（文章来源：每日经济新闻） 每经AI快讯，8月14日，港股半导体股拉升走高，华虹半导体、晶门半导体涨超5%，中芯国际、宏光半 导体涨近4%，上海复旦涨超2%。 ...

Group 1 - The core viewpoint is that the semiconductor industry is experiencing an unprecedented explosion driven by AI, comparable to an industrial revolution, with a growing gap between market demand and actual supply chain capacity [2] - The PL-SR series inkjet stepper nano-imprinting equipment developed in China has successfully passed acceptance and is capable of supporting nano-imprinting lithography processes with linewidths less than 10nm, surpassing Canon's similar product [1] - The Sci-Tech Innovation Board Chip Index (000685) has shown strong performance, with significant increases in constituent stocks such as Cambricon (688256) and Hygon Information (688041) [1][2] Group 2 - The top ten weighted stocks in the Sci-Tech Innovation Board Chip Index account for 57.59% of the index, indicating a concentration of investment in key players like Cambricon and SMIC [3] - The semiconductor industry is expected to continue evolving along three main routes: density enhancement, advanced packaging and testing, and system-level optimization [2] - The Sci-Tech Chip ETF Index closely tracks the performance of the Sci-Tech Innovation Board Chip Index, reflecting the overall performance of semiconductor-related companies listed on the board [2]

证券研究报告 | 2025年08月13日 投资建议：我们看好公司短期价格修复、稼动率满载，中长期特色工艺代工 拥有全球头部客户及领先工艺的龙头竞争力，根据公司指引，略调整费用率 与毛利率，我们预计 25-27 年净利润 0.90/1.52/2.02 亿美元（前值 25-27 年 0.92/1.66/2.01 亿美元)，当前股价对应 25-27 年 PB 1.56/1.52/1.48 为 倍，维持"优于大市"评级。 风险提示：下游需求放缓；新工艺导入不及预期；扩产不及预期。 华虹半导体（01347.HK） 优于大市 2Q25 毛利率超指引，稼动率保持满载 2Q25 毛利率超指引，3Q25 预期稳步增长。公司发布未经审核业绩：2Q25 实 现 销 售 收 入 5.661 亿 美 元 (YoY+18.3% ， QoQ +4.6%) ， 毛 利 率 10.9% (YoY+0.4pct，QoQ+1.7pct)，此前指引区间营收 5.5-5.7 亿美元，毛利率 7%-9%，毛利率超指引。预计 3Q25 销售收入约 6.2-6.4 亿美元；毛利率约 10%-12%。随着价格修复在下半年逐步体现，9 厂产能进一步释放，公司有 ...

Group 1 - The stock price of Huahong Semiconductor increased by 5.01% on August 13, reaching HKD 46.92 per share with a trading volume of HKD 1.627 billion [1] - Huahong Semiconductor is a leading specialty foundry company focusing on embedded/non-volatile memory, power devices, analog and power management, and logic and RF technologies [1] - The company operates three 8-inch wafer fabs in Shanghai and Zhangjiang, and one 12-inch fab in Wuxi, with monthly capacities of approximately 180,000 and 75,000 wafers respectively [1] Group 2 - As of mid-2025, Huahong Semiconductor reported total revenue of HKD 7.925 billion and a net profit of HKD 83.7699 million [1] - Guohai Securities maintains a "buy" rating for Huahong Semiconductor with a target price of HKD 44.43 [2]

