Investment Rating - The report assigns a rating of "Hold" for Huahong Semiconductor (1347.HK) based on its performance and market conditions [1]. Core Views - The company's Q2 2024 performance met guidance with sales revenue of $478.5 million, reflecting a quarter-over-quarter increase of 4.02% but a year-over-year decline of 24.22% [1][3]. - Gross margin was reported at 10.5%, slightly above the previous guidance of 6%-10%, while net margin was -8.7% [1][3]. - The company anticipates Q3 2024 sales revenue to be between $500 million and $520 million, with a gross margin of 10%-12% [1][21]. Summary by Sections Overall Performance - Q2 2024 sales revenue reached $478.5 million, aligning with prior guidance of $470-500 million, with a quarter-over-quarter increase of 4.02% and a year-over-year decrease of 24.22% [1][3]. - Gross margin stood at 10.5%, up 4.1 percentage points quarter-over-quarter but down 17.2 percentage points year-over-year [1][3]. - Operating costs were $90.3 million, reflecting a quarter-over-quarter increase of 15.04% and a year-over-year increase of 17.82% [3]. Revenue Structure - By business type, semiconductor wafer sales accounted for $453.3 million, down 24.6% year-over-year, while other income was $2.5 million, down 17.3% [5][6]. - By wafer size, 8-inch wafer revenue was $245.5 million (51.3% of total), while 12-inch wafer revenue was $233.1 million (48.7% of total) [7][8]. - By region, revenue from China was $385.5 million (80.5% of total), North America $46.8 million (9.8%), Asia $28.1 million (5.9%), Europe $17.2 million (3.6%), and Japan $0.8 million (0.2%) [9][10]. Capital Expenditure - Capital expenditure for Q2 2024 was $196.8 million, with $128.4 million allocated to Huahong Manufacturing, $40.4 million to Huahong Wuxi, and $2.8 million to Huahong 8-inch [17][18]. Capacity and Utilization - Total monthly capacity for Q2 2024 was 391,000 wafers, with a utilization rate of 97.9%, up 6.2 percentage points quarter-over-quarter [19][20]. - The company expects to maintain a utilization rate above 95% throughout the year and into 2025 [27]. Q3 2024 Guidance - The company projects Q3 2024 sales revenue to be approximately $500-520 million, with a gross margin of 10%-12% [21][22]. Demand Outlook - Demand is primarily driven by the consumer electronics sector, with strong performance in RF, CIS, and power management ICs, particularly BCD, influenced by the AI industry [24]. - The company anticipates a gradual recovery in MCU and small automotive IC sectors, with expectations for improved performance in the second half of the year [24]. New Factory Progress - The new 12-inch production line at Huahong's seventh factory has reached a monthly capacity of 94,500 wafers, with stable mass production achieved across various technology platforms [25]. - The second 12-inch production line in Wuxi is expected to begin operations by the end of the year, with partial capacity release planned for Q1 2025 [25][28].

证券研究报告 | 2024年08月11日 华虹半导体（01347.HK） 优于大市 需求温和复苏，产能利用率稳步提升 2Q24 毛利率略超预期，3Q24 预计环比增长。公司发布未经审核业绩：2Q24 实现销售收入 4.79 亿美元(YoY -24.2%，QoQ +4.0%)，符合指引（4.7-5.0 亿美元），毛利率为 10.5%(YoY -17.2pct，QoQ +4.1pct)，略超指引(6%-10%)， 营收、毛利率与产能利用率均实现环比增长。公司指引 3Q24 销售收入约 5.0-5.2 亿美元之间，毛利率约在 10%-12%之间，营收及毛利率指引中值皆 环比提升，ASP 与出货量提升将为增长动能。 晶圆交付量环比增长 7.8%，产能利用率回升至 97.9%。截至 2Q24 末，公司 折合 8 英寸月产能 39.1 万片，与 1Q24 末相同。2Q24 付运折合 8 寸晶圆 1106 千片(YoY +3.0%，QoQ+7.8%)，产能利用率持续增加至 97.9%(YoY -4.8pct， QoQ +6.2pct)。