Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Hua Hong Semiconductor (01347) due to a lack of upside potential relative to the target price, while adjusting profit forecasts downward for 2025 to 2029 by 33%, 11%, 4%, 2%, and 2% respectively [1] Financial Projections - Operating expense forecasts have been raised by 8%, 5%, 1%, 1%, and 1% for the same period [1] - The target price has been increased from HKD 46.9 to HKD 53.4, implying a projected price-to-earnings ratio of 45.4 times for the next year [1] Long-term Potential - The company is viewed positively in the long term due to increasing domestic localization demand, high capacity utilization rates, and ongoing expansion plans [1] - Future plans include transitioning from 40nm to 28nm process technology [1] Short-term Catalysts - Expected 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：升华虹半导体目标价至53.4港元 维持“中性”评级