8月11日早盘，港股三大指数盘中大幅震荡。盘面上，锂电池概念股强势上扬，半导体股走弱。A股同 赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡，持仓股中，小鹏汽车、蔚来、阿里巴巴等 涨幅居前，华虹半导体、金蝶国际、携程集团、快手等领跌，其中华虹半导体一度跌超5%。 消息面上，8月7日，华虹半导体公布2025年第二季度业绩。其中，公司第二季度销售收入5.66亿美元， 同比增长18.3%，环比增长4.6%；毛利率10.9%，同比上升0.4个百分点，环比上升1.7个百分点。华虹半 导体表示，2025年需求预计延续2024年下半年以来的复苏态势，关税对需求影响有限。2025年第三季度 预计销售收入约在6.2亿美元至6.4亿美元之间，预计毛利率约在10%至12%之间。 多家券商对于华虹半导体后期表现持较乐观态度。华泰证券指出，展望全年：1）华虹半导体持续受益 AI相关需求，看好模拟芯片加速成长；2）九厂扩产提速，看好产能扩张增厚收入；3）Q2开始进行的 价格调整或在Q3/Q4有所体现，看好价格调涨对收入和毛利率产生积极影响。光大证券认为，1） 2H2025营收持续较快增长，主要受12英寸产能释放节奏明确，下 ...

建银国际发布研报称，维持华虹半导体(01347)"跑赢大市"评级，因为该行相信在本土化趋势以及工业 和汽车市场改善下，华虹半导体将迎来复苏。该行将该公司的目标市净率从1.2倍上调至1.7倍，目标价 从36港元上调39%至50港元，仍基于2025年预期市净率。 报告指，2025年第二季收入为5.66亿美元，同比增18%，按季增5%，符合公司指引和机构共识。受产能 利用率(UTR)上升及需求回暖推动，晶圆出货量较上季成长6%，平均售价较上季小幅下降1%。毛利率 (GPM)为10.9%，高于公司指引的上限(7%-9%)，主要得益于UTR好于预期，以及产品组合变化。 ...

智通财经APP获悉，建银国际发布研报称，维持华虹半导体(01347)"跑赢大市"评级，因为该行相信在本 土化趋势以及工业和汽车市场改善下，华虹半导体将迎来复苏。该行将该公司的目标市净率从1.2倍上 调至1.7倍，目标价从36港元上调39%至50港元，仍基于2025年预期市净率。 报告指，2025年第二季收入为5.66亿美元，同比增18%，按季增5%，符合公司指引和机构共识。受产能 利用率(UTR)上升及需求回暖推动，晶圆出货量较上季成长6%，平均售价较上季小幅下降1%。毛利率 (GPM)为10.9%，高于公司指引的上限(7%-9%)，主要得益于UTR好于预期，以及产品组合变化。 ...

大摩发表报告，下调华虹半导体今年全年每股盈利预测10%，以反映第二季税率及少数股权的波动。另 外，由于12吋晶圆涨价带动毛利率扩张，该行将2026及2027的每股盈利预测分别调高3%及2%，目标价 相应由34港元上调至38港元，评级"与大市同步"。 ...