其中 8 寸晶圆收入 2.45 亿美元(YoY -32.0%，QoQ +2.3%)， 产 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company is a global leader in specialty process wafer foundry, with a comprehensive portfolio of technology platforms including embedded/standalone non-volatile memory, power devices, analog and power management, and logic and RF [3] - The company has optimized its 8-inch product structure and is strengthening its advanced "specialty IC + power device" strategy with a new 12-inch production line [3] - The company's 12-inch production line in Wuxi has fully released its 9.45k wafers/month capacity, and the new 12-inch production line with 8.3k wafers/month capacity is expected to start production in 2025 [3] - The company's revenue from 8-inch wafers has grown due to product mix optimization, while 12-inch wafer revenue has rapidly increased due to capacity ramp-up and process stabilization [11] Financial Performance - The company's revenue is expected to reach 17.5/19.1/21.1 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 0.7/2.0/2.5 billion yuan [5] - The company's EBITDA is expected to be 5.18/7.82/11.91/13.60 billion yuan in 2024/2025/2026, with a PE ratio of 83/28/23 and a PB ratio of 1.32/1.27/1.19 [6] - The company's 8-inch wafer revenue is expected to continue to grow with product mix optimization, while the new 12-inch production line will open up further growth space [8] Technology and Market Position - The company is the largest smart card IC foundry globally and the largest MCU foundry in China, with leading power device foundry capabilities [3] - The company's power device portfolio is industry-leading, with advanced deep-trench super-junction MOSFET and IGBT technologies [3] - The company's 12-inch production line in Wuxi is the world's first 12-inch power device foundry line, covering IC process nodes from 90nm to 65/55nm [3] - The company's 8-inch wafer revenue grew due to product mix optimization, while 12-inch wafer revenue increased rapidly due to capacity ramp-up and process stabilization [11] Industry Outlook - China's mature process wafer foundry capacity share is expected to increase from 29% in 2022 to 33% in 2027 [4] - The global foundry market is expected to grow to $125.1 billion for pure-play foundries and $26.1 billion for IDM foundries by 2025 [4] - China's wafer foundry market share is expected to increase from 24% in 2022 to 28% in 2027, with mature process capacity share rising to 33% [4] Customer and Supplier Base - The company has a diverse and global customer base, with over one-third of the top 50 global chip design companies as clients [58] - The company's top five suppliers accounted for 32.17% of total procurement in 2023, with no single supplier exceeding 50% of total procurement [60]

2024 年 8 月 11 日 公司研究 3Q24 业绩指引保守，看好 ASP 提升驱动后续业绩持续改善 ——华虹半导体（1347.HK）2024 年二季度业绩点评 要点 事件：2Q24 实现收入 4.79 亿美元，同比下滑 24%，环比增长 4%，略高于 公司指引区间 4.7-5.0 亿美元的下限，低于 4.86 亿美元的市场预期。按晶圆 尺寸分类，8 寸产线收入 2.45 亿美元，同比下降 32%，环比增长 2%；12 寸 产线收入 2.33 亿美元，同比下降 14%，环比增长 6%。盈利方面，毛利率超 预期，净利润因经营开支增长而承压。2Q24 毛利率 10.5%，高于指引区间 6%-10%的上限，高于 9.1%的市场预期，同比下降 17.2pct，系 ASP 下降； 环比增长 4.1pct，系产能利用率提升。2Q24 归母净利润 667 万美元，同比下 降 91.5%，环比下降 79%，低于 1530 万美元的市场预期。 市场需求企稳复苏信号已现，产能利用率满载，晶圆 ASP 2Q24 触底后将提价， 看好后续毛利率表现。1）下游需求整体向好，2Q24 逻辑、射频、电源管理 IC（特别是 BCD）和 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 产能持续满载，二季度业绩符合预期 华虹半导体(1347) [Table_Industry] 电子元器件 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.09 ——二季度业绩点评 | --- | --- | --- | --- | |----------|-----------------|------------------------|----------------------------| | | 舒迪(分析师) | 文越(分析师) | 陈豪杰(研究助理) | | | 021-38676666 | 021-38038032 | 021-38038663 | | | shudi@gtjas.com | wenyue029694@gtjas.com | chenhaojie026733@gtjas.com | | 登记编号 | S0880521070002 | S0880524050001 | ...

