Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Insights - The core insight indicates that the demand for core products has bottomed out, and cost reduction and efficiency improvements are expected to drive margin recovery. The revenue for 2025 is projected to be $2.2 billion, representing an 11% year-over-year growth, driven by new customer integrations and a bottoming out of power products. The gross margin is anticipated to improve to 12.1% due to cost reduction strategies [4][5]. Financial Summary and Valuation Metrics - The financial summary shows the following projections: - Revenue (in million USD): 2023A: 2,286, 2024A: 2,004, 2025E: 2,233, 2026E: 2,708, 2027E: 3,344 - Year-over-Year Growth (YOY%): 2025E: 11.4%, 2026E: 21.3%, 2027E: 23.5% - Net Profit (in million USD): 2025E: 94, 2026E: 122, 2027E: 146 - Gross Margin (%): 2025E: 12.1%, 2026E: 11.9%, 2027E: 12.3% - P/E Ratios: 2025E: 53.1, 2026E: 40.8, 2027E: 34.2 - P/B Ratios: 2025E: 0.8, 2026E: 0.8, 2027E: 0.9 [8][4]. Performance Guidance - The company has provided a revenue guidance for Q1 2025 of $5.3-5.5 billion, indicating a stable outlook. The gross margin guidance is set at 9%-11%, which is lower than market expectations due to depreciation from new plant capacity [6][5]. Market Position - The current stock price is HKD 26.3, with a market capitalization of HKD 452.01 billion. The stock has seen a 128.94% turnover rate over the past three months, indicating active trading [4]. Future Profit Projections - The net profit forecasts for 2025, 2026, and 2027 are $0.9 million, $1.2 million, and $1.5 million respectively, reflecting a growth of 62%, 30%, and 19% year-over-year [4].

Core Viewpoint - The company is focusing on strategic collaborations with key international clients, which is expected to drive future growth [1] Group 1: Strategic Partnerships - The company is collaborating with STMicroelectronics in the 40nm MCU sector, which is anticipated to become a significant business area [1] - The partnership with Infineon is progressing rapidly, with expected results in the near future [1] Group 2: Market Positioning - European companies are advancing the "China for China" strategy, and the company has a strong reputation in Chinese technology and mature processes [1] - The company is making strides towards entering high-end markets [1]

HUA HONG SEMICONDUCTOR LIMITED 华虹半导体有限公司 https://register.vevent.com/register/BIb57631fcc7794af1af448487dae1e61e 01347 — 2025 2 13 — 01347 688347) (" ") 1 5.392 18.4% 2.4% 11.4% 7.4 0.8 2,520 3,540 4,480 5.3 5.5 9% 11% 5.39 11.4% 20.04 10.2% 2024 100% 2024 12 2025 2 PIN PIN PIN 2 12 https://www.huahonggrace.com/c/ir_calendar.php A : 688347 01347 8 + 12 IC + Power Discrete / 8 + 12 8 12 12 www.huahonggrace.com 3 2025 2 13 17:00 / 04:00 https://www.huahonggrace.com/c/ir_calendar.php https://edge.media-server. ...

Revenue and Growth - Revenue for the period reached 539,177 million, representing an 18.4% increase compared to the previous period[4] - Future guidance indicates a projected revenue growth of 20.04% for 2024, with expectations to reach 2,520 million in sales[2] - The company reported revenue of $1,213 million, representing a 27.5% increase year-over-year and a 1.1% increase quarter-over-quarter[19] - Future guidance includes an expected revenue growth of 16.4% for the next quarter, with a target revenue of approximately $1,106 million[19] Profitability and Margins - The gross profit margin improved to 11.4%, up from 4.0% in the previous period, indicating a significant recovery[4] - The company achieved a gross profit margin of 28.3%, up from 27.5% in the previous quarter, indicating improved operational efficiency[23] - The overall operating margin is expected to improve, with a target of 12.2% for the upcoming fiscal year[4] - The company reported a significant increase in operating income, reaching $51,797 million, which is a 146.2% increase year-over-year[19] User and Market Data - User data showed a substantial increase in MCU sales, contributing 252,234 million, which is 46.8% of total revenue[8] - User data showed a total of 2,617 million users, which is a decrease of 2.5% compared to the previous quarter but an increase of 16.8% year-over-year[19] - Market expansion efforts are underway, with a focus on increasing user acquisition in emerging markets, aiming for a 36.4% growth in user base[19] Strategic Initiatives - The company plans to expand its market presence, particularly in the MCU and MOSFET segments, which have shown strong demand[18] - The company is exploring strategic acquisitions to enhance its product portfolio and market reach[18] - A strategic acquisition was completed, enhancing the company's market position and expected to contribute an additional $20,450 million in revenue over the next fiscal year[19] Research and Development - R&D investments are prioritized, with a focus on innovative solutions to meet evolving market demands[18] - The company is investing in new product development, with a budget allocation of $108,009 million for R&D, which is a 16.9% increase year-over-year[19] - New product development efforts are focused on advanced technologies, with a notable increase in 55nm and 65nm process technologies, achieving 111.8% growth[15] - New technology initiatives are being prioritized, with an investment of $4,705 million aimed at enhancing product features and user experience[19] Cost Management - The company is also focusing on cost reduction strategies, aiming to decrease operational costs by 25.2% in the upcoming quarter[19] Financial Performance - The company reported a net loss of (110,626) million, which is a 16.4% improvement from the previous loss of (95,063) million[4]

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1月31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2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 | | | | 1,310,718,815 | | 0 ...