Core Viewpoint - The report from CMB International indicates a positive trend in the gross margin of Huahong Semiconductor (01347), predicting a rebound in gross margin to 11.5% in Q3 2025, following a recovery in product prices and strong demand for PMIC products [1][2] Group 1: Financial Performance - The company reported revenue of $566 million in Q2 2025, slightly exceeding the median guidance and expectations, with a gross margin of 10.8%, surpassing the upper limit of guidance [1] - The revenue forecast for 2025/26 has been raised to $2.41 billion and $2.87 billion, respectively, from previous estimates of $2.29 billion and $2.77 billion [1] - The gross margin forecast for 2025 has been increased to 10.8%, up from 9.2% [1] Group 2: Operational Insights - Management highlighted that the improvement in gross margin is primarily due to increased capacity utilization, initial cost control effects, and stabilization in product prices [1] - The company has adjusted prices in Q2 2025, with overall price increases in the single digits, expected to be more evident in Q3 and Q4 2025 [1] - The guidance for Q3 2025 revenue is set between $620 million and $640 million, with a gross margin of 10-12%, all exceeding previous expectations [1] Group 3: Market Demand and Capacity - The demand for PMIC products has surged, with a year-on-year growth of 59.5%, and the revenue share from analog/PMIC platforms has increased to 28.5%, up 7.4 percentage points year-on-year [2] - Management noted that the demand for related BCD platforms could be double the previous supply capacity [2] - The company expects to complete 80-90% of the capacity installation at the ninth factory by the end of 2025, with full completion by mid-2026 [2] Group 4: Production Capacity Projections - The company has completed a monthly capacity ramp-up of 25,000 wafers in the first half of 2025, with an updated forecast to reach 50,000 wafers per month by the end of 2025 [2] - The ramp-up rate is expected to be faster than previously predicted, with plans to achieve all 83,000 wafers of planned capacity by Q3 2026 [2] - The majority of PMIC products are 12-inch, which may help stabilize the average selling price (ASP) [2]

摩根士丹利发布研报称，由于2025年第二季度税率波动及少数股东权益的影响，将华虹半导体 (01347)2025年每股盈测下调10%。同时，受惠于12英寸晶圆价格上涨推动的毛利率扩大，将2026-2027 年每股盈测分别上调3%和2%。基于上述每股盈利预测的变动，大摩基于模型从2025年，调整至2025年 下半年至2026年上半年，并上调目标价11.8%，由34港元升至38港元，维持"与大市同步"评级。 ...

Group 1 - The core viewpoint of the report indicates that Huahong Semiconductor (01347) is expected to see a reversal in its gross margin trend in 2Q25, with a forecasted gross margin rebound to 11.5% in 3Q25 and stability in 4Q25 due to positive price changes in most platform products [1] - The company’s revenue forecast for 2025 and 2026 has been raised to $2.41 billion and $2.87 billion respectively, up from previous estimates of $2.29 billion and $2.77 billion, reflecting the impact of price increases, product mix changes, and high demand for PMIC [1] - The management highlighted that the gross margin exceeded guidance due to improved capacity utilization, cost control effects, and price stabilization, with 2Q25 revenue reported at $566 million, slightly above the median guidance [1] Group 2 - The management noted strong resilience in downstream demand and manageable tariff impacts, with PMIC product revenue experiencing a robust year-on-year growth of 59.5%, contributing to 28.5% of total revenue, an increase of 7.4 percentage points year-on-year [2] - The company’s capacity ramp-up is expected to be faster than previously predicted, with the ninth factory projected to reach 80-90% completion by the end of 2025, and full completion by mid-2026, with a monthly capacity ramp-up of 50,000 wafers by the end of 2025 [2] - The management indicated that the demand for PMIC products is likely to be double the previous supply capacity, and the company is adjusting prices, with overall price increases expected to be in the single digits, reflecting a reduction in pricing pressure across most platforms [2]

AI&半导体电话会：液冷渗透率提升，FAB 稳健成长 20250810 摘要 海外云厂商如微软、亚马逊和 Meta 持续增加对 AI 的投入，资本开支显 著上调，形成正向循环，微软 AI 云计算业务同比增长 27%，亚马逊全 年资本开支预计达 1,100 亿至 1,200 亿美元，Meta 将 2025 年资本开 支上调至 660 亿到 720 亿美元。 液冷技术市场前景乐观，维谛公司二季度营收同比增长 35%，订单收入 达 85 亿美元。英伟达发布 GV300 GPU，微软明确要求数据中心支持 液冷，中国台湾供应商奇宏等营收显著增长，数据中心冷却系统供不应 求。 数据中心采用液冷技术主要由功耗驱动，传统风冷接近极限，液冷能效 比更高。全球数据中心液冷渗透率预计从 2024 年的 14%提高到 2025 年的 20%以上，国内市场增长空间巨大。 2024 年全球液冷服务器市场中，浪潮信息、超聚变和宁畅占据前三位， 合计市场份额超过 70%。这些公司在液冷技术方面积累了较强的技术和 服务能力，产业生态协同完善。 Q&A 这些公司凭借其强大的研发能力和广泛的市场覆盖，在激烈竞争中保持领先地 位。 液冷技术在数据中 ...