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） 自願公告 茲提述本公司日期為二零二一年十一月八日的通函（「該通函」），內容有關修訂股 票期權計劃的條款。除另有界定外，本公告所用詞彙與該通函所界定者具有相同 涵義。 本公告乃本公司自願提供，旨在向本公司股東及潛在投資者提供股票期權計劃下 的安排之最新情況。 華虹半導體有限公司 董事長兼執行董事 張素心先生 中國上海，二零二四年八月九日 1 於本公告日期，本公司董事分別為： 執行董事： 張素心 （董事長） 唐均君 （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： 董事會欣然宣佈，根據股票期權計劃的條款（經本公司股東在二零二一年十一月 二十六日舉行的股東特別大會上通過的普通決議案修訂），二零一九年期權下最多 125,000份及75,000份將分別於二 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][6]. Core Views - The valuation has returned to a low level, and there is a continuous trend of improvement in the fundamentals. The price increase of 8-inch and 12-inch wafers is driving profit improvement, although some of this is offset by operational costs from the new factory [6]. - The company's revenue and net profit for Q2 2024 were slightly below market expectations, but the gross margin exceeded expectations [7]. - The company has indicated that ASP (Average Selling Price) and gross margin improvements will be more evident in Q4 2024, following price increases initiated in June 2024 [8]. Financial Summary - For 2024, the company expects revenue of $2.009 billion, a decrease of 12.1% year-over-year, with a net profit of $89 million, reflecting a significant decline of 68.1% [9]. - The gross margin is projected to be 11.0% for 2024, improving to 21.9% by 2026 [9]. - The company’s earnings per share (EPS) are forecasted to be $0.11 in 2024, $0.17 in 2025, and $0.26 in 2026, with corresponding P/E ratios of 23.4x, 14.6x, and 9.4x respectively [9].

香港交易及结算所有限公司、香港联合交易所有限公司及香港中央结算有限公司对本公告的内容概不负责，对其准 确性或完整性亦不发表任何声明，并明确表示，概不就因本公告全部或任何部分内容而产生或因依赖该等内容而引 致的任何损失承担任何责任。 HUA HONG SEMICONDUCTOR LIMITED 华虹半导体有限公司 （于香港注册成立之有限公司） （股份代号：01347） 新闻稿 二零二四年第二季度业绩公布 所有货币以美元列帐，除非特别指明。 本合并财务报告系依香港财务报告准则编制。 中国香港 — 2024 年 8 月 8 日 — 全球领先的特色工艺纯晶圆代工厂华虹半导体有限公司（香港联交所 股票代号：01347；上交所科创板证券代码：688347) ("本公司")于今日公布截至二零二四年六月三 十日止三个月的综合经营业绩。 总裁致辞 公司总裁兼执行董事唐均君先生对 2024 年第二季度业绩评论道： "半导体市场正在经历从底部开始的缓慢复苏。在经历了数个季度的持续疲软后，市场在部分消费电子 等领域的带动下出现了企稳复苏信号。2024年第二季度，华虹半导体的销售收入达到 4.785亿美元、符 合指引，毛利率为 10. ...

