Investment Rating - The report maintains a rating of "Buy" for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company is showing signs of recovery in 2024, with expectations of improved profitability as demand in the semiconductor market begins to stabilize [2][3]. - The company reported a decline in revenue and net profit for 2023, but anticipates a moderate recovery in demand for 2024, particularly in mobile and AI-related products [3][7]. - The company is focusing on technological innovation and expanding its production capacity, particularly with the ongoing construction of a new 12-inch fab, which is expected to enhance its competitive position in the semiconductor industry [6][7]. Financial Summary - **Revenue**: The company reported revenue of $2.286 billion in 2023, a decrease of 7.7% year-over-year, with projections of $2.155 billion for 2024 [2][3]. - **Net Profit**: The net profit for 2023 was $280 million, down 37.8% year-over-year, with an expected recovery to $114 million in 2024 [2][3]. - **Gross Margin**: The gross margin for 2023 was 21.3%, with a significant drop to 4.0% in Q4 2023, but is expected to improve as production capacity utilization increases [3][6]. - **Earnings Per Share (EPS)**: The EPS for 2023 was $0.16, with projections of $0.07 for 2024 [2][7]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is projected to be 31.0 for 2024, reflecting the anticipated recovery in earnings [2][7]. Market Outlook - The semiconductor industry is currently facing challenges, but there are signs of recovery due to inventory destocking and the rapid adoption of new technologies such as IoT and next-generation communications [3][6]. - The company is expected to benefit from increased demand in emerging markets, particularly in automotive and renewable energy sectors, as it continues to innovate and optimize its production processes [6][7].

Group 1: Company Overview - Huahong Semiconductor is a leading foundry specializing in 8-inch and 12-inch wafer manufacturing, focusing on embedded/non-volatile memory, power devices, and logic/RF technologies [1] - The company operates three 8-inch fabs in Shanghai with a monthly capacity of approximately 180,000 wafers and one 12-inch fab in Wuxi with a monthly capacity of 94,500 wafers [2] Group 2: Financial Performance - Q4 2023 sales revenue was $455.4 million, with a gross margin of 4.0%, compared to $630.1 million in the same quarter last year and $568.5 million in the previous quarter [2] - Full-year 2023 sales revenue reached $2.2861 billion, with an annual gross margin of 21.3% [2] - Q4 2023 net profit attributable to shareholders was $35.4 million, down from $159.1 million year-on-year [3] Group 3: Market Outlook - The semiconductor market showed signs of recovery in Q4 2023, driven by demand for image sensors and power management products [2] - The company expects Q1 2024 sales revenue to be between $450 million and $500 million, with a gross margin forecast of 3% to 6% [3] Group 4: Production Capacity and Utilization - As of Q4 2023, the company's 8-inch monthly capacity increased to 391,000 wafers [2] - The utilization rate of the three 8-inch fabs is between 85% and 90%, with the first 12-inch fab producing over 80,000 wafers monthly [3] Group 5: Strategic Initiatives - The company is accelerating capacity expansion and diversifying its technology platforms to meet medium- to long-term market demands [2] - Plans for the second 12-inch fab are underway, with an expected monthly capacity of 83,000 wafers upon completion [4] Group 6: Customer Base and Revenue Structure - In Q4 2023, revenue from the Chinese market accounted for 80.5% of total revenue, with a long-term goal of maintaining a structure of 70% domestic and 30% international customers [4]

智通财经APP获悉，华虹半导体(01347)现跌超4%，截至发稿，跌4.03%，报15.68港元，成交额3113.28万港元。 消息面上，华虹半导体此前公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 国信证券指出，公司4Q23营收和毛利率达指引，1Q24预计继续业绩筑底；MCU、电源管理、NOR等需求下降，4Q23出货量环比下降12%。该行预计公司2024年-2026年资本开支将显著提升，两座新晶圆产线陆续投产亦带来显著折旧提升。 ...

昨天，国内晶圆代工双雄华虹半导体(01347)和中芯国际(00981)都发布了最新的财报。 首先看中芯国际方面； 中芯国际表示，2023年第四季的销售收入为1,678.3百万美元，2023年第三季为1,620.6百万美元，2022年第四季为1,621.3百万美元。统计2023年全年，中芯国际未经审计的全年销售收入为6,321.6百万美元，2022年全年销售收入7,273.3百万美元。 中芯国际进一步指出，公司四季度销售收入环比增长3.6%，略高于指引；毛利率为16.4 %，符合指引。2023年未经审计的全年销售收入则同比下降13%，毛利率为19.3%，也基本符合公司年初的指引。 从不同地区的营收贡献上看，如下图所示，和上一季度相比，来自美国区客户的占比有了少幅度的上升。从终端应用上看，电脑与平板依然是中芯国际最大的营收贡献来源，营收占比高达30.6%，智能手机则紧随其后，占比为30.2%，这两者在中芯国际当季营收占比较之上一季度有了不小的增长。 在产能方面，中芯国际表示，公司月产能由 2023 年第三季的 795,750 片 8 吋晶圆约当量增加至 2023 年第四季的 805,500 片 8 吋晶圆约当 ...

