Core Viewpoint - Bank of America Securities reports that Hua Hong Semiconductor (01347) achieved third-quarter sales of $635 million, a year-on-year increase of 21% and a quarter-on-quarter rise of 12%, aligning with the bank's forecast of $636 million [1] Financial Performance - Third-quarter sales reached $635 million, reflecting a 21% year-on-year growth and a 12% quarter-on-quarter increase [1] - Gross margin was reported at 13.5%, exceeding the guidance range of 10% to 12% [1] Future Outlook - The company anticipates fourth-quarter sales between $650 million and $660 million, indicating a quarter-on-quarter increase of 2% to 4% [1] - Expected gross margin for the fourth quarter is projected to be between 12% and 14% [1] - Management expresses cautious optimism regarding next year's pricing outlook due to intense competition, despite improvements in product mix and technology upgrades supporting price stability [1] Market Conditions - The bank believes that the semiconductor inventory levels in China are healthier in the first half of the year, suggesting a moderate recovery in wafer prices for the second half of the year [1] - There is no expectation of an immediate chip supply shortage, and opportunities for further increases in wafer sales prices next year appear limited [1]
美银证券：重申华虹半导体(01347)跑输大市评级 管理层对明年审慎乐观