华虹半导体：2024年四季度业绩点评：4Q24营收和毛利率符合指引，25年新厂预计释放2万片月产能-20250217

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported 4Q24 revenue of $539 million, a year-on-year increase of 18.4$530-540 million [1]. - The gross margin for 4Q24 was 11.4%, slightly above the lower end of the company's guidance range of 11%-13%, reflecting a year-on-year increase of 7.4 percentage points [1]. - The company expects to release an additional monthly capacity of 20,000 wafers by the end of 2025, with a strategic shift towards more advanced nodes of 22nm and 28nm [4]. Summary by Sections Revenue and Profitability - 4Q24 revenue was $539 million, with 8-inch wafer revenue at$252 million (46.8% of total) and 12-inch wafer revenue at $287 million (53.2$25.2 million, attributed to foreign exchange losses and a decrease in government subsidies [1]. Market Demand and Capacity Utilization - Downstream demand is slowly recovering, with electronic consumer goods accounting for 63.9% of total revenue, growing 36.5% year-on-year [2]. - The overall capacity utilization rate for 4Q24 was 103.2%, with an average selling price (ASP) showing a year-on-year decline of 7.9% but a quarter-on-quarter increase of 1.9% [2]. Future Guidance - For 1Q25, the company guides revenue of approximately $530-550 million, with a year-on-year growth of 17.4$144 million and $207 million respectively [4][5].