Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q2 revenue of $566.1 million, which is an 18.3% year-over-year increase and a 4.6% quarter-over-quarter increase, exceeding the expected range of $550-570 million. The gross margin was 10.9%, surpassing the expected 7%-9% [5][8] - The company has a positive outlook for Q3, with projected sales revenue between $620-640 million, indicating a quarter-over-quarter growth of 9.5% to 13.1% [8] - The company is accelerating its capacity expansion, with wafer deliveries reaching 1,305K in Q2, an 18% year-over-year increase and a 6% quarter-over-quarter increase [8] Financial Data and Earnings Forecast - The total revenue forecast for 2025 is $17.204 billion, with a year-over-year growth rate of 19.6% [7] - The net profit forecast for 2025 is $717 million, reflecting an 88.4% year-over-year increase [7] - The projected earnings per share for 2025 is $0.41, with a price-to-earnings ratio of 161 [7] Operational Highlights - The company maintained a high utilization rate of 108.3% in Q2, with a quarter-over-quarter increase of 5.6 percentage points [8] - The company is focusing on specialty process wafer foundry services, with significant growth in the analog and power management segments, which saw a year-over-year increase of 59.3% [8] - The company is expected to benefit from the integration of Shanghai Huahong and Huahong Semiconductor, which may enhance its operational capabilities [8]

Core Insights - Both SMIC and Hua Hong Semiconductor reported significant year-on-year revenue growth in Q2, indicating strong demand and improved profitability in the semiconductor industry [2][4] Group 1: SMIC Performance - SMIC achieved a total revenue of $2.209 billion in Q2, a year-on-year increase of 16.2%, but a slight quarter-on-quarter decline of 1.7% [2] - The gross margin for SMIC was 20.4%, reflecting a decrease of 2.1 percentage points from the previous quarter [2] - SMIC's capacity utilization rate reached 92.5%, up by 2.9 percentage points quarter-on-quarter, indicating near-full production capacity [2] Group 2: Hua Hong Semiconductor Performance - Hua Hong Semiconductor reported a revenue of $566.1 million in Q2, marking an 18.3% year-on-year increase and a 4.6% quarter-on-quarter increase [4] - The gross margin for Hua Hong was 10.9%, exceeding guidance expectations [4] - The profit attributable to the parent company was $8 million, which represents a 19.2% year-on-year increase and a substantial 112.1% quarter-on-quarter increase [4]

股 票 研 究 股票研究 /[Table_Date] 2025.08.08 晶圆代工行业龙头 25Q2 毛利率优于指引上限 [Table_Industry] 半导体 中芯国际及华虹半导体发布 25Q2 业绩 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 吴小沛(研究助理) | 021-23187269 | wuxiaopei@gtht.com | S0880125042240 | 本报告导读： 我们认为在工业及汽车需求修复下，晶圆代工产能利用率有望持续改善，叠加在 地化生产趋势确立，头部 Fab 有望实现业绩增长。 投资要点： [Table_Report] 相关报告 半导体《AI 发展潜力大，半导体自主可控是关 键》2025.07.24 半导体《景气提升，关注晶圆代工产能扩张及先 进封装稀缺性》2025.07.21 半导体《沐曦股份及摩尔线程科创板 IPO 受理》 2025.07.04 半导体《设置科创 ...

Core Viewpoint - The report from Citi indicates that Huahong Semiconductor's Q2 revenue reached $566 million, showing a quarterly increase of 4.6%, nearing the upper limit of the company's guidance of $550 million to $570 million [1] Financial Performance - Gross margin for Q2 was 10.9%, an improvement of 1.7 percentage points from Q1, exceeding the guidance of 7% to 9% [1] - Capacity utilization increased by 5.6 percentage points to 108.3% [1] - Net profit was $8 million, a quarterly growth of 112.1%, but still below market expectations of $12.8 million [1] Market Outlook - Despite early inventory buildup in the first half of the year, demand in the second half is expected to be similar to the first half [1] - Price adjustments began in Q2, with expectations for average selling prices to see single-digit increases in the second half [1] Future Projections - The gross margin for Q4 is anticipated to maintain the level seen in Q3 [1] - The expansion of the 12-inch wafer fab (Fab 9) is progressing well, with new capacity expected to come online in 2027 [1] - Earnings forecasts for Huahong Semiconductor have been raised by 18% and 12% for 2026 and 2027 respectively, while the 2023 earnings forecast has been lowered by 31% due to increased tax [1] Investment Rating - The rating remains "Outperform" with the target price increased from HKD 36.9 to HKD 50.5 [1]

