中经记者 顾梦轩 李正豪 广州 北京报道 半导体市场又迎来并购大事件。 近日，华虹半导体有限公司（以下简称"华虹半导体"，01347.HK，688347.SH）发布公告称，为解决 IPO承诺的同业竞争事项，华虹半导体正在筹划以发行股份及支付现金的方式购买上海华力微电子有限 公司（以下简称"华力微"）控股权，同时配套募集资金。 本次收购是对此前诺言的兑现。早在两年前在科创板上市之时，为解决同业竞争，华虹半导体曾许下承 诺：按照国家战略部署安排，在履行政府主管部门审批程序后，华虹集团将华力微注入发行人。 《中国经营报》记者注意到，本次华虹半导体仅仅收购华力微的华虹五厂，不含先进制程的华虹六厂， 因此有投资者质疑本次交易低于预期且有"违背上市承诺"之嫌。 值得注意的是，虽然公司A股停牌，但8月18日—21日，华虹半导体H股合计下跌7.37%。 对于华虹半导体H股的股价下跌，萨摩耶云科技集团首席经济学家郑磊在接受记者采访时表示，华虹半 导体H股下跌，主要因公司宣布以发行股份及支付现金方式收购华力微控股权，引发市场对股权稀释、 收购不确定性的担忧，叠加前期利好兑现后的获利了结，导致资金集中抛售。 郑磊表示，从事件上看， ...

Core Viewpoint - TSMC plans to phase out 6-inch wafer production within two years and adjust 8-inch wafer production to enhance efficiency [1][3] Group 1: Production Changes - TSMC has notified customers that the 6-inch wafer production at Fab 2 and 8-inch wafer production at Fab 5 will cease by the end of 2027 [3] - The company is providing a timeline to assist customers in transitioning to 12-inch wafer production [3] - TSMC aims to redeploy some employees from the 8-inch wafer plants to strengthen advanced packaging capabilities and accelerate the shift to 12-inch wafers [3] Group 2: Capacity and Technology - TSMC operates four 12-inch "GigaFab" clusters with a monthly capacity of over 100,000 wafers, four 8-inch wafer plants, and one 6-inch wafer plant, with a total capacity of approximately 17 million 12-inch wafers in 2024 [3] - TSMC is a pioneer in GaN wafer foundry services, having introduced this technology in 6-inch wafer production in 2014 and expanded it to 8-inch wafers in 2021 [3] Group 3: Strategic Decisions - During the recent board meeting, TSMC announced five major resolutions but did not include speculated topics such as increased investment in the U.S. or collaboration with Intel [3] - TSMC intends to maintain its current level of investment in the U.S. and uphold its capital expenditure target of $38 billion to $42 billion for the year [3]

Core Viewpoint - TSMC plans to phase out 6-inch wafer production and adjust 8-inch wafer production within two years to enhance production efficiency [2][4]. Group 1: TSMC's Production Changes - TSMC has notified customers that its 6-inch wafer production at Fab 2 and 8-inch wafer production at Fab 5 will cease by the end of 2027 [4]. - The company is providing a timeline to assist customers in transitioning to 12-inch wafer production [4]. - TSMC aims to redeploy some employees from the 8-inch wafer plants to strengthen advanced packaging capabilities and accelerate the shift to 12-inch wafers [4]. Group 2: Current Production Capacity - TSMC operates four 12-inch "GigaFab" clusters with a monthly capacity of over 100,000 wafers, four 8-inch wafer plants, and one 6-inch wafer plant, with a total capacity of approximately 17 million 12-inch wafers in 2024 [4]. - TSMC is a pioneer in GaN wafer foundry services, having introduced this technology in its 6-inch wafer plant in 2014 and expanded production to 8-inch wafers in 2021 [4]. Group 3: Board Decisions and Investments - During the recent board meeting, TSMC announced five major resolutions but did not include speculated topics such as increased investment in the U.S. or collaboration with Intel [4]. - TSMC intends to maintain its current level of investment in the U.S. and aims for a capital expenditure target of $38 billion to $42 billion for the year [4].

