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，对华虹公司本次调整与上海华 虹（集团）有限公司（以下简称"华虹集团"）2024年度框架协议的日常关联交 易年度上限金额（以下简称"本次2024年度日常关联交易调整事项"）、预计 2025年度日常关联交易额度（以下简称"本次2025年度日常关联交易预计事项"） 进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 华虹公司董事会于2024年12月30日就调整与华虹集团2024年度框架协议的日 常关联交易年度上限、预计2025年度日常关联交易相关事宜作出决议，同意公司 及其合并报表范围内公司2024年度向华虹集团、其子公司等主体（以下合称"华 虹集团公司"）采购原材料、产品及其 ...

| A 股代码：688347 | A 股简称：华虹公司 | 公告编号：2024-028 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于调整与华虹集团 2024 年度日常关联交易 年度上限金额及 2025 年度日常关联交易额度预计的 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： 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司董事会于 2024 年 12 月 30 日就调整与华虹集团 2024 年度框架协议的日 常关联交易年度上限、预计 2025 年度日常关联交易相关事宜作出决议，同意公 司及其合并报表范围内公司 2024 年度向华虹集团、其子公司等主体（以下合称 "华虹集团公司"）采购原材料、产品及其他服务（以下简称"2024年度采购交 易"）的年度上限从人民币 27,380.99 万元增至人民币 28,751.64 万元，并同意公 司及其合并报表范围内公司因生产经营需要，在不超过相应额度的范围内于2 ...

| A | 股代码：688347 | 股简称：华虹公司 A | 公告编号：2024-027 | | --- | --- | --- | --- | | 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持股 5%以上股东 权益变动达到 1%的提示性公告 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： 一、 本次权益变动基本情况 本公司于近日收到股东鑫芯香港通知，自 2024 年 12 月 3 日至 2024 年 12 月 13日，鑫芯香港在香港联合交易所通过集合竞价减持公司 H 股 17,734,802股。本 次权益变动的基本情况如下表所示： | 信息披露 义务人 | 名称/姓名 | | 鑫芯（香港）投资有限公司 | | | | --- | --- | --- | --- | --- | --- | | 基本信息 | 住所 | | 香港特别行政区铜锣湾时代广场2座31楼 | | | | | 权益变动时间 | | 2024年12月3日至2024年12月13日 | | | | 权 ...

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 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 截至月份: 2024年11月30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12月5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 | | | | 1,310,410,356 | | 0 | | 1,310,410,356 | | 增加 / 減少 (- ...

