Group 1 - Goldman Sachs maintains a "Neutral" rating on Hua Hong Semiconductor (01347) as there is no upward potential relative to the target price [1] - The firm has revised down 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] - The target price 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] Group 2 - The long-term outlook for Hua Hong Semiconductor is positive due to increasing domestic localization demand, high capacity utilization, and ongoing expansion plans [1] - Short-term catalysts include continued capacity expansion plans and high capacity utilization supporting a recovery in average selling prices, which could support the company's stock price [1]
高盛：升华虹半导体(01347)目标价至53.4港元 维持“中性”评级