Core Viewpoint - 招银国际 reports that 华虹半导体's gross margin significantly exceeded expectations, but its valuation has already been reflected, maintaining a "Hold" rating with a target price adjustment to HKD 68 [1] Financial Performance - 华虹半导体 achieved a record revenue of USD 635 million in Q3 2025, representing a year-on-year growth of 21%, in line with market consensus and company guidance [1] - The gross margin recovered to 13.5%, an increase of 1.4 percentage points year-on-year [1] - The net profit for the period was USD 26 million, which was 5.3% lower than market expectations, but the net profit margin improved from 0.7% and 1.4% in the first and second quarters to 4.1% [1] Future Guidance - The company guided for Q4 revenue between USD 650 million and USD 660 million, with a gross margin ranging from 12% to 14% [1] - 招银国际 maintains its full-year revenue forecast for 华虹半导体 for 2025 and has raised the full-year gross margin estimate from 10.9% to 12%, reflecting a stronger profit margin recovery [1] - Considering the planned new factory acquisition, expected to be completed around August 2026 with an annual revenue contribution of USD 600 million to USD 700 million, the firm has raised its revenue forecast for 2026 to USD 3.2 billion [1]
招银国际：华虹半导体毛利率超预期但估值已反映 目标价调整至68港元