智通财经APP获悉，华虹半导体(01347)跌超5%，截至发稿，跌4.98%，报14.88港元，成交额7831.86万港元。 消息面上，华虹半导体公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%，主要由于平均销售价格及付运晶圆下降；毛利为1822万美元，同比减少92.4%，环比减少80.1%；毛利率为4%，同比减少34.2个百分点，主要由于平均销售价格下降及产能利用率降低。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 ...

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 二零二三年第四季度业绩公布 公司总裁兼执行董事唐均君先生对二零二三年第四季度以及全年业绩评论道: "华虹半导体二零二三年第四季度销售收入为 4.554 亿美元，单季毛利率为 4.0%，达到指引。二零二 三年全年实现销售收入 22.861 亿美元，全年毛利率为 21.3%。" "2023 年市场形势低迷，对全球半导体产业来说是极富挑战的一年。但随着产业链去库存的持续，以 及新一代通信、物联网等技术的快速渗透，近期半导体市场已出现提振信号，公司与之相关的图像传感 器、电源管理等产品均在第四季度有较好的表现。为了进一步满足中长期市场需求，公司加快产能扩充 速度，坚持多元化特色工艺平台技术研发，以提高产品供应能力和市场响应速度。截至二零二三年第四 ...

Financial Performance - Sales revenue for Q4 2023 was $455.4 million, down 27.7% year-over-year and 19.9% quarter-over-quarter[6] - Gross margin for Q4 2023 was 4.0%, a decrease of 34.2 percentage points year-over-year and 12.1 percentage points quarter-over-quarter[13] - Net profit attributable to shareholders was $35.4 million, down 77.8% year-over-year and up 154.8% quarter-over-quarter[13] - Total sales revenue for the full year 2023 was $2.286 billion, with an annual gross margin of 21.3%[7] - Sales revenue for 2023 was $2.286 billion, a decrease of 7.7% compared to the previous year, primarily due to a decline in average selling prices[19] - Gross margin was 21.3%, down 12.8 percentage points year-over-year, attributed to lower average selling prices and increased depreciation costs[19] - Net profit for the year was $126.4 million, a decline of 68.9% from $406.6 million in the previous year[19] - Profit attributable to the parent company was $280.0 million, down 37.8% from $449.9 million year-over-year[17] - Basic earnings per share decreased to $0.189 from $0.345, representing a decline of 45.2%[17] - Basic earnings per share for Q4 2023 were $0.021, compared to $0.122 in Q4 2022[41] - Basic earnings per share for 2023 was $0.189, compared to $0.345 in 2022, representing a decrease of 45.4%[44] Capacity and Production - The company increased its monthly production capacity to 391,000 eight-inch wafers by the end of Q4 2023[7] - The second twelve-inch production line is on track to be completed by the end of 2024[7] - Total wafer shipments for Q4 2023 were 951,000 8-inch equivalent wafers, a decrease of 4.1% year-over-year and 11.7% quarter-over-quarter[32] - Capacity utilization rate was 94.3%, down 13.1 percentage points from 107.4% in the previous year[17] - The overall capacity utilization rate for Q4 2023 was 84.1%, down from 103.2% in Q4 2022[30] Operating Expenses and Cash Flow - Operating expenses increased by 19.3% year-over-year to $333.1 million, mainly due to reduced government subsidies for R&D activities and increased spending on engineering projects[19] - Operating expenses for Q4 2023 were $95.063 million, up 59.6% year-over-year, primarily due to reduced government subsidies for R&D activities and increased engineering expenses[33] - Net cash flow from operating activities for Q4 2023 was $196.546 million, up 6.6% year-over-year and up 29.2% quarter-over-quarter, primarily due to increased government subsidies and reduced personnel expenses[36] - Operating cash flow for 2023 was $641,695, down from $750,865 in 2022, indicating a decrease of 14.6%[51] Revenue Breakdown - Sales revenue from China accounted for 80.5% of total sales, totaling $366.5 million, down 19.8% year-over-year[23] - Sales revenue from consumer electronics was $252.508 million, accounting for 55.4% of total sales, down 35.4% year-over-year[29] - Sales revenue from the industrial and automotive sector was $138.628 million, a decrease of 18.2% year-over-year, primarily due to reduced demand for MCU and smart card chips[31] - Embedded non-volatile memory sales revenue was $112.026 million, down 52.6% year-over-year, primarily due to decreased demand for MCU and smart card chips[26] - Standalone non-volatile memory sales revenue was $14.753 million, a decline of 59.6% year-over-year, mainly due to reduced demand for NOR flash products[26] - Discrete device sales revenue reached $182.377 million, down 14.4% year-over-year, affected by decreased demand for general MOSFET and super junction products, partially offset by increased demand for IGBT products[26] - Logic and RF sales revenue increased by 30.9% year-over-year to $56.227 million, driven by higher demand for CIS products[26] Assets and Liabilities - Total assets as of December 31, 2023, were $10.943 billion, up from $9.974 billion as of September 30, 2023[37] - Total liabilities increased to $2.929 billion from $2.642 billion, resulting in a debt-to-asset ratio of 26.8%[37] - Cash and cash equivalents increased to $5.585 billion from $4.990 billion, reflecting a significant increase in net cash flow[38] - Trade receivables decreased to $278.669 million from $318.787 million, primarily due to a decline in sales revenue[39] - Inventory decreased to $449.749 million from $492.783 million, mainly due to a reduction in raw materials and finished goods[39] Strategic Focus and Investments - Research and development investments are focused on new process platforms and optimization of existing technologies[7] - The company aims to strengthen strategic partnerships and expand into emerging markets, particularly in automotive and renewable energy sectors[7] Governance and Leadership - The board of directors includes non-executive directors and independent non-executive directors, indicating a diverse governance structure[53] - The chairman and executive director is Zhang Suxin, highlighting leadership continuity[53] - The company is based in Hong Kong, which may influence its market strategies and operations[53]

