研报掘金丨国海证券：维持华虹半导体买入评级

Core Viewpoint - Guohai Securities maintains a "Buy" rating for Huahong Semiconductor (1347.HK), projecting a revenue of $660 million in Q4 2025, representing a year-on-year increase of 22.4% with a gross margin of 13.0% driven by ASP improvements and cost reduction efforts [1] Group 1 - Revenue growth is supported by power management and flash memory products [1] - The 12-inch product line is expected to have pricing power in 2026, with new factory capacity and the "China for China" trend supporting both volume and price increases [1] - Depreciation pressure remains a concern despite the positive outlook [1] Group 2 - Projected EPS for 2026-2028 is $0.08, $0.10, and $0.11 respectively [1]