Core Viewpoint - The acquisition of Huahong Semiconductor's fifth factory is expected to enhance the company's return on equity, with completion anticipated in 2026. Consequently, the target price has been raised by 46% from HKD 50 to HKD 73, although the rating has been downgraded from "Outperform" to "Neutral" due to high valuation levels [1][1][1]. Financial Performance - The profit forecast for 2025 has been slightly increased, primarily due to better-than-expected gross margin forecasts for the third and fourth quarters of 2025 [1][1]. - The group's revenue for the third quarter of 2025 is projected to be USD 635 million, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 12%, aligning with general expectations from the company and institutions [1][1][1].
建银国际：升华虹半导体目标价至73港元 评级降至“中性”