Core Viewpoint - The company maintains a "buy" rating, driven by strong BCD demand and expected revenue growth, despite a need for cost reduction to improve profit margins [1][2] Group 1: Revenue and Growth Expectations - The company expects to continue the positive trend in revenue into Q3 2025, with projected revenue of $6.2-6.4 billion, reflecting a 10%-13% quarter-over-quarter growth [2] - For Q2 2025, the company reported revenue of $5.66 billion, a 5% increase from the previous quarter, aligning with prior guidance [1] - The anticipated revenue growth is supported by the ramp-up of production capacity at the new factory and strong demand for AI and electric vehicle-related products [1][2] Group 2: Profit Margins and Cost Management - The gross margin for Q2 2025 was reported at 10.9%, exceeding the upper limit of the guidance range of 7%-9%, attributed to improved capacity utilization and cost reduction efforts [1] - The company has adjusted its net profit forecasts for 2025-2026 downwards due to increased depreciation from the new factory, projecting net profits of $0.4 billion and $0.7 billion respectively [1] - The gross margin guidance for Q3 2025 is set at 10%-12%, indicating stability but reflecting increased depreciation costs that may offset price increases [2] Group 3: Market Demand and Pricing - The demand for BCD products remains robust, with actual order demand being double the company's planned production capacity [2] - The company anticipates that the price increases from Q2 2025 will gradually reflect in Q3 and Q4, although management cautions against expecting significant price hikes [2] - The power supply-demand situation is not optimistic, with no plans for further expansion of power capacity [2]

Core Viewpoint - The company reported better-than-expected gross margins for Q2 2025, driven by increased wafer shipments and a recovery in downstream demand [1][2]. Financial Performance - Q2 2025 revenue reached $566 million, a year-over-year increase of 18.3% and a quarter-over-quarter increase of 4.6%, aligning with the company's guidance of $550-570 million [1]. - The gross margin for Q2 2025 was 10.9%, exceeding the company's guidance of 7-9% and market expectations of 8.3%, with a year-over-year increase of 0.4 percentage points and a quarter-over-quarter increase of 1.7 percentage points [2]. - Net profit attributable to the parent company was $7.95 million, falling short of the market expectation of $12.77 million, primarily due to rising R&D expenses and depreciation [2]. Market Dynamics - Downstream demand showed moderate recovery, with revenue from the consumer electronics sector increasing by 19.8% year-over-year, accounting for 63.1% of total revenue, and industrial and automotive revenue increasing by 16.7%, accounting for 22.8% [2]. - The company has initiated a price increase for certain products starting in Q2 2025, primarily focused on ICs and the 12-inch platform, with expected effects to materialize in Q3 and Q4 2025 [2]. Capacity and Production - The company maintained a high capacity utilization rate of 108.3% in Q2 2025, a year-over-year increase of 10.4 percentage points and a quarter-over-quarter increase of 5.6 percentage points, driven by recovering downstream demand [3]. - Q2 2025 wafer shipments totaled 1.31 million 8-inch equivalent wafers, representing a year-over-year increase of 18% and a quarter-over-quarter increase of 6% [3]. - The company plans to continue investing in Fab 9, with capital expenditures of $408 million in Q2 2025, of which $376 million was allocated to Fab 9 [3]. Future Outlook - The company provided a positive revenue and gross margin guidance for Q3 2025, expecting revenue between $620-640 million, which corresponds to a year-over-year increase of 19.7% and a quarter-over-quarter increase of 11.3% [3]. - The gross margin guidance for Q3 2025 is set at 10-12%, with a midpoint indicating a year-over-year decrease of 1.2 percentage points but a quarter-over-quarter increase of 0.1 percentage points [3]. - The company anticipates continued revenue growth in the second half of 2025, supported by the release of 12-inch capacity and strong demand for BCD products [3].