Core Insights - Huahong Semiconductor's Q3 revenue increased by 20.7% year-on-year to $635 million, aligning with previous guidance of $620 million to $640 million [1] - Gross margin rose by 1.3 percentage points year-on-year to 13.5%, exceeding the prior guidance of 10% to 12% [1] - Net profit reached $25.72 million, driven by price increases and improvements in product mix [1] Revenue and Profit Forecasts - The company maintains its revenue forecast for the year, but lowers the net profit forecast by 27% to $109 million due to increased capacity installation and depreciation [1] - For next year, revenue forecast is raised by 6% to $2.972 billion, and net profit forecast is increased by 27% to $216 million, reflecting expectations of platformization and product mix improvements [1] Target Price Adjustment - The target price for Huahong Semiconductor is raised by 120% to HKD 110, based on market valuation trends and expectations for future platformization [1] - The company maintains an "outperform" rating in the industry [1]
研报掘金丨中金：大幅上调华虹半导体目标价至110港元 维持“跑赢行业”评级