Core Viewpoint - The report from CMB International indicates that Huahong Semiconductor has acquired 97.4988% equity of Huali Micro for a transaction price of 8.268 billion yuan, which is expected to enhance overall profitability beyond Huahong's existing production lines [1] Financial Analysis - From a financial perspective, Huali Micro has likely completed equipment depreciation, and the integration may lead to stronger profitability levels compared to Huahong's average [1] - The transaction aligns with Huahong's commitment made during its A-share listing in 2023 [1] Market Position and Strategy - The integration will not change the actual controlling relationship between Huali Micro and Huahong Semiconductor, and it follows the trend of specialization and consolidation in the domestic integrated circuit industry [1] - Post-integration, the company is expected to increase its market share in the global wafer foundry market and enhance its supply capabilities in specialized processes [1] Future Prospects - The fundraising from this transaction may assist the company in upgrading production lines and expanding capacity, as well as improving research and development capabilities [1] - CMB International maintains a "Buy" rating for Huahong Semiconductor with a target price of 91 HKD for its H-shares [1]
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