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) reported unaudited results for the three months ending June 30, 2025, with Q2 sales revenue of $2.209 billion, a year-on-year increase of 16.2%, but a quarter-on-quarter decrease of 1.7% [1][2] - SMIC's Q2 gross margin was 20.4%, reflecting a quarter-on-quarter decline of 2.1 percentage points, while the capacity utilization rate was 92.5%, showing a quarter-on-quarter increase of 2.9 percentage points [1][2] - Hua Hong Semiconductor reported Q2 sales revenue of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.6%, with a gross margin of 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2] Group 2 - Taiwan Semiconductor Manufacturing Company (TSMC) reported July revenue of NT$323.166 billion, a year-on-year increase of 25.8% and a quarter-on-quarter increase of 22.5%, with cumulative revenue from January to July reaching NT$2.096 trillion, a year-on-year increase of 37.6% [1][2] - ASE Technology Holding Co., Ltd. reported July revenue of NT$49.11 billion, a year-on-year decrease of 8.81%, but a month-on-month increase of 7.08%, with cumulative revenue from January to July at NT$321.25 billion, a year-on-year decrease of 1.97% [3] - Industrial Fulian reported H1 2025 revenue of NT$5.464 billion, a year-on-year increase of 45.21%, with net profit attributable to shareholders of NT$12.113 billion, up 38.61% year-on-year [3] - Haiguang Information reported H1 2025 revenue of NT$360.76 billion, a year-on-year increase of 35.58%, with net profit attributable to shareholders of NT$1.201 billion, up 40.78% year-on-year [3] - Biwei Storage reported H1 2025 revenue of NT$3.912 billion, a year-on-year increase of 13.70%, but a net loss attributable to shareholders of NT$226 million [3]

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Summary of Conference Call on Power Semiconductor Industry Industry Overview - The conference call focused on the power semiconductor industry, specifically discussing the performance and outlook of Huahong and its various product platforms [1][2][3]. Key Points and Arguments Pricing and Revenue Trends - Huahong adjusted prices by 5%-8% in May, but the average selling price (ASP) declined in Q2 due to changes in product mix and new capacity at the factory [1][3]. - There is insufficient support for price increases in Q3, making the target of a 10% ASP increase for the year difficult to achieve [1][4]. - The overall order visibility is low, and the company expects to maintain the original ASP increase target, but the probability of achieving it is low [4]. Demand and Capacity Insights - Demand for the BCD process platform has significantly increased, with expected capacity growth by year-end [1][5]. - Major clients like MPs have increased orders, but there are concerns about dependency on single clients and the impact of pricing strategies on orders [1][5][6]. - The NODE platform has stable demand for ETOX, but demand for platforms like Ziguang and Jushen has decreased [1][9]. Product-Specific Developments - ETOX production is expected to increase, with stable demand from MCU and smart card applications [1][13][15]. - The MOSFET product structure is shifting from medium voltage SGT to low voltage products, with a decrease in demand for new energy orders [1][18][19]. - The eFlash total input volume is steadily increasing, with expectations to reach approximately 18-19k units by year-end [1][15]. Client and Order Dynamics - MPs' orders have increased from 14k at the beginning of 2024 to 16k in Q3, with a projected demand of 24k by year-end [6][7]. - Other clients like Nanxing and Aivi have also seen order increases, but overall demand has weakened [8][15]. - The DDIC production has been transferred to the factory, with stable customer demand but short-term design optimization issues affecting orders [30][31]. Future Outlook and Challenges - The company is cautious about future demand, particularly for 2026, with a pessimistic sales forecast [39]. - The overall market sentiment is weak, and there are concerns about the ability to meet ASP targets due to reduced demand and price sensitivity from end customers [36][39]. Additional Important Insights - The transition of production capacity to different product lines is ongoing, with plans to shift some capacity from ETOX to iFlash products [12]. - The company is facing challenges in maintaining production levels for IGBT and other products due to price constraints and customer demand fluctuations [26][27][28]. - The overall semiconductor supply chain, including silicon wafer prices, is stable, with a downward trend in prices noted [34]. This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of the power semiconductor industry.

