Core Viewpoint - Goldman Sachs expresses optimism about Huahong Semiconductor's prospects due to the company's gradual shift towards 40nm/28nm processes and capacity expansion [1] Summary by Relevant Sections - Target Price Adjustment - Goldman Sachs raises Huahong Semiconductor's target price by 13% to 87 yuan, reflecting a projected price-to-earnings ratio of 51.5 times for 2028, up from the previous 45.7 times [1] - Earnings Growth Forecast - The average annual growth rate of earnings per share for Huahong is maintained at approximately 31% for 2028 to 2029, indicating a positive outlook based on recent market correlation regression analysis [1] - Long-term Profitability Outlook - Earnings forecasts for Huahong from 2025 to 2027 remain largely unchanged, but net profit estimates for 2028 and 2029 are increased by 0.2% and 0.6% respectively, reflecting a more optimistic view on long-term growth opportunities [1] - Gross Margin Prediction - The gross margin forecast for Huahong in 2029 is raised by 0.1 percentage points, primarily due to a slightly more optimistic outlook on capacity utilization [1]
高盛升华虹半导体目标价至87港元