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二月十三日 （星期四）上午十時舉行董事會會議，以商討下列事項： 中國上海，二零二五年一月二十四日 於本公告日期，本公司董事分別為： 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 周利民 熊承艷 獨立非執行董事 張祖同 王桂壎太平紳士 封松林 1. 考慮及批准刊發本公司及其附屬公司就二零二四年十月一日至十二月三十一 日止三個月期間的第四季度未經審核財務業績；及 2. 商議任何其他事項。 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 ...

| A 股代码：688347 | 股简称：华虹公司 A | 公告编号：2025-004 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于召开 2024 年第四季度业绩说明会的预告公告 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。 重要事项提示： 一、说明会类型 华虹半导体有限公司（以下简称"公司"）将于 2025 年 2 月 13 日交易时段后 披露公司 2024 年 第 四 季度业绩，相关内容请详见上海证券交易所网站 （http://www.sse.com.cn/）及香港交易所网站（https://www.hkex.com.hk/）。 为方便广大投资者更全面深入了解公司经营业绩的具体情况，公司拟于 2025 年 2 月 13 日举行"2024 年第四季度业绩说明会"。 二、 说明会召开的时间、地点 说明会将于 2025 年 2 月 13 日（星期四）下午 17:00-18:00 通过网络/电话会议 方式举行。 三、 投资者参加方式 1、网络 ...

Group 1 - The Hang Seng Tech Index increased by 0.81% [1] - Hua Hong Semiconductor led the gainers with a rise of 5.74% [1] - SMIC and SenseTime followed with increases of 3.68% and 3.55% respectively [1] Group 2 - JD Health saw a growth of 2.55% [1] - ZhongAn Online rose by 2.67% [1] - Kingdee International and Lenovo Group increased by 2.31% and 2.08% respectively [1] Group 3 - Alibaba Health experienced a slight increase of 2.10% [1] - NIO-SW and Alibaba-W had gains of 1.98% and 1.70% respectively [1]

Investment Rating - The report initiates coverage on Huahong Semiconductor with a "Buy" rating and a target price of HKD 30, indicating a potential upside of 50.2% [6][22]. Core Insights - The semiconductor industry is in a recovery phase, with Huahong Semiconductor expected to benefit from visible supply-side capacity expansion and a recovering demand environment, particularly in consumer electronics and AI-related sectors [6][22]. - The company is projected to see revenue growth starting in 2025, with significant capital expenditures planned to support production capacity increases [6][22]. Financial Overview - Revenue projections for Huahong Semiconductor are as follows: USD 2,000 million in 2024, USD 2,504 million in 2025, and USD 2,850 million in 2026, with corresponding growth rates of -12.5%, +25.2%, and +13.8% respectively [5][11]. - Net profit is expected to decline to USD 112 million in 2024, followed by a recovery to USD 199 million in 2025 and USD 233 million in 2026 [5][11]. - The company’s earnings per share (EPS) are forecasted to be USD 0.07 in 2024, USD 0.12 in 2025, and USD 0.14 in 2026 [5][11]. Capacity and Capital Expenditure - Huahong Semiconductor's capacity is expected to increase significantly, with the second 12-inch production line in Wuxi projected to start contributing revenue in Q1 2025, aiming for a monthly output of 20,000 wafers by the end of 2025 [6][9]. - Capital expenditures are anticipated to peak at approximately USD 20 billion annually from 2024 to 2027, primarily focused on equipment procurement for the new production line [9][10]. Market Position and Valuation - The target price of HKD 30 corresponds to a price-to-book (PB) ratio of 1.0x for 2025, reflecting a fair valuation based on the company's recovery trajectory and industry conditions [22][23]. - Historical average PB for Huahong Semiconductor has been 1.18x, indicating that the current valuation presents an opportunity for upside as the market recovers [23][28].

Group 1 - The core viewpoint of the article highlights that Goldman Sachs reports robust demand for Hua Hong Semiconductor's products, particularly in the areas of PMIC, CIS, logic, and RF products, while the recovery of microcontrollers (MCUs) and power discrete devices is expected to take time due to moderate growth in the consumer electronics and automotive markets [1] - Goldman Sachs maintains a "Buy" rating on Hua Hong with a target price of HKD 31.3, expressing a positive long-term outlook based on the increasing preference of local customers for its specialized technology, which is widely applied across multiple sectors [2]