Core Viewpoint - Goldman Sachs reports that Huahong Semiconductor's management expects robust demand across its technology platforms, which will support high capacity utilization and enhance product mix and average pricing [1] Group 1: Capacity and Production - Management plans to optimize the product mix and increase pricing, alongside ongoing cost control measures, maintaining a positive outlook on future profitability [1] - Fab 9B is expected to gradually increase its monthly capacity to 83,000 wafers by 2027, with expansions in 28/22nm capacity planned between 2027 and 2029 [1] Group 2: Supply Chain and Profitability - The company aims to increase the proportion of locally sourced equipment and materials, which is expected to have a positive impact on profit margins [1] Group 3: Investment Rating - Based on high capacity utilization, ongoing capacity expansion, and the transition to 28/22nm technology nodes, Goldman Sachs maintains a "Buy" rating for Huahong with a target price of HKD 117, reflecting a forecasted 2028 P/E ratio of 68.8 times, above the historical average of 22 times [1]
大行评级｜高盛：维持华虹半导体“买入”评级 看好可持续规模扩张及技术革新