[Performance Overview](index=1&type=section&id=Performance%20Overview) [Financial Summary and Guidance](index=1&type=section&id=Q2%202024%20Key%20Financial%20Metrics) The company's Q2 2024 revenue was **$478.5 million**, a 24.2% YoY decrease and 4.0% QoQ increase, with gross margin at 10.5% and profit attributable to owners of the parent at **$6.7 million**, while Q3 revenue is projected to be **$500-520 million** with a 10-12% gross margin Q2 2024 Key Financial Indicators | Metric | 2024 Q2 | 2023 Q2 | 2024 Q1 | | :--- | :--- | :--- | :--- | | Sales Revenue | $478.5 million | $631.4 million | $460.0 million | | Gross Margin | 10.5% | 27.7% | 6.4% | | Profit Attributable to Owners of Parent | $6.7 million | $78.5 million | $31.8 million | | Basic EPS | $0.004 | $0.060 | $0.019 | Q3 2024 Performance Guidance | Metric | Estimated Value | | :--- | :--- | | Sales Revenue | Approximately $500 million to $520 million | | Gross Margin | Approximately 10% to 12% | [Management's Address](index=2&type=section&id=President's%20Address) President Tang Junjun noted a slow recovery in the semiconductor market, with Q2 revenue meeting guidance, gross margin exceeding it, and near full capacity utilization, while a second 12-inch production line is on track for trial production by year-end - The semiconductor market is experiencing a slow recovery from its bottom, with stabilization signals appearing in some consumer electronics sectors[7](index=7&type=chunk) - The company's Q2 sales revenue reached **$478.5 million** with a **10.5% gross margin**, both achieving QoQ growth, and capacity utilization is near full production[7](index=7&type=chunk) - Construction of the second 12-inch production line is progressing well, expected to achieve trial production by year-end, further expanding the company's capacity and process platforms[7](index=7&type=chunk) [Company Profile](index=3&type=section&id=About%20HuaHong%20Semiconductor) HuaHong Semiconductor is a leading specialty process pure-play foundry, employing an "8-inch + 12-inch" dual-drive strategy with three 8-inch fabs in Shanghai and one 12-inch fab in Wuxi, plus a second 12-inch line under construction - The company is positioned as a global leading specialty process pure-play foundry, with a core strategy of “8-inch + 12-inch” and advanced “Specialty IC + Power Discrete”[9](index=9&type=chunk) - The company operates three 8-inch wafer fabs in Shanghai Jinqiao and Zhangjiang with a combined monthly capacity of approximately **180,000 wafers**, and one 12-inch wafer fab in Wuxi with a monthly capacity of **94,500 wafers**, with a second phase under construction[9](index=9&type=chunk) [Financial and Operational Analysis](index=4&type=section&id=Financial%20and%20Operational%20Analysis) [Operating Performance Summary](index=4&type=section&id=Operating%20Performance%20Summary) In Q2 2024, the company's sales revenue was **$478.5 million**, down 24.2% YoY but up 4.0% QoQ, with gross margin at 10.5% and profit attributable to owners of the parent at **$6.7 million**, a 91.5% YoY decrease Q2 2024 Operating Performance Summary | Metric (in Thousand USD) | 2024 Q2 | 2023 Q2 | 2024 Q1 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales Revenue | 478,524 | 631,381 | 459,986 | (24.2)% | 4.0% | | Gross Profit | 50,063 | 175,056 | 29,632 | (71.4)% | 68.9% | | Gross Margin | 10.5% | 27.7% | 6.4% | (17.2)pp | 4.1pp | | Profit Attributable to Owners of Parent | 6,673 | 78,524 | 31,818 | (91.5)% | (79.0)% | | Basic EPS (USD) | 0.004 | 0.060 | 0.019 | (93.3)% | (78.9)% | | Wafer Shipments (8-inch equivalent thousand wafers) | 1,106 | 1,074 | 1,026 | 3.0% | 7.8% | | Utilization Rate | 97.9% | 102.7% | 91.7% | (4.8)pp | 6.2pp | - The YoY decrease in sales revenue was primarily due to a decline in average selling price, while the QoQ increase was mainly driven by higher wafer shipments[14](index=14&type=chunk) - The YoY decline in gross margin was mainly due to a decrease in average selling price, while the QoQ improvement was primarily due to increased capacity utilization[14](index=14&type=chunk) [Sales Revenue Analysis](index=5&type=section&id=Sales%20Revenue%20Analysis) Total sales revenue for the quarter decreased 24.2% YoY to **$478.5 million**, with most segments declining except Logic & RF and Analog & Power Management, while China remained the largest market despite a 21.2% YoY revenue drop, and Industrial & Automotive saw the most significant decline [By