Group 1 - The core viewpoint of the report is that Huahong Semiconductor's acquisition of 97.4988% equity in Huali Micro at a transaction price of 8.268 billion yuan is expected to enhance overall profitability beyond Huahong's existing production lines [1] - The integration of Huali Micro is seen as a fulfillment of Huahong Semiconductor's market commitment made during its A-share listing in 2023 [1] - The transaction aligns with the trend of specialization and integration within the domestic integrated circuit industry [1] Group 2 - Post-integration, the company's market share in the global wafer foundry market is anticipated to increase, particularly in specialty processes [1] - The fundraising from this acquisition may assist the company in upgrading production lines and expanding capacity, as well as enhancing research and development capabilities [1] - The report maintains a "buy" rating for Huahong Semiconductor, with a target price of 91 HKD for its H-shares [1]
大行评级｜交银国际：维持华虹半导体“买入”评级 收购华力微股权后或提升现有产线平均盈利能力