Core Insights - Huahong Semiconductor (01347) reported a 20.7% year-on-year revenue increase in Q3, reaching $635 million, aligning with the previous guidance range of $620 million to $640 million [1] - Gross margin improved 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, while net profit stood at $25.72 million [1] Revenue and Profit Forecasts - The investment bank maintained its revenue forecast for the company this year, citing increased capacity installation and higher depreciation [1] - The net profit forecast for this year was reduced by 27% to $109 million [1] - For next year, revenue forecast was raised by 6% to $2.972 billion, and net profit forecast was increased by 27% to $216 million, driven by platform expectations and product structure improvements [1] Target Price Adjustment - 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]
中金：上调华虹半导体目标价至110港元 维持“跑赢行业”评级