Core Insights - The company reported a revenue of $566 million for Q2 2025, representing a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.6% driven by an increase in wafer delivery volume [1] - Gross margin was 10.9%, exceeding the upper guidance limit due to improved utilization rates, with net profit attributable to shareholders at $8 million, up 19.2% year-on-year and 112.1% quarter-on-quarter [1] - The company provided a positive guidance for Q3 2025, expecting revenue between $620 million and $640 million, with a significant increase in quarterly growth and an improved gross margin of 10-12% [1] Revenue Breakdown - Embedded non-volatile memory revenue increased by 2.9% year-on-year and 8.3% quarter-on-quarter, driven by MCU demand from industrial and automotive clients [1] - Power device revenue grew by 9.4% year-on-year and 2.4% quarter-on-quarter, with growth primarily from super junction and MOSFET products [1] - Analog and power revenue surged by 59.3% year-on-year and 17.8% quarter-on-quarter, mainly driven by high demand for BCD platform power management chips [1] Pricing and Capacity Expansion - The company executed price increases this quarter, with expectations of single-digit price increases in the second half of the year, although the pace of price increases for power device products remains slow [1] - The company adjusted its wafer foundry average prices for 2025 and 2026 to $438 and $474 respectively, with gross margins revised to 12.1% and 16.1% [1] - Capacity expansion is accelerating, with the first batch of capacity expected to reach 80-90% utilization by the end of this year, and full capacity of 83,000 wafers per month planned for mid-2026 [1] Investment Rating and Price Target - The target price has been raised to HKD 54, maintaining a buy rating based on stable demand growth supporting high utilization rates and timely capacity expansion [2] - Adjustments to net profit forecasts for 2025-2027 are made to $9 million, $23 million, and $26 million respectively, reflecting the company's performance recovery certainty and potential asset injection expectations [2] - The target price corresponds to a 1.8 times projected price-to-book ratio for 2025, aligning with the upper limit of the company's price-to-book ratio over the past decade [2]

Core Insights - The National Big Fund holding concept rose by 1.83%, ranking fourth among concept sectors, with 34 stocks increasing in value, led by Shengke Communication, Chip Origin, and Tailin Micro, which rose by 19.27%, 9.24%, and 7.34% respectively [1][2] - The concept sector saw a net inflow of 2.169 billion yuan, with 34 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows, with Tongfu Microelectronics leading at 522 million yuan [2][3] Market Performance - The top-performing concept sectors included Brain-Computer Interface (+2.37%), Lithography Machine (+2.26%), and China AI 50 (+2.01%), while sectors like PEEK Materials (-1.58%) and Rare Earth Permanent Magnet (-1.53%) faced declines [2] - The National Big Fund holding concept was among the top gainers, with a notable increase in stock prices and significant net inflows [2] Stock Specifics - Tongfu Microelectronics had a daily increase of 4.55% with a net inflow rate of 17.13%, followed by Guoli Microelectronics and Huizhi Microelectronics with rates of 16.88% and 15.67% respectively [3][4] - Stocks such as Shengke Communication and Chip Origin saw significant price increases of 19.27% and 9.24%, indicating strong market interest [4][5]

Core Viewpoint - 招银国际 raised the target price for 华虹半导体 (01347) by 28% from HKD 37.5 to HKD 48, but downgraded the rating to "Hold" [1] Financial Performance - 华虹半导体 reported Q2 2025 revenue of USD 566 million, an increase of 18.3% year-on-year and 4.6% quarter-on-quarter, driven by a rise in wafer shipments (up 18% year-on-year and 6% quarter-on-quarter) [1] - The gross margin improved by 1.6 percentage points to 10.9%, exceeding the company's guidance (7%-9%) and institutional expectations (8.3%) [1] - The quarterly net profit margin increased from 0.7% in Q1 2025 to 1.6%, attributed to improved gross margin and other income (e.g., government subsidies) [1] Capacity and Utilization - Capacity utilization reached 108.3%, up 5.6 percentage points quarter-on-quarter and 10.4 percentage points year-on-year, marking the highest level in 11 quarters, driven by recovering downstream market demand and operational improvements [1] - The average selling price was USD 434, a year-on-year increase of 0.2% but a quarter-on-quarter decrease of 1.3% [1] Future Outlook - Management expects Q3 2025 revenue to be between USD 620 million and USD 640 million, indicating a year-on-year increase of 19.7% and a quarter-on-quarter increase of 11.3%, showing an accelerating growth trend from Q2 [2] - Gross margin outlook for Q3 and Q4 is expected to remain between 10%-12%, largely stable compared to Q2, primarily due to increased depreciation pressure [2]