华虹半导体1347-更新报告-20250514 繁体

Financial Performance - Total revenue for FY2023 was $2,286,113, a decrease of 7.7% from the previous year, with projections of $2,003,993 for FY2024, indicating a further decline of 12.3%[4] - Gross margin for FY2023 was 21.3%, expected to drop to 10.2% in FY2024, before gradually improving to 19.8% by FY2027[4] - Net profit attributable to shareholders for FY2023 was $280,034, significantly down by 45.1%, with a forecast of $58,108 for FY2024, reflecting an 82.1% decline[4] Stock Valuation - The estimated price-to-earnings (P/E) ratio based on a stock price of HKD 31.6 is projected to be 21.4 for FY2023, increasing to 119.3 for FY2024, before stabilizing at 19.1 by FY2027[4] - The estimated price-to-book (P/B) ratio is expected to remain around 1.0 for FY2025 to FY2027, indicating stable valuation metrics[4] - The target price for the stock is set at HKD 37.00, representing a potential upside of 17.09% from the current price[5] Market Trends - The company is expected to benefit from structural growth in demand, particularly in embedded storage and power devices, with revenue growth rates of 9% and 14% respectively in Q1 2025[6] - The overall capacity utilization rate was reported at 102.7%, indicating strong operational efficiency despite new production line depreciation impacting margins[6] - The average selling price (ASP) of wafers is projected to improve gradually, with estimates of $444 and $465 for FY2025 and FY2026 respectively, reflecting a recovery trend[6]