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]
华虹半导体(01347.HK)：BCD景气驱动收入增长 毛利率有待降本成效显现