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 - Hua Hong's gross margin for the third quarter was 13.5%, exceeding the guidance range of 10% to 12% [1] - The company expects fourth-quarter 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] Market Outlook - Management expresses cautious optimism regarding next year's pricing outlook due to intense competition, although product mix improvements and technology upgrades may support stable wafer prices [1] - 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, but does not anticipate an immediate chip supply shortage [1]
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