Hua Hong Semiconductor (SEHK:01347) Q4 2025 Earnings call February 12, 2026 04:00 AM ET Company ParticipantsDaniel Wang - EVP and CFOPeng Bai - Chairman and PresidentConference Call ParticipantsLeping Huang - AnalystZiye Zhang - AnalystZiyuan Wang - AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to Hua Hong Semiconductor fourth quarter 2025 earnings conference call. Today's call is hosted by Dr. Peng Bai, Chairman and President, and Mr. Daniel Wang, Executive Vice President and Chie ...

Hua Hong Semiconductor (SEHK:01347) Q4 2025 Earnings call February 12, 2026 04:00 AM ET Company ParticipantsDaniel Wang - EVP and CFOPeng Bai - President and Executive DirectorConference Call ParticipantsLeping Huang - AnalystZiye Zhang - AnalystZiyuan Wang - AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to Hua Hong Semiconductor fourth quarter 2025 earnings conference call. Today's call is hosted by Dr. Peng Bai, Chairman and President, and Mr. Daniel Wang, Executive Vice Presiden ...

Hua Hong Semiconductor (SEHK:01347) Q4 2025 Earnings call February 12, 2026 04:00 AM ET Speaker2Ladies and gentlemen, thank you for standing by. Welcome to Hua Hong Semiconductor fourth quarter 2025 earnings conference call. Today's call is hosted by Dr. Peng Bai, Chairman and President, and Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Please be advised that your dial-ins are in listen-only mode. However, at the conclusion of the management presentation, there will be a question an ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]

Group 1 - Infineon has announced a significant increase in demand for its power switches and integrated circuit products due to the surge in AI data center deployments, leading to shortages and necessitating substantial investments in wafer fabrication facilities [1] - The company plans to raise prices for related products, with the new pricing effective from April 1, to address rising costs of raw materials and infrastructure, which internal efficiency improvements can no longer offset [1] - The demand for power semiconductors and related analog/power management chips has seen a "non-linear increase" driven by AI server applications, resulting in a shift in production capacity towards the AI sector, thereby impacting supply for traditional industries like telecommunications and automotive [1] Group 2 - Power semiconductors, including power switch devices, MOSFETs, and IGBTs, are viewed as direct beneficiaries of the AI industry's boom, with the current price increase trend spreading beyond Infineon to other leading domestic peers [2] - JieJie Microelectronics, which focuses on the development of power semiconductor devices such as thyristors and MOSFETs, is expected to benefit from the industry-wide price increases [3] - SDIC, a pioneer in domestic IGBTs, is actively expanding into emerging fields such as AI servers and aerospace [4]

Core Viewpoint - The semiconductor industry is experiencing price increases in power devices like Mosfets, with expectations for similar trends in analog devices and MCUs, driven by rising raw material costs and recovering demand, particularly from AI applications [1] Group 1: Power Devices - Power devices such as Mosfets have seen initial price increases, with expectations for analog devices and MCUs to follow due to rising raw material costs and recovering demand from AI [1] - The SiC market is expected to benefit from long-term demand driven by AI data centers and the evolution of 800V architectures in new energy vehicles, with significant cost reductions leading to increased applications in diodes and transistors [1] - IGBTs are at a critical supply-demand juncture, with potential boosts from energy storage and new energy demands [1] Group 2: Packaging Industry - The packaging industry is experiencing improved market conditions, with rising capacity utilization rates and strong demand for both advanced and traditional packaging, leading some leading manufacturers to initiate price increases [1] - Advanced packaging is identified as a long-term trend due to the physical limits of semiconductor processes, with performance improvements increasingly reliant on advanced packaging techniques [1] Group 3: Storage Industry - The storage sector maintains a positive outlook, with new AI applications expected to drive terminal storage demand as a growth point [1] Group 4: Investment Trends - There is a strong expectation for increased capital expenditure from North American cloud service providers, driven by investments in AI infrastructure [1] - The Xinchuang ETF (159537) tracks the Guozhen Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of the information technology innovation theme [1]

