Core Viewpoint - Bank of America Securities reports that Hua Hong Semiconductor's Q3 sales reached $635 million, representing a year-on-year growth of 21% and a quarter-on-quarter increase of 12%, aligning with the bank's forecast of $636 million [1] Group 1: Financial Performance - Hua Hong's gross margin for Q3 was 13.5%, exceeding the guidance range of 10% to 12% [1] - The company expects Q4 sales to be between $650 million and $660 million, indicating a quarter-on-quarter increase of 2% to 4%, with a projected gross margin of 12% to 14% [1] Group 2: Market Outlook - The bank believes that due to healthier semiconductor inventory levels in the first half of the year, Hua Hong's wafer prices are expected to moderately recover in the second half of the year [1] - However, there is no expectation of an immediate chip supply shortage, and opportunities for further increases in wafer sales prices next year are limited [1] Group 3: Investment Rating - Bank of America Securities maintains a "underperform" rating for Hua Hong's H-shares with a target price of HKD 59 [1]
大行评级丨美银：重申华虹H股“跑输大市”评级 明年晶圆销售均价进一步上升机会不大
Ge Long Hui·2025-11-07 05:45