Core Insights - The total compensation for A-share company secretaries reached 4.086 billion yuan in 2024, with an average salary of 754,300 yuan [1] - In the semiconductor industry, the average salary for company secretaries was 977,400 yuan, ranking 11th among 125 secondary industries [1] - The average salary in the semiconductor sector increased by 89,800 yuan compared to the previous year, ranking 18th in salary growth among primary industries [1] Salary Distribution - Among the 187 company secretaries in the semiconductor industry, 77 had salaries between 500,000 and 1 million yuan, accounting for over 40% [1] - 69 company secretaries earned over 1 million yuan, representing 37% of the total [1] - The highest-paid company secretary was Liu Xiaoyu from Zhongwei Company, with a salary of 5.8318 million yuan [1] Age Distribution - The age of the 187 company secretaries ranged from 28 to 61 years, with the majority (149 individuals) aged between 35 and 54, making up nearly 80% [3] - The highest average salary was found in the 50-54 age group, at 1.1363 million yuan [3] Educational Background - Among the company secretaries, 102 held a master's degree, while 71 had a bachelor's degree, with a total of 173 individuals (over 90%) holding at least a bachelor's degree [6] - The only company secretary with a vocational education background, Chang Wenying from Huatiankeji, earned 1.9593 million yuan, significantly higher than the average salaries for bachelor's and master's degree holders [6] Salary and Stock Performance Relationship - An analysis of company secretaries' salaries in the optoelectronics industry showed a positive correlation between salary levels and stock performance, with stock price increases corresponding to higher salary brackets [8] - The stock price annual growth rates for the salary brackets of 0-200 million yuan were 1.92%, 7.68%, 14.39%, and 22.76%, indicating that higher salaries are associated with better stock performance [8]

集团将毛利率稳健表现归因于成本管控与轻微加价，但表示随着12寸晶圆厂Fab 9项目持续扩产，折旧 费用将攀升。虽然次季部分产品价格有单位数升幅，该行认为仍不足以抵消厂房快速扩张带来的结构性 毛利率压力。该行预计华虹2025年第三季及第四季毛利率均为11.9%，并估计2026年首季、第二季、第 三季及第四季毛利率各为7.4%、7.9%、9.2%及9.2%。 智通财经APP获悉，瑞银发布研报称，华虹半导体(01347)次季销售额按季增5%至5.66亿美元，符合指 引，受晶圆出货量按季增6%推动; 毛利率10.9%，优于指引，主因产能利用率提升，当中电源管理芯片 (PMIC)为最主要增长引擎。基于折旧快速增加，以及产业供过于求限制加价空间，该行将对华虹的毛 利率与股本回报率(ROE)前景维持审慎观点，目标价由20港元升至22.5港元，维持"沽售"评级。 另外，华虹半导体第三季指引亦超出预期，管理层料销售额为6.2亿至6.4亿美元，毛利率10%至12%， 并预期稳健需求将延续至第四季; 该行预计第三及四季销售分别按季增13%及2%，电源管理芯片需求强 劲。 ...

Core Viewpoint - Both SMIC and Hua Hong Semiconductor reported significant revenue growth in Q2, with improved capacity utilization, although net profits and gross margins remain low [1][2][6]. Group 1: Financial Performance - SMIC achieved Q2 sales revenue of $2.209 billion, a year-on-year increase of 16.2%, but a quarter-on-quarter decrease of 1.7%. Gross margin was 20.4%, down 2.1 percentage points from the previous quarter [2][5]. - For the first half of the year, SMIC's sales revenue reached $4.46 billion, a 22.0% increase year-on-year, with a gross margin of 21.4%, up 7.6 percentage points from the previous year [3]. - Hua Hong Semiconductor reported Q2 sales revenue of $566.1 million, an 18.3% year-on-year increase and a 4.6% quarter-on-quarter increase. Gross margin was 10.9%, up 0.4 percentage points year-on-year [6][11]. Group 2: Capacity Utilization - SMIC's capacity utilization reached 92.5% in Q2, up 2.9 percentage points from Q1 and 7.3 percentage points from Q2 of the previous year [9][11]. - Hua Hong's capacity utilization exceeded 100%, reaching 108.3% in Q2, an increase from 102.7% in Q1 and 97.9% in Q2 of the previous year [11][14]. Group 3: Market Insights - SMIC's revenue from the industrial and automotive sectors increased, accounting for 10.6% of total revenue in Q2, up from 9.6% in Q1 [14]. - Hua Hong's revenue from 65nm and below technology nodes grew by 27.4% year-on-year, driven by demand for analog, logic, and flash products [14]. - Both companies expressed optimism for Q3 revenue, with SMIC forecasting a gross margin between 18% and 20%, while Hua Hong expects a gross margin of 10% to 12% [14].

