Core Viewpoint - The report from Citi indicates that Hua Hong Semiconductor's gross margin for Q3 and guidance for Q4 exceeded expectations, driven by demand recovery and product mix upgrades leading to an increase in average selling prices [1] Group 1: Financial Performance - Hua Hong Semiconductor's Q3 gross margin and Q4 guidance are better than anticipated [1] - The company is expected to benefit from the semiconductor industry's recovery, product upgrades, and capacity expansion [1] Group 2: Capacity and Acquisitions - The progress of the new 12-inch wafer fab capacity growth is in line with expectations [1] - The acquisition of the Hua Hong Fab 5 factory project is advancing as planned [1] Group 3: Earnings Forecast and Target Price - The earnings forecast for 2025 has been raised [1] - The target price for H-shares has been increased from HKD 68.4 to HKD 95.6, and for A-shares from CNY 95.1 to CNY 160.3 [1] - The rating remains "outperform" [1]
大行评级丨里昂：预期华虹半导体将受惠于半导体行业复苏 上调AH股目标价