Core Viewpoint - Goldman Sachs reports that Hua Hong Semiconductor (01347) expects a 10% to 13% quarter-over-quarter revenue growth for Q3, with a gross margin forecast of 10% to 12%, indicating a positive outlook for the company's recovery [1] Revenue and Margin Guidance - Q3 revenue guidance aligns with Goldman Sachs and market expectations, while the gross margin guidance exceeds expectations by 1.1 and 1.8 percentage points, reflecting the company's optimistic recovery outlook [1] - The company implemented a price adjustment in Q2, with an increase in the single-digit percentage range, expected to impact Q3 and Q4 results [1] Capacity Expansion and Long-term Growth - Goldman Sachs maintains a positive view on Hua Hong's 12-inch capacity expansion, believing it will drive long-term growth and optimize 40nm and 55nm products [1] - Management anticipates that strong demand from the first half of the year will continue into the second half, with expectations for sustained capacity release from the second 12-inch fab [1] Earnings and Profit Forecast Adjustments - Based on Q3 guidance and Q2 performance, Goldman Sachs has reduced Hua Hong's 2025 earnings forecast by 23% and revenue forecast by 2%, while increasing gross margin forecast by 3% [1] - The operating loss forecast has been widened from $84 million to $104 million to reflect anticipated increased operating expenses from the second 12-inch fab, while net profit forecasts for 2026 to 2029 have been adjusted upward by 1% each year [1]

根据第三季指引及第二季业绩，高盛将华虹半导体2025年盈利预测下调23%，收入预测下调2%，但将 毛利预测上调3%，并将经营亏损预测从8,400万美元扩大至1.04亿美元，以反映第二座12英寸厂房营运 费用预期增加，而2026至2029年净利润预测则每年上调1%。 智通财经APP获悉，高盛发布研报称，华虹半导体(01347)第三季收入指引为按季增长10%至13%，毛利 率料达10%至12%，对比第二季为10.9%，收入指引大致符合该行及市场预测，而毛利率指引较该行及 市场预期高出1.1及1.8个百分点，反映公司对持续复苏的预期。该行对华虹12英寸产能扩张持正面看 法，认为将推动长期增长及40nm、55nm产品优化，维持"中性"评级，目标价上调至46.9港元。 管理层相信上半年强劲的需求将延续至下半年，预期第二座12英寸厂房的产能可持续释放。华虹半导体 第二季已实施价格调整，升幅为个位数百分比，预料相关影响将于第三及四季显现。 ...