Ge Long Hui·2025-11-12 09:44Core Viewpoint - The report from Northeast Securities indicates that Huahong's Q3 2025 revenue reached 4.566 billion yuan, a year-on-year increase of 21.10%, while net profit attributable to shareholders was 177 million yuan, a year-on-year decrease of 43.47% [1] Financial Performance - Q3 2025 sales revenue set a historical record, aligning with guidance expectations [1] - Gross margin stood at 13.5%, exceeding guidance [1] - The company is experiencing high capacity utilization driven by a recovery in global semiconductor demand and efficient management [1] Future Guidance - The company projects Q4 2025 revenue to be between 650 million to 660 million USD, with a gross margin expected to be between 12% to 14% [1] - The initial coverage has been initiated with a "Buy" rating [1]