Core Viewpoint - Goldman Sachs expresses a positive long-term outlook on Hua Hong Semiconductor due to increasing domestic localization demand, high capacity utilization rates, ongoing expansion plans, and a future transition from 40nm to 28nm processes [1] Group 1: Company Performance - The firm anticipates short-term catalysts including continuous capacity expansion plans and high capacity utilization supporting a recovery in average selling prices, which will support the company's stock price [1] - Goldman Sachs has lowered its earnings forecasts for 2025 to 2029 by 33%, 11%, 4%, 2%, and 2% respectively, while increasing operating expense forecasts by 8%, 5%, 1%, 1%, and 1% [1] Group 2: Price Target and Rating - The target price for Hua Hong Semiconductor has been raised from HKD 46.9 to HKD 53.4, corresponding to a projected price-to-earnings ratio of 45.4 times for the next year [1] - Despite the positive outlook, the firm maintains a "Neutral" rating as the current stock price shows no upside potential relative to the target price [1]
大行评级｜高盛：上调华虹半导体目标价至53.4港元 对其长期潜力持积极看法