Category](index=5&type=section&id=Sales%20Revenue%20Analysis-By%20Category) **94.7%** of this quarter's sales revenue, totaling **$453.3 million**, came from direct sales of semiconductor wafers, representing a 24.6% YoY decrease Sales Revenue Analysis (By Category) | Category | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | Wafers | 453,345 | 94.7% | (24.6)% | | Others | 25,179 | 5.3% | (17.3)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | [By Wafer Size](index=5&type=section&id=Sales%20Revenue%20Analysis-By%20Wafer%20Size) 8-inch and 12-inch wafer sales revenue were **$245.5 million** and **$233.0 million** respectively, with 8-inch wafer revenue decreasing 32.0% YoY and 12-inch wafer revenue decreasing 13.7% YoY Sales Revenue Analysis (By Wafer Size) | Wafer Size | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | 8-inch Wafers | 245,471 | 51.3% | (32.0)% | | 12-inch Wafers | 233,053 | 48.7% | (13.7)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | [By Geography](index=6&type=section&id=Sales%20Revenue%20Analysis-By%20Geography) China revenue was **$385.5 million**, accounting for **80.5%** of total revenue, a 21.2% YoY decrease, while North America, Asia, Europe, and Japan also saw YoY declines, with Europe and Japan experiencing significant drops of 57.0% and 89.7% respectively Sales Revenue Analysis (By Geography) | Geography | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | China | 385,519 | 80.5% | (21.2)% | | North America | 46,829 | 9.8% | (3.5)% | | Asia | 28,137 | 5.9% | (37.7)% | | Europe | 17,173 | 3.6% | (57.0)% | | Japan | 866 | 0.2% | (89.7)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | - Revenue from all major markets decreased YoY, with sales revenue from China declining **21.2%** primarily due to lower average selling prices and demand for smart card ICs[19](index=19&type=chunk) [By Technology Platform](index=7&type=section&id=Sales%20Revenue%20Analysis-By%20Technology%20Platform) Discrete and Embedded Non-Volatile Memory were the largest technology platforms with revenues of **$152.4 million** and **$137.1 million** respectively, both experiencing significant YoY declines, while Logic & RF and Analog & Power Management platforms achieved counter-trend growth of 11.0% and 25.7% YoY respectively Sales Revenue Analysis (By Technology Platform) | Technology Platform | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | Discrete | 152,371 | 31.8% | (39.4)% | | Embedded Non-Volatile Memory | 137,126 | 28.7% | (34.2)% | | Analog & Power Management | 101,137 | 21.1% | 25.7% | | Logic & RF | 63,487 | 13.3% | 11.0% | | Stand-alone Non-Volatile Memory | 23,675 | 4.9% | (29.0)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | - Analog & Power Management sales revenue increased **25.7%** YoY, primarily due to increased demand for other power management products[22](index=22&type=chunk) - Logic & RF sales revenue grew **11.0%** YoY, mainly driven by increased demand for CIS and logic products[22](index=22&type=chunk) [By Process Technology Node](index=8&type=section&id=Sales%20Revenue%20Analysis-By%20Process%20Technology%20Node) The **0.35µm** and above process technology node remained the largest revenue source, accounting for **38.3%** but declining 35.9% YoY, while the **55nm** and **65nm** nodes were the only ones to achieve YoY growth at 16.1%, driven by increased demand for power management products Sales Revenue Analysis (By Process Technology Node) | Process Technology Node | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | 0.35µm and above | 183,085 | 38.3% | (35.9)% | | 55nm and 65nm | 98,550 | 20.6% | 16.1% | | 90nm and 95nm | 95,285 | 19.9% | (1.4)% | | 0.11µm and 0.13µm | 68,660 | 14.3% | (42.9)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | - Sales revenue from the **55nm** and **65nm** process technology nodes increased **16.1%** YoY, primarily due to increased demand for other power management products[24](index=24&type=chunk) [By End Market Distribution](index=9&type=section&id=Sales%20Revenue%20Analysis-By%20End%20Market%20Distribution) Consumer Electronics was the largest end market, contributing **62.4%** of revenue but declining 14.2% YoY, while Industrial & Automotive market revenue saw the most significant drop at 43.3% YoY, and Communication and Computer markets also recorded YoY declines Sales Revenue Analysis (By End Market) | End Market | 2024 Q2 (Thousand USD) | Share | YoY Change | | :--- | :--- | :--- | :--- | | Consumer