Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor with a target price raised to HKD 119 from HKD 53 [1][5]. Core Views - The report expresses a long-term positive outlook on Huahong's "integrated" strategic layout, emphasizing the rapid maturation of the domestic AI chip ecosystem and its impact on wafer foundry demand [2][3]. - The report highlights the potential benefits of the BIS regulations, which may accelerate supply chain localization and enhance Huahong's technological capabilities [3][4]. Summary by Sections Demand Side - The report estimates that the advanced process foundry demand from Chinese design companies will reach USD 9.5 billion in 2024, with 70% of this demand currently met by TSMC [1]. - The acceleration of AI chip iterations, particularly from Huawei's Ascend series, is expected to significantly expand domestic foundry demand [1][2]. Supply Side - The new BIS regulations will extend restrictions to subsidiaries with over 50% ownership, which may lead to tighter policies and further localization of the supply chain [3]. - Huahong's acquisition of Huali Microelectronics is projected to enhance its core business and add 38,000 wafers per month of 65/55nm and 40nm process capacity [2]. Financial Projections - The report forecasts a 3% increase in net profit for 2025, reaching USD 60 million, followed by a 48% increase in 2026 to USD 89 million, and a 16% increase in 2027 to USD 103 million [4][8]. - Revenue is expected to decline by 12.34% in 2024 but rebound with a growth of 20.81% in 2025 and 20.98% in 2026 [8][22]. Valuation - The target price adjustment to HKD 119 corresponds to a 4.2x 2025E price-to-book ratio, compared to a peer average of 3.86x [4][10]. - The report emphasizes Huahong's unique position as a leader in domestic specialty processes amid the accelerating trend of semiconductor localization in China [10][11].

多家芯片行业上市公司开启"买买买"模式。 8月31日晚，华虹公司发布公告称，公司董事会于8月29日作出决议，同意《关于公司发行股份及支付现金购买资产并募集配套 资金暨关联交易方案的议案》《关于<华虹半导体有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案>及其 摘要的议案》及相关议案。公司股票自9月1日开市起复牌。 | 证券代码 | 证券简称 | 停复牌类型 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | 688347 | 华虹公司 | A 股 复牌 | | 2025/8/29 | 2025/9/1 | 证券时报注意到，近期已有多家A股芯片行业上市公司披露并购重组公告，开启"买买买"模式。这些并购多数围绕补链强链以及 产业链整合等方面展开，可见我国芯片行业正在加速产业并购整合。 股份发行价敲定为43.34元/股 根据华虹公司重组预案，公司拟以发行股份及支付现金的方式购买华虹集团、上海集成电路基金、大基金二期、国投先导基金4 名交易对方合计持有的华力微97.4988%股权, 并拟向不超过35名符合条件的特定对象 ...