调39%至50港元，仍基于2025年预期市净率。 报告指，2025年第二季收入为5.66亿美元，同比增18%，按季增5%，符合公司指引和机构共识。受产能 利用率(UTR)上升及需求回暖推动，晶圆出货量较上季成长6%，平均售价较上季小幅下降1%。毛利率 (GPM)为10.9%，高于公司指引的上限(7%-9%)，主要得益于UTR好于预期，以及产品组合变化。 ...

芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌2.55%，报47.42港元； 中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44港元。 消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 智通财经APP获悉，芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌 2.55%，报47.42港元；中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44 港元。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

大摩发表报告，下调华虹半导体今年全年每股盈利预测10%，以反映第二季税率及少数股权的波动。另 外，由于12吋晶圆涨价带动毛利率扩张，该行将2026及2027的每股盈利预测分别调高3%及2%，目标价 相应由34港元上调至38港元，评级"与大市同步"。 ...

Core Viewpoint - The report from CMB International indicates a positive trend in the gross margin of Huahong Semiconductor (01347), predicting a rebound in gross margin to 11.5% in Q3 2025, following a recovery in product prices and strong demand for PMIC products [1][2] Group 1: Financial Performance - The company reported revenue of $566 million in Q2 2025, slightly exceeding the median guidance and expectations, with a gross margin of 10.8%, surpassing the upper limit of guidance [1] - The revenue forecast for 2025/26 has been raised to $2.41 billion and $2.87 billion, respectively, from previous estimates of $2.29 billion and $2.77 billion [1] - The gross margin forecast for 2025 has been increased to 10.8%, up from 9.2% [1] Group 2: Operational Insights - Management highlighted that the improvement in gross margin is primarily due to increased capacity utilization, initial cost control effects, and stabilization in product prices [1] - The company has adjusted prices in Q2 2025, with overall price increases in the single digits, expected to be more evident in Q3 and Q4 2025 [1] - The guidance for Q3 2025 revenue is set between $620 million and $640 million, with a gross margin of 10-12%, all exceeding previous expectations [1] Group 3: Market Demand and Capacity - The demand for PMIC products has surged, with a year-on-year growth of 59.5%, and the revenue share from analog/PMIC platforms has increased to 28.5%, up 7.4 percentage points year-on-year [2] - Management noted that the demand for related BCD platforms could be double the previous supply capacity [2] - The company expects to complete 80-90% of the capacity installation at the ninth factory by the end of 2025, with full completion by mid-2026 [2] Group 4: Production Capacity Projections - The company has completed a monthly capacity ramp-up of 25,000 wafers in the first half of 2025, with an updated forecast to reach 50,000 wafers per month by the end of 2025 [2] - The ramp-up rate is expected to be faster than previously predicted, with plans to achieve all 83,000 wafers of planned capacity by Q3 2026 [2] - The majority of PMIC products are 12-inch, which may help stabilize the average selling price (ASP) [2]

摩根士丹利发布研报称，由于2025年第二季度税率波动及少数股东权益的影响，将华虹半导体 (01347)2025年每股盈测下调10%。同时，受惠于12英寸晶圆价格上涨推动的毛利率扩大，将2026-2027 年每股盈测分别上调3%和2%。基于上述每股盈利预测的变动，大摩基于模型从2025年，调整至2025年 下半年至2026年上半年，并上调目标价11.8%，由34港元升至38港元，维持"与大市同步"评级。 ...

该行推算九厂在1H25已经完成2.5万片每月产能爬坡，该行预测公司产能爬坡速度或快于该行之前预测 (2025年完成4万片每月爬坡)，这或许是一方面如管理层在1Q25业绩会提及的增效需要，另一方面更重 要的或是满足热门PMIC产品快速上升的需求。该行上调公司2025年底9厂产能预期至每月5万片12寸产 能，并保持之后2.5万片每六个月的产能爬坡速率，在3Q26完成所有8.3万片规划产能爬坡并贡献收入。 同时该行认为PMIC产品多为12英寸，或帮助公司进一步稳定ASP。 管理层提到下游总体韧性强，关税影响可控。受AI服务需求激增影响，PMIC产品再次增长强劲，同比 增59.5%，模拟/PMIC平台营收占比为28.5%，同比扩7.4ppts。管理层提到相关的BCD平台需求或为之前 产能供应的两倍。虽有部分其他平台产能或可灵活转换，但或需要到2025年底或2026年初才能实现工序 平衡。总体产能方面，管理层提到九厂装机2025年底或完成80-90%，2026年中全部完成。 智通财经APP获悉，交银国际发布研报称，考虑到华虹半导体(01347)大多数平台产品价格的积极变化， 该行看到公司毛利率在2Q25反转了之前下跌的 ...