国泰君安证券股份有限公司、海通证券股份有限公司 关于华虹半导体有限公司 首次公开发行网下配售限售股上市流通的核查意见 国泰君安证券股份有限公司与海通证券股份有限公司（以下合称"联席保荐 人"）作为华虹半导体有限公司（以下简称"华虹公司"或"公司"）首次公开 发行人民币普通股（A股）股票并在科创板上市的联席保荐人，根据《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易 所上市公司自律监管指引第11号——持续督导》《上海证券交易所科创板上市公 司自律监管指引第1号——规范运作》等有关规定，对华虹公司首次公开发行A股 网下配售限售股上市流通事项进行了审慎核查，具体情况如下： 本次上市流通的限售股均为公司首次公开发行网下配售限售股，限售股股东 均为公司首次公开发行A股股票时参与网下向符合条件的投资者询价配售并中签的 配售对象，限售期为自公司A股股票上市之日起六个月，该部分限售股股东对应的 股份数量为9,990.0748万股，占公司截至2023年12月31日总股本的5.82%，具体内 容详见公司于2023年7月31日在上海证券交易所网站（www.sse.com.cn）披露的《 华虹半导 ...

| A 股代码：688347 | A | 股简称：华虹公司 公告编号：2024-004 | | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | 华虹半导体有限公司 关于首次公开发行网下配售限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 99,900,748 股。 本次股票上市流通总数为 99,900,748 股。 本次股票上市流通日期为 2024 年 2 月 7 日。 一、 本次上市流通股的限售股类型 根据中国证券监督管理委员会于 2023 年 6 月 6 日出具的《关于同意华虹半 导体有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1228 号），并 经上海证券交易所同意，公司首次向社会公开发行人民币普通股（A 股） 40,775.0000 万股，并于 2023 年 8 月 7 日在上海证券交易所科创板挂牌上市。 本次上市流通的限售股均为公司首次公开发行网下配售限售 ...

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。 （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，本公司謹訂於二零二四年二月六日 （星期二）上午十時舉行董事會會議，以商討下列事項： 承董事會命 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，二零二四年一月二十二日 於本公告日期，本公司董事分別為： HUA HONG SEMICONDUCTOR LIMITED 執行董事 華虹半導體有限公司 （於香港註冊成立之有限公司） 非執行董事 孫國棟 葉峻 周利民 獨立非執行董事 張祖同 王桂壎太平紳士 葉龍蜚 1. 考慮及批准刊發本公司及其附屬公司就二零二三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。 張素心 （董事長） 唐均君 （總裁） ...