华虹公司8月14日大宗交易平台出现一笔成交，成交量35.00万股，成交金额2430.40万元，大宗交易成交 价为69.44元，相对今日收盘价折价1.50%。该笔交易的买方营业部为机构专用，卖方营业部为中国中金 财富证券有限公司上海徐汇区淮海中路证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为3351.78万元。 证券时报·数据宝统计显示，华虹公司今日收盘价为70.50元，上涨3.62%，日换手率为7.10%，成交额为 20.36亿元，全天主力资金净流入1279.40万元，近5日该股累计上涨5.54%，近5日资金合计净流出 6412.00万元。 两融数据显示，该股最新融资余额为13.88亿元，近5日增加7803.27万元，增幅为5.96%。 机构评级来看，近5日共有4家机构给予该股评级，预计目标价最高的是浦银国际证券，8月11日浦银国 际证券发布的研报预计公司目标价为77.90元。（数据宝） 8月14日华虹公司大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- ...

8月14日，华虹公司大宗交易成交35万股，成交额2430.4万元，占当日总成交额的1.18%，成交价69.44元，较市场收盘价70.5元折价1.5%。 | | 华虹公司 | 688347 | 69.44 2430.4 | રે રેતા પર તાલુકામાં આવેલું એક ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપા | 机构专用 | 中国中金财富证券 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有限公司上海徐汇 | | 交易日期 2025-08-14 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 区淮海中路证券营 | ...

Core Viewpoint - Huahong Semiconductor's Q2 2025 financial results exceeded expectations, driven by higher capacity utilization and wafer ASPs, indicating a positive trend in the semiconductor industry [1][2]. Financial Performance - Q2 2025 revenue reached $566.1 million, a year-over-year increase of 18.3% and a quarter-over-quarter increase of 4.6%, aligning with the guidance of $550 to $570 million [1]. - Gross margin was 10.9%, up 0.4 percentage points year-over-year and 1.7 percentage points quarter-over-quarter, surpassing the previous guidance of 7% to 9% [1]. - Net profit was -$33 million, with attributable net profit of $8 million, reflecting a year-over-year increase of 19.2% and a quarter-over-quarter increase of 112.1% [1]. Capacity and Production Trends - The company's capacity utilization rate reached 108.3%, a significant increase of 5.6 percentage points quarter-over-quarter [1]. - Total capacity at the end of Q2 2025 was 447,000 wafers per month (equivalent to 8-inch wafers), indicating accelerated expansion of fab9 [1]. - Wafer shipments totaled 1.305 million wafers (equivalent to 8-inch wafers), with a quarter-over-quarter increase of 6.0% [1]. Revenue Growth by Product Line - All major process platforms, except for standalone non-volatile memory, showed quarter-over-quarter revenue growth in Q2 2025 [1]. - The analog and power management platform experienced the fastest growth, with quarterly revenue increasing by 18% to $161.2 million, accounting for 28.5% of total revenue, reflecting strong demand for AI-related power management chips [1]. Future Guidance - Management provided Q3 2025 revenue guidance of $620 to $640 million and gross margin guidance of 10% to 12%, both better than previous expectations [2]. - The "China for China" strategy and rising wafer prices are expected to contribute positively to future performance [2]. Earnings Forecast and Valuation - Revenue forecast for 2025 has been raised by 6% to $2.404 billion, reflecting a year-over-year growth of 20.0% [2]. - The 2026 revenue forecast has been increased by 12.1% to $2.798 billion, corresponding to a year-over-year growth of 16.4% [2]. - The target price has been raised by 39% to HKD 50, indicating a 12% upside potential based on a P/B valuation method [2].

Core Viewpoint - Huahong Semiconductor reported strong Q2 2025 results, with revenue and net profit exceeding market expectations, driven by increased wafer shipments and improved capacity utilization [1][2][3] Group 1: Q2 2025 Financial Performance - In Q2 2025, Huahong Semiconductor achieved revenue of $566 million, representing a quarter-over-quarter (QoQ) increase of 4.6% and a year-over-year (YoY) increase of 18.3% [1] - The company reported a net profit of $8 million, with a QoQ increase of 112.1% and a YoY increase of 19.2%, attributed to improved gross margin and reduced financial expenses [1] - Wafer shipments reached 1.305 million equivalent 8-inch wafers, showing a QoQ increase of 6.0% and a YoY increase of 18.0% [1] Group 2: Q3 2025 Guidance - For Q3 2025, Huahong Semiconductor expects revenue between $620 million and $640 million, indicating a QoQ increase of 11.3% and a YoY increase of 19.7%, surpassing Bloomberg consensus of $603 million [2] - The gross margin guidance for Q3 is set at 10%-12%, exceeding the Bloomberg consensus of 9.3%, reflecting positive pricing strategies and capacity expansion [2] - The company anticipates revenue contributions from strategic partnerships and gradual capacity release from Fab 9, which will enhance revenue growth [2] Group 3: Profit Forecast and Investment Rating - Huahong Semiconductor's revenue is projected to grow to $2.417 billion, $3.004 billion, and $3.249 billion for 2025, 2026, and 2027 respectively, with net profits of $87 million, $182 million, and $247 million [3] - The diluted EPS is expected to be $0.05, $0.10, and $0.15 for the same years, with corresponding price-to-book (PB) ratios of 1.47x, 1.43x, and 1.32x [3] - The target price is set at HKD 44.43, maintaining a "Buy" rating based on a 1.5x PB for the 2026 estimated book value per share [3]

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 - 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].

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 ...

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%。 ...