Core Viewpoint - The financial performance of Semiconductor Manufacturing International Corporation (SMIC) in Q2 2025 shows a slight decline in revenue and profit margins, while maintaining a strong capacity utilization rate, indicating resilience in a challenging market environment [2][4][7]. Financial Performance Summary - In Q2 2025, SMIC reported total sales revenue of $2.209 billion, a decrease of 1.7% from Q1 2025, but an increase of 16.2% year-over-year [4]. - The gross margin for Q2 2025 was 20.4%, down 2.1% from Q1 2025, but up 7.6% compared to the same quarter last year [2][4]. - The operating profit for Q2 2025 was $150.7 million, reflecting a significant decline of 51.3% from Q1 2025, but a 72.9% increase year-over-year [4]. Revenue Composition - In Q2 2025, the revenue composition was influenced by factors such as the advance stocking of 8-inch wafers, with 8-inch wafer shipments accounting for 23.9% of total shipments, up 2% from the previous quarter [5]. - The smartphone segment saw a 1.7% increase quarter-over-quarter, although it experienced a 6.8% decline year-over-year. Conversely, the consumer electronics segment grew by 0.4% quarter-over-quarter and 6.4% year-over-year [5]. Regional and Service Type Analysis - In Q2 2025, the revenue breakdown by region showed that China accounted for 84.1%, the US for 12.9%, and the Eurasia region for 3.0% [6]. - By service type, wafer sales represented 94.6% of total revenue, with other services making up 5.4% [6]. Capacity and Utilization - SMIC's monthly capacity increased from 973,250 8-inch equivalent wafers in Q1 2025 to 991,250 in Q2 2025, with a quarterly shipment volume growth of 4.3% [7][8]. - The capacity utilization rate for Q2 2025 was reported at 92.5%, reflecting a 2.9% increase from the previous quarter [2][7].

Core Viewpoint - Goldman Sachs has downgraded its earnings per share forecast for SMIC from 2023 to 2027 by 1%, reflecting adjustments in gross margin and operating profit margin assumptions due to increased depreciation and amortization from capacity expansion [1] Financial Performance - The second quarter revenue growth slowdown for SMIC is considered temporary, with the company guiding for a quarter-on-quarter revenue increase of 5% to 7% for the current quarter [1] - The gross margin guidance for the current quarter is set at 18% to 20%, which is below Goldman Sachs' and market expectations of 20.6% and 21.1% respectively, attributed to increased depreciation and amortization [1] Positive Factors - Positive indicators include stable capacity utilization, strong customer orders, and ongoing capacity expansion that supports the company in capturing demand and providing more complete products [1] - Management anticipates stable orders in the coming quarters, driving delivery growth, with average selling prices on an upward trend due to reduced discounts on 12-inch wafers and higher contributions from 12-inch wafer sales compared to 8-inch wafers [1] Market Outlook - Despite low visibility on end-demand for the fourth quarter, management expects capacity utilization to remain stable, supported by strong customer demand [1]

Core Viewpoint - Goldman Sachs has lowered its earnings per share forecast for SMIC (00981) for the years 2023 to 2027 by 1%, reflecting adjustments in gross margin and operating profit margin assumptions due to increased depreciation and amortization from capacity expansion [1] Group 1: Earnings Forecast and Valuation - The investment rating for SMIC's H-shares remains "Buy," with a target price of HKD 63.7, based on a target price-to-earnings ratio of 36 times for 2028 [1] - The company is expected to see a temporary slowdown in revenue growth in Q2, with guidance indicating a quarter-on-quarter revenue increase of 5% to 7% [1] Group 2: Margin and Capacity Insights - The gross margin guidance for the current quarter is set at 18% to 20%, which is below Goldman Sachs' and market expectations of 20.6% and 21.1% respectively, primarily due to increased depreciation and amortization [1] - Positive factors include stable capacity utilization, strong customer orders, and ongoing capacity expansion that supports the company in capturing demand and providing more complete products [1] Group 3: Future Outlook - Management anticipates stable orders in the coming quarters, driving delivery growth, with average prices on an upward trend due to reduced discounts on 12-inch wafers and higher contributions from 12-inch wafer sales compared to 8-inch wafers [1] - Despite low visibility in terminal demand for Q4, management expects capacity utilization to remain stable, supported by strong customer demand [1]

