Group 1 - The core viewpoint of the report indicates that Huahong Semiconductor achieved a record high revenue of $635 million in Q3, representing a year-on-year growth of 21%, aligning with market expectations and company guidance [1] - The gross margin has recovered to 13.5%, an increase of 1.4 percentage points year-on-year [1] - The net profit for the quarter was $26 million, which is 5.3% lower than market expectations [1] Group 2 - The company has guided for Q4 revenue between $650 million and $660 million, with a gross margin expected to be between 12% and 14% [1] - The firm maintains its revenue forecast for Huahong Semiconductor for the full year of 2025 and has raised the full-year gross margin forecast from 10.9% to 12%, reflecting stronger profit margin recovery [1] - Considering the planned acquisition of a new factory, expected to be completed around August 2026 with an annual revenue contribution of $600 million to $700 million, the firm has raised the 2026 revenue forecast to $3.2 billion [1] - The firm maintains a "Hold" rating on the company, adjusting the target price to HKD 68 [1]
大行评级丨招银国际：维持华虹半导体“持有”评级 上调全年毛利率预测