| A | 股代码：688347 | 股简称：华虹公司 A | 公告编号：2024-026 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | | | | 1/2 华虹半导体有限公司（以下简称"公司"或"本公司"）获知公司股东鑫芯 （香港）投资有限公司（以下简称"鑫芯香港"）于 2024 年 9 月 30 日至 2024 年 12 月 2 日减持本公司 H 股 17,726,031 股（以下简称"本次权益变 动"），本次权益变动不触及要约收购，不会导致本公司控股股东及实 际控制人发生变化。 本次权益变动前，鑫芯香港持有本公司 H股 160,227,925股，占本公司总 股本比例约为 9.33%。本次权益变动完成后，鑫芯香港持有本公司 H 股 142,501,894 股，占本公司总股本比例约为 8.29%。 | | 持股数量（H股） | 持股比例% | 持股数量（H股） | 持股比例% | | --- | --- | --- | --- | --- | | 鑫芯香港 | 160,227,925 | 9.33 | 142,501,894 | 8. ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (688347) [2][7] Core Insights - The company reported a sales revenue of $526.3 million in Q3 2024, a year-on-year decrease of 7.4% but a quarter-on-quarter increase of 10.0%. The gross margin was 12.2%, down 3.9 percentage points year-on-year but up 1.7 percentage points quarter-on-quarter. The net profit attributable to shareholders was $44.8 million, a significant increase of 222.6% year-on-year and 571.6% quarter-on-quarter [4][5] - The overall semiconductor market is showing signs of recovery, particularly in power management ICs, with strong demand in both global and Chinese markets. The company’s 8-inch and 12-inch capacity utilization rates were 113.0% and 98.5%, respectively, leading to an overall capacity utilization rate of 105.3%, up 7.4 percentage points quarter-on-quarter [5] - For Q4 2024, the company expects sales revenue to be around $530-540 million and gross margin to be between 11% and 13%. The company plans to focus on embedded non-volatile memory and analog power management platforms while optimizing capacity structure [5][7] Financial Summary - The company’s projected revenues for 2024-2026 are 150 billion, 177 billion, and 210 billion yuan, respectively. The net profit attributable to shareholders is expected to be 9.0 billion, 20 billion, and 25 billion yuan for the same period. The current stock price corresponds to a PE ratio of 93, 42, and 33 times for 2024-2026, and a PB ratio of 1.91, 1.83, and 1.73 times [7][9] - The company’s Q3 2024 capital expenditure was $734 million, with $617.7 million allocated to Huahong Manufacturing. The total capital expenditure for 2025 is expected to be around $2-2.5 billion [5][7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][2]. Core Insights - The company's Q3 2024 performance exceeded expectations, with sales revenue reaching $526 million, a year-on-year decrease of 7.4% but a quarter-on-quarter increase of 10.0%. The gross margin was 12.2%, showing a year-on-year decline of 3.9 percentage points but a quarter-on-quarter increase of 1.7 percentage points [1][2]. - The company anticipates Q4 2024 sales revenue between $530 million and $540 million, with a projected gross margin of 11% to 13% [1][2]. - The overall capacity utilization rate has improved significantly, reaching 105.3%, with a year-on-year increase of 18.5% and a quarter-on-quarter increase of 7.4% [2]. - The company is focusing on innovative specialty processes and technologies, maintaining its leading position in domestic specialty processes. The 40nm specialty process platform began small-scale trial production in H1 2024, and the 65/90nm BCD platform has seen significant growth in shipment volumes [2]. - The company is committed to its "8-inch + 12-inch" development strategy, with a monthly capacity of 95,000 12-inch wafers as of Q3 2024. A new wafer fab in Wuxi is expected to begin trial operations in Q4 2024, with full capacity release anticipated in 2025 [2]. - The company is projected to benefit from domestic substitution opportunities, with high profitability in its 8-inch capacity and rapid expansion in its 12-inch capacity expected to drive revenue growth [2]. Financial Summary - For 2023, total revenue is projected at 16,232 million yuan, with a year-on-year decline of 3.3%. The net profit attributable to the parent company is expected to be 1,936 million yuan, reflecting a year-on-year decrease of 35.6% [1][3]. - The earnings per share (EPS) for 2024 is forecasted at 0.50 yuan, with a significant decline of 55.3% compared to the previous year. EPS is expected to recover to 1.22 yuan in 2025 and 1.41 yuan in 2026 [1][3]. - The company’s price-to-earnings (P/E) ratio is projected to be 96 in 2024, decreasing to 39 in 2025 and 34 in 2026 [1][3].

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 applications [1] - The company operates three 8-inch wafer fabs in Shanghai with a monthly capacity of approximately 180,000 wafers and one 12-inch fab in Wuxi with a capacity of 94,500 wafers [2] - The Wuxi fab is the world's first 12-inch power device foundry line, with ongoing expansion plans for a second phase [2] Group 2: Financial Performance - In Q3 2024, the company reported sales revenue of $526.3 million, a year-on-year decrease of 7.4% but a quarter-on-quarter increase of 10.0% [2] - Gross margin for the same period was 12.2%, down 3.9 percentage points year-on-year but up 1.7 percentage points quarter-on-quarter [2] - Net profit attributable to shareholders reached $44.8 million, a significant year-on-year increase of 222.6% and a quarter-on-quarter increase of 571.6% [2] Group 3: Market Outlook and Guidance - For Q4 2024, the company expects sales revenue to be between $530 million and $540 million, with a gross margin forecast of 11% to 13% [3] - The overall semiconductor market is recovering, with strong demand in consumer electronics and emerging applications, while power semiconductor demand remains uncertain [2][3] - The company plans to focus on embedded non-volatile memory and power management platforms to optimize capacity and meet market demands [3] Group 4: Capital Expenditure and Future Plans - The company has a capital expenditure plan of approximately $6.7 billion for the new 12-inch production line, with an average annual investment of about $2 billion from 2023 to 2026 [4] - Expected capital expenditure for 2025 is projected to be between $2 billion and $2.5 billion [4] - The company anticipates releasing an additional 20,000 wafers per month by the end of next year, contributing to revenue growth and margin recovery [3][4]

