Core Viewpoint - The report from CMB International predicts a revenue of $656 million and a gross margin of 13.6% for Huahong Semiconductor in Q4 2025, slightly down from previous estimates of $679 million and 12.1% [1] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to $2.4 billion, $2.84 billion, and $3.26 billion respectively, with gross margins revised to 11.9%, 14.3%, and 16.8% [1] Group 1 - Q3 2025 revenue met expectations at $635 million, while gross margin exceeded expectations at 13.5% [2] - The management indicated that the increase in gross margin is attributed to improved capacity utilization, cost reduction, and price increases [2] - The guidance for Q4 2025 revenue is set between $650 million and $660 million, with a gross margin forecast of 12% to 14% [2] Group 2 - The capacity of the 9A plant is estimated at approximately 34,000 wafers per month, with plans to increase to 60,000 to 65,000 wafers per month by mid-2026 [2] - Total investment for the 9A plant is projected at $6.7 billion, with over $5 billion expected to be spent by the end of 2025 [2] - The company is expected to continue aggressive expansion, although no new investment plans for additional capacity beyond the 9A plant were disclosed [2] Group 3 - Average Selling Price (ASP) increased by over 5% quarter-on-quarter, reflecting price adjustments made since Q2 2025 [3] - Demand for various platforms has shown improvement year-on-year, particularly in embedded NVM and independent NVM products [3] - The company is likely to continue seeking price adjustments, with a focus on platforms experiencing strong demand, which may further support gross margin growth [3]
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