Core Insights - Both SMIC and Hua Hong Semiconductor reported significant year-on-year revenue growth in Q2, with SMIC nearing full capacity and Hua Hong exceeding 100% utilization [1][3]. Company Performance - SMIC's Q2 revenue reached $2.209 billion, a 16.2% increase year-on-year but a 1.7% decrease quarter-on-quarter; gross margin was 20.4%, down 2.1 percentage points from the previous quarter [3]. - SMIC's net profit attributable to shareholders was $132 million, a decline of 19.5% year-on-year and 29.5% quarter-on-quarter [3]. - Hua Hong's Q2 revenue was $566.1 million, an 18.3% year-on-year increase and a 4.6% quarter-on-quarter increase; gross margin was 10.9%, up 0.4 percentage points year-on-year [3][4]. - Hua Hong's net profit attributable to shareholders was approximately $7.95 million, up 19.2% year-on-year and 112.1% quarter-on-quarter [3]. Capacity and Utilization - SMIC's capacity utilization rate in Q2 was 92.5%, an increase of 0.9 percentage points from the previous quarter, with monthly capacity rising from 970,000 wafers to approximately 990,000 wafers [3]. - Hua Hong's capacity utilization rate reached 108.3%, up 5.6 percentage points quarter-on-quarter, with 1.305 million 8-inch wafers shipped, an 18% year-on-year increase [4]. Market Trends - The global semiconductor market size exceeded $340 billion in the first half of the year, reflecting an 18.9% year-on-year growth; Q2 alone accounted for approximately $180 billion, a 19.6% increase year-on-year [4]. - Logic semiconductors grew by 37%, memory semiconductors by 20%, and sensors by 16% in the first half of the year [4].

Group 1 - The core viewpoint of the articles highlights the strong performance of domestic semiconductor foundries, specifically SMIC and Hua Hong, which reported significant revenue growth and improved profitability in Q2 [1] - Both companies achieved high capacity utilization rates, with SMIC nearing full capacity and Hua Hong exceeding 100% utilization [1] - For Q3, SMIC projects a revenue increase of 5% to 7% and a gross margin guidance of 18% to 20%, while Hua Hong expects sales revenue between $620 million and $640 million with a gross margin of 10% to 12% [1] Group 2 - The global semiconductor market reached over $340 billion in the first half of the year, reflecting an 18.9% year-on-year growth, with Q2 alone showing a 19.6% increase [1] - The growth in the semiconductor market is driven by logic semiconductors (37% growth), memory semiconductors (20% growth), and sensors (16% growth) [1] - Tianfeng Securities anticipates continued optimistic growth in the semiconductor sector through 2025, particularly driven by AI and the ongoing restructuring of supply chains [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of domestic semiconductor foundries, specifically SMIC and Hua Hong, which reported significant revenue growth and improved profitability in Q2 [1] - Both companies achieved high capacity utilization rates, with SMIC nearing full capacity and Hua Hong exceeding 100% utilization [1] - SMIC's Q2 revenue guidance indicates a sequential growth of 5% to 7%, with a gross margin forecast of 18% to 20% [1] - Hua Hong expects Q3 revenue to be between $620 million and $640 million, with a gross margin of 10% to 12%, supported by the ramp-up of its new 12-inch production line [1] Group 2 - The global semiconductor market reached over $340 billion in the first half of the year, reflecting an 18.9% year-on-year growth [1] - In Q1, the market size was approximately $167 billion, growing by 18.1%, while Q2 saw a market size of about $180 billion, with a year-on-year growth of 19.6% [1] - Logic semiconductors grew by 37%, memory semiconductors by 20%, and sensors by 16% in the first half of the year, indicating robust demand across various segments [1] Group 3 - Tianfeng Securities projects continued optimistic growth in the global semiconductor market, driven by AI and downstream demand in 2025 [2] - The semiconductor sector is expected to experience a peak season in Q3, with recommendations to focus on companies in storage, power, foundry, ASIC, and SoC sectors [2] - On August 7, an electronic ETF focusing on "semiconductors + consumer electronics + PCB" saw a price increase of over 1.7% during trading, closing up 0.62% [2]