华虹半导体收入是中芯国际的24.1%，但目前的估值仅为中芯国际的18%，具备一定的估值优势，随着 科技板块的轮动，后市仍有非常大的投资机会。 连续三个季度业绩稳增 智通财经APP了解到，从季度业绩看，华虹半导体已连续两个季度实现收入双位数的增长，根据Q2指 引，收入增长将在15-20%，而盈利能力也持续上升。拉长季度来看，在过去两年由于需求周期影响， 该公司业绩有所下滑，但业务结构及客户改善，2024年Q3开始下滑大幅缩窄，Q4增速转正后进入良性 增长通道。 经过16周的区间调整之后，华虹半导体（01347）再次上扬，近期股价强势上涨，率先扭转晶圆代工板 块调整趋势。 智通财经APP了解到，今年晶圆代工板块非常给力，行业两大龙头华虹半导体及中芯国际均实现了不同 程度的上涨，其中华虹半导体涨幅超过60%，但就周期来说，3月份该公司进入了区间盘整期，近两周 受业绩驱动，无视中东冲突及大盘弱势影响，反弹超过15%。目前华虹半导体的AH股溢价50%，而中 芯国际更是超过100%。 实际上，今年板块估值大涨源于良好的业绩表现，根据2025年Q1财报显示，华虹半导体实现收入5.41亿 美元，同比增长17.6%，毛利率实现 ...

Core Viewpoint - Semiconductor Manufacturing International Corp (SMIC) reported disappointing earnings for Q1 2025, raising concerns about the future of "domestic chips" in the investment community [1][3]. Financial Report Analysis - SMIC's revenue for Q1 reached $2.247 billion, showing a slight sequential increase but falling short of previous projections and market expectations [4]. - The gross profit margin was better than expected at 22.5%, primarily due to increased shipment volumes of 8-inch wafers, which helped spread costs [5][6]. - However, the average product price declined due to a higher proportion of 8-inch wafer shipments, which are priced lower [4][5]. Guidance for Next Quarter - The guidance for the next quarter indicates a projected revenue decline of 4-6% and a gross margin drop to 18-20%, both below market expectations [5][6]. Core Indicators Analysis - Revenue growth in Q1 was driven by a 15.1% increase in shipment volume, while prices fell by 11.5% [5]. - The gross margin was supported by increased shipment volumes, but is expected to decline in the next quarter due to anticipated revenue drops [6]. - Capacity utilization rose to 89.6%, but this was mainly due to advance stocking of 8-inch wafers, with overall demand remaining weak [6]. Business Level Analysis - The consumer electronics sector remains the largest revenue contributor at 40.6%, supported by Chinese subsidy policies [7]. - The revenue share from 12-inch wafers was 78.1%, with a slight sequential decline, while 8-inch wafers saw a 14.9% revenue increase, highlighting their importance to SMIC [7]. - Domestic revenue accounted for 84.3% of total income, although this share has decreased, while revenue from the U.S. and Eurasia regions showed significant growth [8]. Operating Data Perspective - Operating expenses decreased to $196 million, primarily due to a reduction in R&D expenses [9]. - Inventory increased by 3% to $3.048 billion, while accounts receivable surged by 36.6% to $1.15 billion, indicating potential adjustments in operational strategy [10]. - EBITDA for the quarter was $1.29 billion, with a profit margin of 57.5%, but a significant portion of profits was consumed by depreciation and amortization [11].

野村上调华虹半导体目标价116% 重申中性评级 金十数据5月9日讯，野村发报告指，因华虹半导体(01347.HK)顺应强劲的本地需求，重申中性评级，并 上调目标价116%，由16.4港元升至35.4港元。然而，集团定价条件虽有改善，但固定成本负担可能仍然 存在，故保持中性评级。报告表示，华虹集团首季收入与其指引目标相符，而9.2%的毛利率低预期， 野村认为这或受新厂房折旧流转所致。由于持续的需求动能，管理层预测第二季收入按季增3.5%。尽 管华虹半导体认为8寸晶圆代工价格受压（暂未减价），但由于供不应求，预期12寸晶圆代工价格将持 续上涨，野村亦认为这对亚洲成熟节点晶圆代工的整体价格动态而言是好兆头。 ...

文 ｜ 徐涛 王子源 2 0 2 5年SEMICON大会火爆程度再创新高，行业持续迸发新活力，国产半导体设备和材料 头 部 厂 商 持 续 高 歌 猛 进 ， 各 类 新 公 司 、 新 技 术 、 新 产 品 层 出 不 穷 ， 为 行 业 发 展 注 入 新 活 力，国内半导体产业链正在逐渐补齐。国产替代并购整合有望加速。同时我们也关注到， 国内市场参与者增多，各家厂商加速平台化布局，行业逐渐进入"战国时代"，未来并购整 合是大势所趋。 ▍ 2 0 2 5年SEMICON大会火爆程度再创新高，在全球半导体供应链加速重构的大背景下，行 业持续迸发新活力。 2 0 2 5年3月2 6 - 2 8日，半导体盛会SEMICON Ch i n a 在上海举行，汇聚1 4 0 0余家展商，再创历 史新高。我们对本次展会最直观的感受就是国内半导体产业正凭借全产业链协同的强大力量实 现快速进步，国产厂商大放异彩，2 0 2 4年国内参会展商为8 4 7家，2 0 2 5年增长至1 0 9 3家，同 比增长3 0%，设备、零部件、材料、封测等细分赛道厂商多点开花。反观海外厂商，许是受到 美国半导体制裁的限制，美国设备厂商中 ...