Summary of SMIC's Conference Call Company Overview - **Company**: SMIC (Semiconductor Manufacturing International Corporation) - **Industry**: Semiconductor Manufacturing Key Financial Performance - **2025 H1 Sales Revenue**: $4.456 billion, up 22% year-over-year [2][7][8] - **Gross Margin**: 21.4%, an increase of 7.6 percentage points year-over-year [2][7][8] - **EBITDA Margin**: 54.3% [2][7] - **Net Profit**: $321 million [2][7][8] - **Q2 2025 Sales Revenue**: $2.209 billion, down 1.7% quarter-over-quarter [2][3][10] - **Q2 2025 Gross Margin**: 20.4%, down 2.1 percentage points quarter-over-quarter [3][15] - **Q2 2025 EBITDA**: $1.129 billion, EBITDA margin of 51.1% [3] - **Q2 2025 Net Profit**: $132 million [3] Operational Insights - **Production Capacity Utilization**: 92.5%, up 2.9 percentage points quarter-over-quarter [2][15] - **Sales Volume**: Increased by 4.3% to 2.39 million wafers in Q2 2025 [2][10] - **Inventory**: Total assets of $49.4 billion, with inventory at $13.1 billion [4] Market Segmentation - **Sales by Application**: - Consumer Electronics: 41% - Automotive Electronics: 20% quarter-over-quarter growth [2][11] - **Sales by Region**: - China: 84% - USA: 13% - Eurasia: 3% [11] Future Outlook - **Q3 2025 Revenue Guidance**: Expected to grow by 5% to 7% quarter-over-quarter [2][9][17] - **Gross Margin Guidance for Q3**: Expected between 18% and 20% [2][9][17] - **Market Demand**: Orders remain tight, with supply not meeting demand at least until October [22] Strategic Developments - **Product Mix Improvement**: Anticipated increase in average selling price (ASP) due to product mix changes [5][29] - **Power Device Market**: Actively developing power devices to meet AI server voltage upgrades [25] - **8-inch Wafer Demand**: Significant increase in demand, with over 50% of orders from international clients [27][28] Challenges and Risks - **Depreciation Pressure**: New capacity coming online may increase depreciation costs, impacting margins [2][24] - **Tariff Impact**: Potential 100% tariffs on imports could increase costs but are expected to have a minimal overall impact [23] - **Automotive Electronics**: Slow domestic replacement process, with current market share at 5% to 6% [34] Industry Context - **Semiconductor Industry Growth**: Expected growth of 5% to 6% in 2025 and 2026, with the foundry segment potentially growing faster due to AI [32] - **Market Sentiment**: Despite uncertainties, the overall outlook for the semiconductor industry remains positive [32] Additional Insights - **Cash Flow**: Q2 2025 net cash from operating activities was $1.07 billion [6] - **Customer Demand**: Strong demand from domestic clients, with a focus on providing comprehensive solutions rather than single products [26] This summary encapsulates the key points from SMIC's conference call, highlighting financial performance, operational insights, market segmentation, future outlook, strategic developments, challenges, and industry context.