1月30日晚间，上交易上市审核委员会2026年第3次审议会议公告显示，斯达半导（603290）公开发行15 亿可转债项目获得通过。 一、公司基本情况 斯达半导体股份有限公司（Wind代码：603290.SH）成立于2005年4月27日，总部位于浙江省嘉兴市南 湖区科兴路988号，2020年2月4日在上海证券交易所主板上市。公司专业从事以IGBT为主的半导体芯片 和模块的设计研发、生产及销售，产品涵盖IGBT、SiC、GaN、MCU芯片及模块，电压等级覆盖100V ～3300V，电流等级10A～3600A，广泛应用于新能源汽车、工业控制、光伏、储能、白色家电等领 域。公司注册资本2.39亿元，法定代表人及董事长为沈华。 二、报告期业绩 截至2025年前三季度，公司实现营业收入29.90亿元，同比增长23.82%；归母净利润为3.82亿元，同比 下降9.80%；扣非归母净利润同比下降11.58%。业绩增长主要由新能源汽车、AI服务器等高增长领域需 求驱动，但净利润承压源于研发费用大幅增加至3.44亿元，占营业收入比重达11.5%。2025年第三季度 单季营收达10.51亿元，环比增长显著，显示收入端持续回暖。公司 ...

1月30日晚间，上交易上市审核委员会2026年第3次审议会议公告显示，斯达半导公开发行15亿可转债项 目获得通过。 一、公司基本情况 斯达半导体股份有限公司（Wind代码：603290.SH）成立于2005年4月27日，总部位于浙江省嘉兴市南 湖区科兴路988号，2020年2月4日在上海证券交易所主板上市。公司专业从事以IGBT为主的半导体芯片 和模块的设计研发、生产及销售，产品涵盖IGBT、SiC、GaN、MCU芯片及模块，电压等级覆盖100V ～3300V，电流等级10A～3600A，广泛应用于新能源汽车、工业控制、光伏、储能、白色家电等领 域。公司注册资本2.39亿元，法定代表人及董事长为沈华。 车规级SiC MOSFET模块制造项目：拟投入6亿元，达产后新增年产能280万个，预计年销售收入18亿 元，内部收益率18.45%； IPM模块制造项目：拟投入2.7亿元，达产后新增年产能3000万个，预计年销售收入6.6亿元，内部收益 率16.00%； 车规级GaN模块产业化项目：拟投入2亿元，达产后新增年产能100万个，预计年销售收入4.51亿元，内 部收益率18.73%； 补充流动资金：拟使用4.3亿元。 ...

2026年1月30日，斯达半导体股份有限公司（证券代码：603290，证券简称：斯达半导）发布公告称，公司向不特定对象发行可转换公司债券的申请已获 上海证券交易所上市审核委员会审核通过。 作为国内功率半导体领域的领军企业，斯达半导总部位于浙江嘉兴，在上海、浙江、重庆及欧洲设有子公司，同时在国内外及欧洲布局研发中心，构建了 全球化的研发与经营网络。公司主营业务聚焦IGBT、SiC为主的功率半导体芯片和模块的设计研发、生产及销售，深耕高能效、绿色化和智能化应用领 域，提供全面的半导体及系统解决方案。根据Omdia 2023年研究报告，公司在全球IGBT模块市场排名第五，综合竞争力凸显。 斯达半导覆盖IGBT、SiC MOSFET、GaN HEMT、快恢复二极管等功率半导体器件，以及汽车级与工业级MCU、栅极驱动IC芯片等，应用场景广泛，涵 盖新能源、新能源汽车、工业控制与电源、白色家电、AI服务器电源、数据中心、机器人及低空/高空飞行器等多个高增长领域。其中，公司作为国内新 能源汽车市场主电机控制器用大功率车规级IGBT/SiC模块的主要供应商，2024年车规级IGBT模块配套超过300万套新能源汽车主电机控制器 ...