Electronics | 298,320 | 62.4% | (14.2)% | | Industrial & Automotive | 110,643 | 23.1% | (43.3)% | | Communication | 59,486 | 12.4% | (13.0)% | | Computer | 10,075 | 2.1% | (49.6)% | | **Total** | **478,524** | **100.0%** | **(24.2)%** | - Industrial & Automotive product sales revenue decreased **43.3%** YoY, primarily due to lower average selling prices and demand for IGBTs, MCUs, general-purpose MOSFETs, smart card ICs, and super junction products[27](index=27&type=chunk) [Capacity and Utilization Rate](index=9&type=section&id=Capacity%20and%20Utilization%20Rate) As of quarter-end, the company's total monthly capacity (8-inch equivalent) was **391,000 wafers**, with overall utilization significantly recovering from 91.7% to **97.9%**, including **107.6%** for 8-inch fabs and **89.3%** for 12-inch fabs Capacity and Utilization Rate | Metric | 2024 Q2 | 2024 Q1 | 2023 Q2 | | :--- | :--- | :--- | :--- | | Total Capacity (8-inch equivalent thousand wafers/month) | 391 | 391 | 347 | | Overall Utilization Rate | 97.9% | 91.7% | 102.7% | | Utilization Rate (200mm) | 107.6% | 100.3% | 112.0% | | Utilization Rate (300mm) | 89.3% | 84.2% | 92.9% | - Overall capacity utilization was **97.9%**, an increase of **6.2 percentage points** QoQ[26](index=26&type=chunk) [Wafer Shipments](index=10&type=section&id=Wafer%20Shipments) Wafer shipments (8-inch equivalent) reached **1.106 million wafers** this quarter, increasing 3.0% YoY and 7.8% QoQ, indicating a recovery in market demand Wafer Shipments (8-inch equivalent thousand wafers) | Period | Shipments | | :--- | :--- | | 2024 Q2 | 1,106 | | 2023 Q2 | 1,074 | | 2024 Q1 | 1,026 | [Operating Expense Analysis](index=10&type=section&id=Operating%20Expense%20Analysis) Operating expenses for the quarter were **$90.3 million**, increasing 17.8% YoY and 15.0% QoQ, primarily due to higher operating costs at the new HuaHong Manufacturing plant, R&D engineering wafer expenses, and increased labor costs - Operating expenses increased **17.8%** YoY, primarily due to higher operating costs at the new HuaHong Manufacturing plant and increased R&D engineering wafer expenses[29](index=29&type=chunk) - Operating expenses increased **15.0%** QoQ, primarily due to higher labor costs[29](index=29&type=chunk) [Net Other Income/(Loss)](index=10&type=section&id=Net%20Other%20Income%2F%28Loss%29) This quarter recorded net other income of **$6.9 million**, a significant turnaround from a net loss of **$54.7 million** in the prior year, primarily due to a substantial reduction in exchange losses and an increase in interest income - This quarter recorded net other income of **$6.9 million**, compared to a net loss of **$54.7 million** in the prior year, primarily due to a reduction in exchange losses from **$62.6 million** to **$7.9 million** and an increase in interest income from **$14.1 million** to **$29.8 million**[30](index=30&type=chunk) [Capital Structure and Capital Expenditures](index=11&type=section&id=Capital%20Structure%20and%20Capital%20Expenditures) As of quarter-end, the company's total assets were **$12.10 billion** with a debt-to-asset ratio of **25.3%**, indicating a stable financial position, and capital expenditures for the quarter totaled **$196.8 million**, with the largest portion of **$128.4 million** allocated to HuaHong Manufacturing (Wuxi Phase II) construction Capital Structure Summary | Metric (in Thousand USD) | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 12,104,780 | 11,648,010 | | Total Liabilities | 3,059,884 | 2,980,801 | | Debt-to-Asset Ratio | 25.3% | 25.6% | Q2 2024 Capital Expenditures (in Thousand USD) | Item | Amount | | :--- | :--- | | HuaHong Manufacturing | 128,402 | | HuaHong Wuxi | 40,431 | | HuaHong 8-inch | 27,997 | | **Total** | **196,830** | [Cash Flow Analysis](index=11&type=section&id=Cash%20Flow%20Analysis) Net cash flow from operating activities was **$96.9 million** this quarter, a 39.9% YoY decrease, while net cash outflow from investing activities was **$172.0 million**, and net cash inflow from financing activities was **$416.1 million**, primarily from **$492.4 million** capital contributions by non-controlling interests Cash Flow Summary (in Thousand USD) | Item | 2024 Q2 | 2023 Q2 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 96,890 | 161,190 | | Net Cash Flow Used in Investing Activities | (171,973) | (150,649) | | Net Cash Flow from/(used in) Financing Activities | 416,148 | (300,183) | - Net