机构：东北证券 研究员：李玖/张禹/黄磊 事件： 华虹公司发布2025年第三季度报告，公司 2025 年前三季度实现营业收入125.83 亿元，同比+19.82%； 归母净利润2.51 亿元，同比-56.52%；扣非归母净利润2.19 亿元，同比-52.84%。 点评： 下游需求旺盛，结构略有分化。其中，嵌入式非易失性存储器销售收入1.597 亿美元，同比增长 20.4%，主要得益于MCU 产品的需求增加；独立式非易失性存储器销售收入6,060 万美元，同比增长 106.6%，主要得益于闪存产品的需求增加；功率器件销售收入1.690 亿美元，同比增长3.5%，主要得益 于超级结产品需求增加；逻辑及射频销售收入 8,113 万美元，同比增5.3%，主要得益于逻辑产品的需求 增加本季度模拟与电源管理销售收入1.648 亿美元，同比增长32.8%，主要得益于其他电源管理产品的 需求增加。 华力微收购完成在即，看好华虹集团资源赋能上市公司。华力微拥有中国大陆首条全自动12 英寸集成 电路代工生产线，设计月产能达3.8 万片，具备规模优势。华力微在引进比利时微电子研发中心 （IMEC）65nm工艺的基础上，通过自主研发 ...

每日焦点 从业务细分来看，12 吋晶圆的销售收入同比增长 43.0%，显示出强劲动能。按 技术平台划分，独立式 非易失性存储器(StandaloneNVM)销售收入同比增 长 106.6%，模拟与电源管理亦增长 32.8%。公司正顺 利推进收购事项(收购 Fab5) 及新 12 英寸晶圆厂的产能爬坡。此举预计将进一步提升产能规模、丰富工 艺平 台，并与无锡 12 英寸生产线形成协同效应，强化公司盈利能力。 来源：凯基证券 来源：市场资讯 $华虹半导体(HK1347)公佈了二零二五年第三季度业绩。销售收入创下历史新高，达 6.35 亿美元，同比 增长 20.7%，环比增长 12.2%。毛利率为 13.5%，优于公司指引， 同比上升 1.3 个百分点，环比上升 2.6 个百分点。此轮增长主要受全球半导体 需求回暖及平均销售价格(ASP)上涨所驱动。第三季度母公司拥 有人应占利润为 2,570 万美元，同比下降 42.6%，但环比大幅上升 223.5%。 （来源：真灼财经） 展望未来，公司预计第四季度销售收入将介于 6.5 亿美元至 6.6 亿美元之间， 毛利率预计在 12%至 14%。管理层表示，受益于精益管理， ...

Core Insights - Huahong Semiconductor (HK1347) reported record sales revenue of $635 million for Q3 2025, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% [3] - The gross margin was 13.5%, exceeding company guidance, with a year-on-year increase of 1.3 percentage points and a quarter-on-quarter increase of 2.6 percentage points [3] - The company's net profit attributable to shareholders was $25.7 million, a year-on-year decline of 42.6%, but a significant quarter-on-quarter increase of 223.5% [3] Revenue and Profitability - The growth in revenue was primarily driven by a recovery in global semiconductor demand and an increase in average selling prices (ASP) [3] - For Q4, the company expects sales revenue to be between $650 million and $660 million, with gross margin projected between 12% and 14% [3] - ASP increased by 5% both year-on-year and quarter-on-quarter, with this positive trend expected to continue into Q4 [3] Business Segmentation - Sales revenue from 12-inch wafers grew by 43.0% year-on-year, indicating strong momentum [4] - Standalone Non-Volatile Memory (NVM) sales revenue increased by 106.6% year-on-year, while analog and power management segments grew by 32.8% [4] - The company is progressing with its acquisition of Fab5 and ramping up capacity at the new 12-inch wafer fab, which is expected to enhance capacity, diversify technology platforms, and strengthen profitability through synergies with the Wuxi 12-inch production line [4]

Core Viewpoint - The company reported record sales revenue of $635.2 million for Q3 2025, driven by a recovery in global semiconductor demand and effective management strategies [3]. Financial Performance - Sales revenue reached $635.2 million, aligning with guidance expectations, while gross margin was 13.5%, exceeding guidance [3]. - The company anticipates Q4 2025 sales revenue between $650 million and $660 million, with a projected gross margin of 12% to 14% [4]. Management Insights - The Chairman and CEO, Dr. Bai Peng, emphasized the company's strong performance in specialty processes and the need for continuous advancement in technology and capacity [3]. - Ongoing acquisition efforts are expected to enhance production capacity and diversify process platforms, contributing to improved profitability [3]. Shareholder Information - As of the report date, the company has issued 1,327,704,403 shares in Hong Kong, representing 76.50% of total shares, and 407,750,000 shares on the Shanghai Stock Exchange, representing 23.50% [9]. Asset Impairment - The company announced a provision for asset impairment totaling approximately 86.39 million yuan, which will reduce the total profit for the first three quarters of 2025 by 58.50 million yuan [13][15].