交银国际每日晨报-20251110

Key Points - The report highlights that Huahong Semiconductor's 3Q25 gross margin exceeded expectations at 13.5%, compared to the forecast of 11.6% and previous guidance of 12% [1] - Revenue for 3Q25 was reported at $635 million, aligning with market expectations, while the management provided guidance for 4Q25 revenue between $650 million and $660 million [1] - The management anticipates that the 9A plant will reach a monthly capacity of 60,000 to 65,000 wafers by mid-2026 [1] - The average selling price (ASP) increased by over 5% quarter-on-quarter, attributed to price hikes across various platforms starting from 2Q25 [2] - The management noted strong downstream demand in the overall memory market, particularly for embedded NVM and independent NVM platforms [2] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to $2.4 billion, $2.84 billion, and $3.26 billion respectively, with gross margin estimates revised to 11.9%, 14.3%, and 16.8% [2] - The target price for Huahong Semiconductor has been slightly adjusted to HKD 91, corresponding to a 3.1x price-to-book ratio for 2026 [2]