Core Viewpoint - Huahong Semiconductor (01347) reported a 20.7% year-on-year revenue increase in Q3 to $635 million, aligning with previous guidance of $620 million to $640 million [1] - The gross margin rose by 1.3 percentage points to 13.5%, exceeding the prior guidance of 10% to 12% [1] - The company recorded a net loss of $7.19 million but achieved a net profit of $25.72 million [1] Group 1 - Huahong Semiconductor's quarterly revenue met expectations, while gross margin and net profit exceeded forecasts due to price increases and product mix improvements [1] - The target price for Huahong Semiconductor was raised by 120% to HKD 110, maintaining an "outperform" rating based on market valuation trends and expectations for the company's future platformization [1] - The revenue forecast for the current year remains largely unchanged due to increased capacity installation and depreciation, while the net profit forecast was reduced by 27% to $109 million [1] Group 2 - The revenue forecast for next year was increased by 6% to $2.972 billion, and the net profit forecast was raised by 27% to $216 million, considering platformization expectations and product mix improvements [1]
中金：上调华虹半导体(01347)目标价至110港元 维持“跑赢行业”评级