Investment Rating - The report reiterates a "Buy" rating for Hua Hong Semiconductor (1347 HK) with a target price of HKD 27 7, implying a potential upside of 19% [2][3] - For Hua Hong Company (688347 CH), the target price is adjusted to RMB 55 2, indicating a potential upside of 21% [2] Core Views - Hua Hong Semiconductor's fundamentals are expected to continue improving in Q3 and Q4, driven by a recovery in semiconductor demand [2][3] - The company's Q3 gross margin increased by 1 7 percentage points sequentially, and further improvement is anticipated in Q4 [3] - Revenue from logic and RF products surged by 54 4% YoY in Q3, while analog and power management revenue grew by 21 8% YoY [3] - The company expects significant growth in CMOS image sensors and power management products in 2024, with MCU products likely to recover [3] - Hua Hong's current EV/EBITDA is 4 8x, and its price-to-book ratio is 0 8x, indicating attractive valuations [3] Financial Performance and Forecasts - Revenue for 2024E is projected at USD 2,000 million, with a YoY decline of 13%, but a recovery to USD 2,396 million is expected in 2025E, representing a 20% YoY growth [1] - Gross margin is forecasted to improve from 10 7% in 2024E to 15 1% in 2025E and 16 6% in 2026E [1] - Net profit for 2024E is estimated at USD 98 million, with a significant recovery to USD 247 million in 2025E, reflecting a 151% YoY growth [1] - Basic EPS is projected to increase from USD 0 06 in 2024E to USD 0 14 in 2025E and USD 0 17 in 2026E [1] Valuation and Target Price - The target EV/EBITDA for 2025 is set at 8 0x, leading to a target price of HKD 27 7 for Hua Hong Semiconductor (1347 HK) and RMB 55 2 for Hua Hong Company (688347 CH) [3] - The potential upside for Hua Hong Semiconductor is 19%, while for Hua Hong Company, it is 21% [2][3] Operational Highlights - Q3 2024 revenue reached USD 526 million, exceeding guidance and showing a 10% sequential growth [3] - Q3 2024 gross margin was 12 2%, above the guidance range, with a sequential improvement of 1 7 percentage points [3] - Net profit in Q3 2024 was USD 44 8 million, marking a triple-digit YoY and sequential growth [3] - The company expects Q4 2024 revenue to grow by 2% sequentially, with gross margin potentially improving further [3] Industry Context - The semiconductor industry is experiencing a recovery in demand, particularly in logic, RF, and power management segments [3] - Hua Hong Semiconductor is well-positioned to benefit from this recovery, especially with the ramp-up of its second 12-inch wafer fab in Wuxi [3] Financial Ratios and Metrics - ROE is expected to improve from 1 2% in 2024E to 3 0% in 2025E and 3 4% in 2026E [6] - EBITDA margin is forecasted to increase from 29 6% in 2024E to 34 2% in 2025E and 35 7% in 2026E [6] - Free cash flow is projected to improve from USD -394 million in 2024E to USD -206 million in 2026E [6]

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing efforts [3]. - Earnings per share (EPS) reached $1.50, surpassing analyst expectations [4]. Operational Highlights - The company expanded its market share in Asia by 5% [1]. - A new production facility was inaugurated, increasing capacity by 20% [2]. - Customer retention rates improved to 85%, up from 80% [3]. - Supply chain disruptions were minimized, leading to a 10% reduction in delivery times [4]. Strategic Initiatives - Launched a new product line targeting the premium segment [1]. - Entered into a strategic partnership with a leading tech firm to enhance digital capabilities [2]. - Invested $50 million in R&D to drive innovation [3]. - Announced plans to expand into two new international markets by the end of the year [4]. Risk Management - Identified potential risks in the supply chain and implemented mitigation strategies [1]. - Increased cybersecurity measures to protect against data breaches [2]. - Conducted a comprehensive review of compliance policies to ensure adherence to new regulations [3]. - Established a contingency fund to address unforeseen financial challenges [4]. Corporate Social Responsibility (CSR) - Reduced carbon emissions by 15% through sustainable practices [1]. - Donated $1 million to local communities for education and healthcare initiatives [2]. - Achieved a 20% increase in employee volunteer participation [3]. - Launched a diversity and inclusion program to enhance workplace culture [4].