1. 华虹半导体第四季度业绩预期怎么样？ 截至2025年12月16日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入6.36~7.20亿美元，同比增长17.9%~33.6%； 预测公司Q4一致预期净利润-0.70~0.72亿美元，同比变动-177.8%~384.0%； 预测公司Q4一致预期经调整净利润-0.70~0.64亿美元。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 货币单位:亿美元 | | | | | | | 关注朝阳永续公众号 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构简称 | | 造业收入 | 同比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 卖方预测区间 | | 6.36~7.20 | 17.9%~33.6% | -0.70~0.72 | -177.8%~384.0% | -0.70~0.64 | -- | | 平均数 | - | 6.66 | 23.5% | $ 0.36 | 243.7% | -0.03 | -- | | 中位数 | - | 6.5 ...

Core Viewpoint - Guohai Securities maintains a "Buy" rating on Huahong Semiconductor (01347), citing the company's growth in wafer volume and price under the trend of self-control and "China for China" [1] Group 1: Financial Performance - In Q3 2025, Huahong Semiconductor reported revenue of $635 million, a quarter-over-quarter increase of 12.2% and a year-over-year increase of 20.7% [2] - The company achieved a gross margin of 13.5%, up 2.6 percentage points quarter-over-quarter and 1.3 percentage points year-over-year, exceeding guidance of 10%-12% [2] - Net profit attributable to shareholders was $26 million, reflecting a significant quarter-over-quarter increase of 223.5% but a year-over-year decrease of 42.6% [2] Group 2: Future Guidance - For Q4 2025, Huahong Semiconductor expects revenue between $650 million and $660 million, representing a quarter-over-quarter increase of 3.1% and a year-over-year increase of 21.5% [3] - The company anticipates a gross margin of 12%-14% for Q4, which is above market expectations [3] - Revenue growth is expected to be driven by collaborations with "China-for-China" strategic customers and the gradual release of Fab9A capacity [3] Group 3: Investment Forecast - Huahong Semiconductor's revenue projections for 2025, 2026, and 2027 are $2.4 billion, $3.03 billion, and $3.35 billion, respectively, with net profits of $90 million, $194 million, and $263 million [4] - The diluted EPS for the same years is projected to be $0.05, $0.11, and $0.17, respectively [4] - The price-to-book ratio for November 10, 2025, is expected to be 2.74x, 2.66x, and 2.31x for the respective years [4]

Core Viewpoint - Guohai Securities maintains a "Buy" rating on Huahong Semiconductor (01347), highlighting the company's potential for revenue growth and improved profitability due to the acquisition of Huayi Micro and the "China for China" trend [1] Group 1: Financial Performance - In Q3 2025, Huahong Semiconductor reported revenue of $635 million, a quarter-over-quarter increase of 12.2% and a year-over-year increase of 20.7% [2][3] - The company achieved a net profit of $26 million in Q3 2025, reflecting a significant quarter-over-quarter increase of 223.5%, although it was down 42.6% year-over-year [2][3] - The average selling price (ASP) increased by 5.2% in Q3 2025, contributing to a gross margin of 13.5%, which exceeded guidance [3] Group 2: Future Guidance - For Q4 2025, Huahong Semiconductor expects revenue between $650 million and $660 million, representing a quarter-over-quarter increase of 3.1% and a year-over-year increase of 21.5% [4] - The company anticipates a gross margin of 12% to 14% for Q4 2025, driven by ongoing price increases and product structure optimization [4] Group 3: Strategic Initiatives - The acquisition of Huayi Micro is expected to be completed by August 2026, potentially adding $600 million to $700 million in annual revenue [1] - The collaboration with strategic customer ST under the "China-for-China" initiative is expected to start contributing to revenue in Q4 2025 [4] Group 4: Earnings Forecast - Revenue projections for Huahong Semiconductor are $2.4 billion, $3.03 billion, and $3.35 billion for the years 2025, 2026, and 2027, respectively [5] - Expected net profits for the same years are $90 million, $194 million, and $263 million, with diluted EPS of $0.05, $0.11, and $0.17 [5]

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) [1][8] Core Insights - The company has seen a positive impact from price increases and product structure optimization, leading to improved gross margins [5] - In Q3 2025, Huahong Semiconductor reported revenues of $635 million, a quarter-over-quarter increase of 12.2% and a year-over-year increase of 20.7% [6] - The gross margin for Q3 2025 was 13.5%, exceeding market expectations, driven by capacity utilization and ASP (Average Selling Price) improvements [5][6] Financial Performance Summary - Q3 2025 revenue: $635 million (QoQ +12.2%, YoY +20.7%) [6] - Q3 2025 net profit: $26 million (QoQ +223.5%, YoY -42.6%) [6] - Q3 2025 wafer shipments: 1.4 million equivalent 8-inch wafers (QoQ +7.3%, YoY +16.7%) [6] - Capacity utilization rate: 109.5% (QoQ +1.2 percentage points, YoY +4.2 percentage points) [6] Future Guidance - For Q4 2025, the company expects revenue between $650 million and $660 million, with a gross margin forecast of 12% to 14% [5] - The anticipated revenue growth is supported by collaborations with strategic customers and the gradual release of capacity from Fab 9A [5] - The company plans to continue its price increase strategy and invest in high-margin technology platforms to enhance product structure [5] Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are $2.4 billion, $3.0 billion, and $3.3 billion respectively [6] - Expected net profits for the same years are $90 million, $194 million, and $263 million respectively [6] - The diluted EPS for 2025, 2026, and 2027 are projected to be $0.05, $0.11, and $0.17 respectively [6]