cash inflow from financing activities primarily resulted from **$492.4 million** capital contributions by non-controlling interests[34](index=34&type=chunk) [Liquidity Analysis](index=12&type=section&id=Liquidity%20Analysis) As of quarter-end, the company's net working capital was **$6.428 billion**, with a current ratio of **7.0** and quick ratio of **6.4**, indicating ample liquidity, while inventory turnover days slightly increased to **94 days** and trade receivables and bills turnover days improved to **55 days** Liquidity Ratios | Metric | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Net Working Capital (Thousand USD) | 6,428,420 | 6,173,269 | | Current Ratio | 7.0x | 7.4x | | Quick Ratio | 6.4x | 6.7x | | Trade Receivables and Bills Receivable Turnover Days | 55 | 58 | | Inventory Turnover Days | 94 | 92 | - Inventory increased from **$431.2 million** at the end of last quarter to **$462.6 million** at the end of this quarter, primarily due to an increase in work-in-progress[36](index=36&type=chunk) - Trade receivables and bills receivable decreased from **$306.2 million** at the end of last quarter to **$274.4 million** at the end of this quarter, primarily due to improved customer collections[36](index=36&type=chunk) [Condensed Consolidated Financial Statements](index=13&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Income Statement](index=13&type=section&id=Condensed%20Income%20Statement) This quarter recorded sales revenue of **$478.5 million** and gross profit of **$50.06 million**, resulting in a pre-tax loss of **$33.38 million** and a total loss for the period of **$41.75 million**, but a profit attributable to owners of the parent of **$6.67 million** after accounting for non-controlling interests' losses Condensed Income Statement (in Thousand USD) | Item | 2024 Q2 | 2023 Q2 | 2024 Q1 | | :--- | :--- | :--- | :--- | | Sales Revenue | 478,524 | 631,381 | 459,986 | | Gross Profit | 50,063 | 175,056 | 29,632 | | (Loss)/Profit Before Tax | (33,380) | 43,679 | (45,118) | | (Loss)/Profit for the Period | (41,748) | 7,834 | (25,286) | | Profit Attributable to Owners of Parent | 6,673 | 78,524 | 31,818 | [Condensed Consolidated Statement of Financial Position](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the company's total assets reached **$12.10 billion**, comprising **$4.61 billion** in non-current assets and **$7.50 billion** in current assets (including **$6.42 billion** in cash and cash equivalents), with total liabilities of **$3.06 billion** and total equity of **$9.04 billion**, maintaining a stable balance sheet structure Condensed Consolidated Statement of Financial Position Summary (in Thousand USD) | Item | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | Total Non-Current Assets | 4,605,764 | 4,507,524 | | Total Current Assets | 7,499,016 | 7,140,486 | | **Total Assets** | **12,104,780** | **11,648,010** | | Total Current Liabilities | 1,070,596 | 967,217 | | Total Non-Current Liabilities | 1,989,288 | 2,013,584 | | **Total Liabilities** | **3,059,884** | **2,980,801** | | **Total Equity** | **9,044,896** | **8,667,209** | [Condensed Consolidated Cash Flow Statement](index=15&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) This quarter generated **$96.89 million** in net cash from operating activities, with a net outflow of **$172.0 million** from investing activities primarily for property, plant, and equipment purchases, and a net inflow of **$416.1 million** from financing activities mainly due to capital injections from non-controlling interests, increasing period-end cash and cash equivalents to **$6.424 billion** Condensed Consolidated Cash Flow Statement (in Thousand USD) | Item | 2024 Q2 | 2023 Q2 | 2024 Q1 | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 96,890 | 161,190 | 40,660 | | Net Cash Flow Used in Investing Activities | (171,973) | (150,649) | (298,951) | | Net Cash Flow from/(used in) Financing Activities | 416,148 | (300,183) | 789,913 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 341,065 | (289,642) | 531,622 | | Cash and Cash Equivalents at End of Period | 6,423,866 | 1,850,957 | 6,107,986 |

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: | 2024年7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: | 2024年8月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.0 | 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 | | | 1,309,578,145 | | 0 | | 1,309,578,145 | | 增加 / 減少 (-) | | | ...