【国信电子胡剑团队】华虹半导体：2Q25毛利率超指引，稼动率保持满载

Core Viewpoint - The company reported a strong performance in 2Q25, exceeding previous guidance for both revenue and gross margin, with expectations for steady growth in 3Q25 [4][5]. Financial Performance - In 2Q25, the company achieved sales revenue of $566.1 million, representing a year-over-year increase of 18.3% and a quarter-over-quarter increase of 4.6%. The gross margin was 10.9%, up 0.4 percentage points year-over-year and 1.7 percentage points quarter-over-quarter, surpassing the prior guidance of $550-570 million in revenue and 7%-9% gross margin [5]. - For 3Q25, the company anticipates sales revenue of approximately $620-640 million and a gross margin of around 10%-12% [5]. Capacity Utilization - As of the end of 2Q25, the company's monthly capacity, equivalent to 8-inch wafers, was 447,000 pieces, reflecting an 18.0% year-over-year increase and an 8.2% quarter-over-quarter increase. The capacity utilization rate was 108.3%, up 10.4 percentage points year-over-year and 5.7 percentage points quarter-over-quarter, indicating a stable upward trend [6]. - The company has maintained full capacity utilization for multiple quarters, with stable release of 12-inch capacity contributing to revenue growth [6]. Market Demand - By end-market segmentation, revenue from consumer electronics, communications, and computers increased by 2.7%, 9.8%, and 2.8% quarter-over-quarter, respectively. Revenue from industrial and automotive sectors rose by 7.7% [7]. - Demand for analog and power management products continued to grow, with a year-over-year increase of 59.3% and a quarter-over-quarter increase of 17.9%. The recovery in power device demand also showed a year-over-year growth of 9.4% and a quarter-over-quarter growth of 2.4% [7]. Capital Expenditure - The company's capital expenditure in 2Q25 was $407.7 million, with $376 million allocated to Huahong Manufacturing, $17.6 million to Huahong Wuxi, and $13.7 million to Huahong 8-inch [8]. - The company plans for Fab 9 to reach full capacity by the first quarter of 2026, with a corresponding capacity of 60,000 pieces per month. The ramp-up of Fab 9's capacity is expected to accelerate, contributing to stable growth [8].