Core Viewpoint - The report from Credit Lyonnais indicates that Hua Hong Semiconductor (01347) has exceeded expectations in its third-quarter gross margin and fourth-quarter guidance, driven by demand recovery and product mix upgrades leading to increased average selling prices [1] Group 1: Financial Performance - Hua Hong Semiconductor's third-quarter gross margin and fourth-quarter guidance are better than expected [1] - The company is benefiting from a recovery in the semiconductor industry, product upgrades, and capacity expansion [1] Group 2: Capacity and Projects - 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 proceeding as planned [1] Group 3: Future Outlook - The company’s ability is expected to be enhanced by the semiconductor industry recovery, product upgrades, and capacity expansion [1] - Earnings forecasts for 2025 have been raised due to higher gross margins [1] - The target price for H-shares has been increased from HKD 68.4 to HKD 95.6, and the target price for A-shares has been raised from RMB 95.1 to RMB 160.3, maintaining an "outperform" rating [1]
里昂：升华虹半导体(01347)目标价至95.6港元 毛利率展望稳健