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华虹半导体（01347）：1Q25业绩符合公司指引，扩产加速导致短期毛利率承压
01347HUA HONG SEMI(01347) 光大证券·2025-05-12 11:15

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) [6] Core Views - The company achieved revenue of 541millioninQ12025,ayear−on−yearincreaseof17.6541 million in Q1 2025, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 0.3%, aligning with the company's guidance of 530 to 550million[1]−Theoveralldemandisexpectedtograduallyrecover,withstructuralgrowthindemandforproductssuchasanalogandpowermanagementduetoUS−Chinatariffpolicies[2]−Thecompanyisacceleratingcapacityexpansion,withmonthlyproductioncapacityexpectedtoreach40,000wafersbytheendof2025[3]−Theforecastfornetprofithasbeenreviseddownwardsfor2025−2027duetoincreaseddepreciationpressurefromacceleratedcapacityexpansion,withexpectednetprofitsof550 million [1] - The overall demand is expected to gradually recover, with structural growth in demand for products such as analog and power management due to US-China tariff policies [2] - The company is accelerating capacity expansion, with monthly production capacity expected to reach 40,000 wafers by the end of 2025 [3] - The forecast for net profit has been revised downwards for 2025-2027 due to increased depreciation pressure from accelerated capacity expansion, with expected net profits of 80 million, 180million,and180 million, and 270 million respectively [4] Summary by Sections Financial Performance - Q1 2025 revenue was 541million,with8−inchwaferrevenueat541 million, with 8-inch wafer revenue at 230 million (down 4% YoY) and 12-inch wafer revenue at 310million(up41310 million (up 41% YoY) [1] - Q1 2025 gross margin was 9.2%, slightly above the lower end of the guidance range of 9%-11%, with a year-on-year increase of 2.8 percentage points [1] Demand and Market Outlook - The company expects a gradual recovery in downstream demand, with electronic consumer goods revenue accounting for 64.3% of total revenue, growing 20.9% YoY [2] - The ASP for 12-inch wafers shows signs of price increases, while the 8-inch wafer ASP is stabilizing but lacks upward momentum [2] Capacity Expansion - Huahong Semiconductor is actively advancing the construction of new manufacturing facilities, with a projected monthly capacity of 40,000 wafers by the end of 2025 [3] - Capital expenditures in Q1 2025 amounted to 510.9 million, with significant investments in 12-inch wafer production [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted downwards, reflecting increased depreciation pressure from capacity expansion [4] - The current stock price corresponds to a P/E ratio of 94x for 2025 and 41x for 2026, indicating a favorable long-term growth outlook supported by capacity expansion [4]