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华虹半导体(01347):华虹半导体(1347)2025Q2财报点评:新厂折旧压力下,二季度毛利率仍超市场预期
Guohai Securities· 2025-08-12 04:03
Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor [1][10] Core Views - Despite depreciation pressure from new factory investments, the company's gross margin exceeded market expectations in Q2 2025 [2][7] - The company reported Q2 2025 revenue of $566 million, a quarter-over-quarter increase of 4.6% and a year-over-year increase of 18.3% [7][8] - The net profit attributable to shareholders for Q2 2025 was $8 million, reflecting a significant quarter-over-quarter increase of 112.1% and a year-over-year increase of 19.2% [7][8] - The wafer shipment volume reached 1.305 million equivalent eight-inch wafers, with a capacity utilization rate of 108.3% [7][8] Financial Performance Summary - Q2 2025 revenue guidance was set between $550 million and $570 million, with Bloomberg consensus at $563 million [7] - Gross margin for Q2 2025 was reported at 10.9%, with a quarter-over-quarter increase of 1.7 percentage points and a year-over-year increase of 0.4 percentage points [7] - The company expects Q3 2025 revenue to be between $620 million and $640 million, indicating a quarter-over-quarter growth of 11.3% and a year-over-year growth of 19.7% [7][8] - The gross margin guidance for Q3 2025 is projected to be between 10% and 12%, surpassing market expectations [7][8] Future Projections - Revenue projections for Huahong Semiconductor are $2.417 billion in 2025, $3.004 billion in 2026, and $3.249 billion in 2027 [8][9] - Net profit attributable to shareholders is expected to be $87 million in 2025, $182 million in 2026, and $247 million in 2027 [8][9] - The report assigns a target price of HKD 44.43 based on a price-to-book ratio of 1.5x for the estimated book value per share in 2026 [8][9]