Core Viewpoint - Semiconductor foundry leader SMIC reported a second-quarter revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year, with a net profit of $132.5 million, down 19% year-on-year, falling short of market expectations [1][2] Financial Performance - In Q2, SMIC's gross margin was 20.4%, a decrease of 2.1 percentage points quarter-on-quarter but an increase of 6.5 percentage points year-on-year [1] - For the first half of the year, SMIC's revenue reached $4.46 billion, a 22% increase compared to the same period last year, with a gross margin of 21.4%, up 7.6 percentage points year-on-year [3] Capacity Utilization and Industry Outlook - SMIC's capacity utilization rate in Q2 was 92.5%, an increase of 2.9 percentage points quarter-on-quarter and 7.3 percentage points year-on-year, indicating a recovery in industry demand [2][4] - The company expects Q3 revenue to grow by 5% to 7% quarter-on-quarter, with a gross margin guidance of 18% to 20% [2] Market Segmentation - In Q2, revenue from the Chinese market accounted for 84.1%, the U.S. market 12.9%, and the Eurasian market 3.0% [3] - The highest revenue contribution came from consumer electronics at 41.0%, followed by smartphones at 25.2%, and industrial and automotive sectors at 10.6%, with the latter showing continuous growth [3] Product Demand and Trends - Significant growth in demand for analog chips, particularly in fast charging and power management applications, is noted, with SMIC gaining incremental orders from domestic clients [4] - The automotive electronics segment saw a 20% quarter-on-quarter growth, driven by various types of automotive chips [3][4] Future Expectations - SMIC remains optimistic about future growth, aiming to exceed the average growth rate of comparable peers, with a focus on market demand changes [6] - The company anticipates stable demand in the smartphone market, with a projected flat global smartphone shipment volume by year-end [7] - Average selling prices (ASP) are expected to rise in Q3 due to the discontinuation of discounts on 12-inch wafer products [7]

Core Viewpoint - The report from Citi indicates that Huahong Semiconductor's Q2 revenue reached $566 million, showing a quarterly increase of 4.6%, nearing the upper limit of the company's guidance of $550 million to $570 million [1] Financial Performance - Gross margin for Q2 was 10.9%, an improvement of 1.7 percentage points from Q1, exceeding the guidance of 7% to 9% [1] - Capacity utilization increased by 5.6 percentage points to 108.3% [1] - Net profit was $8 million, a quarterly growth of 112.1%, but still below market expectations of $12.8 million [1] Market Outlook - Despite early inventory buildup in the first half of the year, demand in the second half is expected to be similar to the first half [1] - Price adjustments began in Q2, with expectations for average selling prices to see single-digit increases in the second half [1] Future Projections - The gross margin for Q4 is anticipated to maintain the level seen in Q3 [1] - The expansion of the 12-inch wafer fab (Fab 9) is progressing well, with new capacity expected to come online in 2027 [1] - Earnings forecasts for Huahong Semiconductor have been raised by 18% and 12% for 2026 and 2027 respectively, while the 2023 earnings forecast has been lowered by 31% due to increased tax [1] Investment Rating - The rating remains "Outperform" with the target price increased from HKD 36.9 to HKD 50.5 [1]

Core Viewpoint - InnoLux is set to increase its 8-inch GaN production capacity from 13,000 wafers per month to 20,000 wafers per month by the end of the year, with a long-term goal of reaching 70,000 wafers per month in five years [1] Company Summary - InnoLux is a leading manufacturer of GaN integrated devices, covering wafer manufacturing, discrete devices, smart GaN ICs, driver control chips, and GaN power modules [1] - The company emphasizes the growing importance of GaN in consumer electronics, particularly in chargers, and its potential to replace silicon due to its efficiency and compact size [1] - InnoLux plans to focus on the maturity of its 8-inch production line before gradually advancing to 12-inch technology, which is expected to achieve commercialization by 2030 [2] Industry Summary - According to Yole Group, the revenue from GaN in power applications is projected to grow at an annual rate of 36%, reaching approximately $2.5 billion by 2030 [2] - The transition from 8-inch to 12-inch wafers presents challenges, as the output of 12-inch chips is 2.3 times greater, but maintaining stable yields is difficult [2] - InnoLux believes that advancements in its products will lead to significant performance improvements of up to 40% and cost benefits of 30% compared to traditional silicon power semiconductors over the next few years [2]