AI&半导体电话会：液冷渗透率提升，FAB 稳健成长 20250810 摘要 海外云厂商如微软、亚马逊和 Meta 持续增加对 AI 的投入，资本开支显 著上调，形成正向循环，微软 AI 云计算业务同比增长 27%，亚马逊全 年资本开支预计达 1,100 亿至 1,200 亿美元，Meta 将 2025 年资本开 支上调至 660 亿到 720 亿美元。 液冷技术市场前景乐观，维谛公司二季度营收同比增长 35%，订单收入 达 85 亿美元。英伟达发布 GV300 GPU，微软明确要求数据中心支持 液冷，中国台湾供应商奇宏等营收显著增长，数据中心冷却系统供不应 求。 数据中心采用液冷技术主要由功耗驱动，传统风冷接近极限，液冷能效 比更高。全球数据中心液冷渗透率预计从 2024 年的 14%提高到 2025 年的 20%以上，国内市场增长空间巨大。 2024 年全球液冷服务器市场中，浪潮信息、超聚变和宁畅占据前三位， 合计市场份额超过 70%。这些公司在液冷技术方面积累了较强的技术和 服务能力，产业生态协同完善。 Q&A 这些公司凭借其强大的研发能力和广泛的市场覆盖，在激烈竞争中保持领先地 位。 液冷技术在数据中 ...

BCD 景气驱动收入增长，毛利率有待降本成效显现，维持"买入"评级 2025Q3 收入指引符合我们预期，毛利率指引略低于我们预期 公司指引2025Q3 收入6.2-6.4 亿美金，对应环比增长10%-13%，符合我们预期，分析增长主要来自9 厂 产能爬坡、以及2025Q2 的涨价在2025Q3-2025Q4 逐渐反应。但管理层提示价格涨幅不会太明显，不要 过度预期2025H2 涨幅。BCD 需求仍然强劲，公司实际订单需求是公司原规划产能的两倍，2025Q2 公 司BCD 平台收入环比增长18%，预计2025H2 BCD 产能继续释放满足需求；功率供需格局仍不乐观，公 司预期不会继续扩大功率产能。公司指引毛利率10%-12%，环比基本持平，分析主要由于公司9 厂产能 释放带来折旧增加、对冲了涨价影响。 风险提示：功率格局恶化、产能扩张不及预期、产品降价风险。 从下游需求来看，考虑到AI 需求持续强劲、消费电子整体库存水平不高、电动汽车拉动增长，公司预 期2025Q3 有望延续2025H1 景气度。同时部分China forChina 项目预期从2025H2 开始贡献收入。考虑到 9 厂产能爬坡、AI 相关BCD ...

Core Viewpoint - The company reported better-than-expected gross margins for Q2 2025, driven by increased wafer shipments and a recovery in downstream demand [1][2]. Financial Performance - Q2 2025 revenue reached $566 million, a year-over-year increase of 18.3% and a quarter-over-quarter increase of 4.6%, aligning with the company's guidance of $550-570 million [1]. - The gross margin for Q2 2025 was 10.9%, exceeding the company's guidance of 7-9% and market expectations of 8.3%, with a year-over-year increase of 0.4 percentage points and a quarter-over-quarter increase of 1.7 percentage points [2]. - Net profit attributable to the parent company was $7.95 million, falling short of the market expectation of $12.77 million, primarily due to rising R&D expenses and depreciation [2]. Market Dynamics - Downstream demand showed moderate recovery, with revenue from the consumer electronics sector increasing by 19.8% year-over-year, accounting for 63.1% of total revenue, and industrial and automotive revenue increasing by 16.7%, accounting for 22.8% [2]. - The company has initiated a price increase for certain products starting in Q2 2025, primarily focused on ICs and the 12-inch platform, with expected effects to materialize in Q3 and Q4 2025 [2]. Capacity and Production - The company maintained a high capacity utilization rate of 108.3% in Q2 2025, a year-over-year increase of 10.4 percentage points and a quarter-over-quarter increase of 5.6 percentage points, driven by recovering downstream demand [3]. - Q2 2025 wafer shipments totaled 1.31 million 8-inch equivalent wafers, representing a year-over-year increase of 18% and a quarter-over-quarter increase of 6% [3]. - The company plans to continue investing in Fab 9, with capital expenditures of $408 million in Q2 2025, of which $376 million was allocated to Fab 9 [3]. Future Outlook - The company provided a positive revenue and gross margin guidance for Q3 2025, expecting revenue between $620-640 million, which corresponds to a year-over-year increase of 19.7% and a quarter-over-quarter increase of 11.3% [3]. - The gross margin guidance for Q3 2025 is set at 10-12%, with a midpoint indicating a year-over-year decrease of 1.2 percentage points but a quarter-over-quarter increase of 0.1 percentage points [3]. - The company anticipates continued revenue growth in the second half of 2025, supported by the release of 12-inch capacity and strong demand for BCD products [3].