Core Viewpoint - Hua Hong Semiconductor's stock has declined over 4% despite reporting strong third-quarter results, indicating market concerns about valuation and future profitability [1] Financial Performance - The company reported a quarterly revenue of $635 million, representing a year-on-year growth of 20.7%, which aligns with guidance and sets a historical record [1] - Capacity utilization reached 109.5%, and the gross margin was 13.5%, exceeding expectations [1] Analyst Insights - Jianyin International slightly raised its profit forecast for Hua Hong Semiconductor for 2025, citing better-than-expected gross margin projections for Q3 and Q4 of 2025 [1] - The firm downgraded the stock rating from "Outperform" to "Neutral" due to high valuation levels based on return on equity [1] - Daiwa noted that the company's net profit fell short of expectations due to tax and minority interest impacts, but other key metrics surpassed their forecasts [1] Market Outlook - Analysts believe the company will benefit from increased downstream demand, enhancing its pricing power and business flexibility, which will improve product mix, average selling prices, and profit margins [1] - The company is positioned to benefit as a wafer supplier for AI collaborative chips, anticipating continued momentum in AI development next year [1]
港股异动 | 华虹半导体(01347)再跌超4% 毛利率及后续指引优于预期 机构称估值已偏高