华虹半导体：2024年中期业绩点评：24Q2毛利率超预期，半导体周期温和复苏

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 2024 gross margin exceeded expectations, reaching 11%, which was above the upper guidance of 10% [3] - The semiconductor cycle is showing signs of moderate recovery, driven by a rebound in consumer electronics demand [1][4] - The company's capacity utilization rate reached 98% in Q2 2024, with expectations to remain high through 2025 [5] - The company's second 12-inch production line is progressing smoothly, with trial production expected by the end of 2024 and full capacity by Q1 2025 [5] Financial Performance - Q2 2024 revenue was $480 million, down 24$70 million, down 92% YoY and 79% QoQ, primarily due to a shift from tax credits in Q1 2024 to tax expenses in Q2 2024 [3] - Revenue from consumer electronics, industrial & automotive, communications, and computers in Q2 2024 was $290 million,$110 million, $60 million, and$10 million respectively, with consumer electronics showing a 4% QoQ increase [4] - Embedded memory and discrete device revenues in Q2 2024 were $140 million and$150 million respectively, up 15% and 6% QoQ [4] Capacity and ASP - The company's 8-inch equivalent ASP in Q2 2024 was $432.7, down 26$500 million and $520 million, with 70$1,982 million, $2,493 million, and$3,044 million respectively [2] - Net income attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be $83.95 million,$104.93 million, and $165.84 million respectively [2] - The company's P/B ratio for 2024E, 2025E, and 2026E is estimated to be 0.58, 0.57, and 0.56 respectively [2] Market Data - The closing price on September 2, 2024, was HKD 16.70, with a P/B ratio of 4.57 [6] - The company's market capitalization was HKD 21,875.37 million [6] Financial Ratios - ROE for 2024E, 2025E, and 2026E is projected to be 1.32%, 1.63%, and 2.53% respectively [10] - Gross margin for 2024E, 2025E, and 2026E is expected to be 10.75%, 18.54%, and 19.88% respectively [10]