高盛：华虹半导体_管理层电话会议_满负荷利用率支撑价格走势；尽管有折旧与摊销负担，毛利率仍有望改善；评级中性

7 July 2025 | 3:27PM HKT Hua Hong (1347.HK): Mgmt. Call: Full UT rate to support pricing trend; GM improvements ahead despite D&A burdens; Neutral We hosted Hua Hong management on July 7 in our China Semis Corp Call series (July 7 - 10). Key discussions were around pricing strategies, UT rates, the company's capacity expansion plans and outlook on margin levels. Overall, Hua Hong remains positive on their operations, with UT rates of its major fabs at 100% or above, supported by a strong demand across power ...