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 ...

Core Insights - Semiconductor foundries, including SMIC and Hua Hong Semiconductor, reported mixed financial results for Q2 2023, reflecting ongoing challenges in the industry due to weak demand for consumer electronics [1][2][3] Financial Performance - SMIC reported Q2 2023 revenue of $1.56 billion, a year-on-year decline of 18%, with a net profit of $403 million, down 21.7% [1] - Hua Hong Semiconductor achieved Q2 2023 revenue of $631.4 million, a year-on-year increase of 1.7%, but net profit fell by 6.4% to $78.5 million [1][3] - SMIC's gross margin was 20.3%, down 19.1 percentage points year-on-year, while Hua Hong's gross margin was 27.7%, down 5.9 percentage points [1][3] Capacity and Utilization - SMIC's revenue from 8-inch and 12-inch wafers accounted for 25.3% and 74.7% of total revenue, respectively, with 8-inch wafer revenue declining by 2.8 percentage points [2] - SMIC's capacity utilization rate was 78.3%, significantly lower than 97.1% in the same period last year but higher than 68.1% in Q1 2023 [2] Market Trends - The semiconductor industry is facing challenges due to weak demand for consumer electronics, with global PC shipments down 15% year-on-year and smartphone sales down 8% [4] - However, there are signs of potential recovery in the second half of the year, driven by new smartphone releases and a gradual recovery in the PC market [4] Future Outlook - Hua Hong Semiconductor expects Q3 2023 revenue between $560 million and $600 million, with a gross margin of 16% to 18%, indicating a decline from Q2 [3] - SMIC anticipates a revenue increase of 3% to 5% in Q3 2023, with a gross margin forecast of 18% to 20% [3] - Both companies are investing in new capacity and technology development to prepare for future growth cycles, with SMIC's capital expenditure reaching $1.732 billion in Q2, up 37.6% [5]