国海证券发布研报称，看好华虹半导体(01347)在自主可控+"ChinaforChina"趋势下晶圆量价齐升，优质 资产注入改善公司盈利和估值水平，对华虹半导体维持"买入"评级。公司表示，华力微收购案预计将于 2026年8月前正式完成，并计划于2026年开始接管运营。该收购案战略价值显著，预计将为华虹半导体 增加约6-7亿美元的年收入;且标的折旧周期已过，或将对公司盈利情况带来积极影响。基于审慎原则， 暂不考虑本次发行股份摊薄因素及收购影响。 风险提示：无锡新厂产能释放不及预期;半导体下游市场复苏不及预期;成熟制程晶圆代工厂商竞争加剧 的风险;中美贸易摩擦加剧的风险;汇率波动风险;行业估值回调风险。 华虹半导体自2025Q2起对部分产品进行提价，该提价效应从Q3开始逐步发酵，Q3ASP环比提升5.2%。 2025Q3，公司实现收入6.35亿美元(QoQ+12.2%，YoY+20.7%)，指引6.2-6.4亿美元，媒体一致预期为 6.32亿美元，年增主要由于晶圆出货量和ASP上升。毛利率13.5%(QoQ+2.6pct，YoY+1.3pct)，指引为 10%-12%，媒体一致预期为11.3%，年增主要由于产能利 ...

2025年11月6日，华虹半导体发布2025年Q3财报：2025Q3，公司实现收入6.35亿美元(QoQ+12.2%， YoY+20.7%);归母净利润0.26亿美元(QoQ+223.5%，YoY-42.6%);晶圆季出货量(等效八英寸晶圆)140万片 (QoQ+7.3%，YoY+16.7%);产能利用率109.5%(QoQ+1.2pct，YoY+4.2pct)。 2025Q3业绩：ASP优化，Q3毛利率超指引 华虹半导体自2025Q2起对部分产品进行提价，该提价效应从Q3开始逐步发酵，Q3ASP环比提升5.2%。 2025Q3，公司实现收入6.35亿美元(QoQ+12.2%，YoY+20.7%)，指引6.2-6.4亿美元，彭博一致预期为 6.32亿美元，年增主要由于晶圆出货量和ASP上升。毛利率13.5%(QoQ+2.6pct，YoY+1.3pct)，指引为 10%-12%，彭博一致预期为11.3%，年增主要由于产能利用率和ASP优化，部分被折旧成本上升所稀 释，季增主要源于ASP提升。2025Q3，公司归母净利润0.26亿美元(QoQ+223.5%，YoY-42.6%)，环比增 长主要由于毛利率优化、外汇 ...

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]