Core Viewpoint - Goldman Sachs reports that Hua Hong Semiconductor's Q3 revenue reached $635 million, reflecting a year-on-year growth of 21% and a quarter-on-quarter increase of 12%, aligning with guidance [1] Financial Performance - Gross margin improved to 13.5%, compared to 10.9% in the previous quarter and 12.2% in the same period last year, surpassing both company guidance and market expectations [1] - Operating loss narrowed to $15 million, better than market expectations, while net profit was $26 million, which was 13% lower than Goldman Sachs' forecast but higher than market expectations due to increased tax expenses [1] Future Guidance - The company projects Q4 revenue growth of 2% to 4% quarter-on-quarter, with gross margin expected to be between 12% and 14%, indicating a continued recovery [1] Earnings Forecast Adjustments - Goldman Sachs has lowered the 2025 earnings per share forecast by 2%, primarily due to Q3 earnings being slightly below expectations [1] - Gross margin forecasts for 2026 to 2029 have been adjusted upward by 0.4, 0.3, 0.2, and 0.1 percentage points respectively, with average capital expenditure forecasts increased by 1% to 2% during the same period [1] Investment Rating - Goldman Sachs maintains a "Buy" rating and keeps the target price at HKD 117 unchanged [1]
大行评级丨高盛：维持华虹半导体“买入”评级 下调今年每股盈利预测2%