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交银国际:华虹半导体2Q25毛利率超指引上限 上调目标价至49港元
Zhi Tong Cai Jing· 2025-08-11 02:05
Core Viewpoint - The report from CMB International indicates a positive trend in the gross margin of Huahong Semiconductor (01347), predicting a rebound in gross margin to 11.5% in Q3 2025, following a recovery in product prices and strong demand for PMIC products [1][2] Group 1: Financial Performance - The company reported revenue of $566 million in Q2 2025, slightly exceeding the median guidance and expectations, with a gross margin of 10.8%, surpassing the upper limit of guidance [1] - The revenue forecast for 2025/26 has been raised to $2.41 billion and $2.87 billion, respectively, from previous estimates of $2.29 billion and $2.77 billion [1] - The gross margin forecast for 2025 has been increased to 10.8%, up from 9.2% [1] Group 2: Operational Insights - Management highlighted that the improvement in gross margin is primarily due to increased capacity utilization, initial cost control effects, and stabilization in product prices [1] - The company has adjusted prices in Q2 2025, with overall price increases in the single digits, expected to be more evident in Q3 and Q4 2025 [1] - The guidance for Q3 2025 revenue is set between $620 million and $640 million, with a gross margin of 10-12%, all exceeding previous expectations [1] Group 3: Market Demand and Capacity - The demand for PMIC products has surged, with a year-on-year growth of 59.5%, and the revenue share from analog/PMIC platforms has increased to 28.5%, up 7.4 percentage points year-on-year [2] - Management noted that the demand for related BCD platforms could be double the previous supply capacity [2] - The company expects to complete 80-90% of the capacity installation at the ninth factory by the end of 2025, with full completion by mid-2026 [2] Group 4: Production Capacity Projections - The company has completed a monthly capacity ramp-up of 25,000 wafers in the first half of 2025, with an updated forecast to reach 50,000 wafers per month by the end of 2025 [2] - The ramp-up rate is expected to be faster than previously predicted, with plans to achieve all 83,000 wafers of planned capacity by Q3 2026 [2] - The majority of PMIC products are 12-inch, which may help stabilize the average selling price (ASP) [2]
交银国际:华虹半导体(01347)2Q25毛利率超指引上限 上调目标价至49港元
智通财经网· 2025-08-11 02:04
Group 1 - The core viewpoint of the report indicates that Huahong Semiconductor (01347) is expected to see a reversal in its gross margin trend in 2Q25, with a forecasted gross margin rebound to 11.5% in 3Q25 and stability in 4Q25 due to positive price changes in most platform products [1] - The company’s revenue forecast for 2025 and 2026 has been raised to $2.41 billion and $2.87 billion respectively, up from previous estimates of $2.29 billion and $2.77 billion, reflecting the impact of price increases, product mix changes, and high demand for PMIC [1] - The management highlighted that the gross margin exceeded guidance due to improved capacity utilization, cost control effects, and price stabilization, with 2Q25 revenue reported at $566 million, slightly above the median guidance [1] Group 2 - The management noted strong resilience in downstream demand and manageable tariff impacts, with PMIC product revenue experiencing a robust year-on-year growth of 59.5%, contributing to 28.5% of total revenue, an increase of 7.4 percentage points year-on-year [2] - The company’s capacity ramp-up is expected to be faster than previously predicted, with the ninth factory projected to reach 80-90% completion by the end of 2025, and full completion by mid-2026, with a monthly capacity ramp-up of 50,000 wafers by the end of 2025 [2] - The management indicated that the demand for PMIC products is likely to be double the previous supply capacity, and the company is adjusting prices, with overall price increases expected to be in the single digits, reflecting a reduction in pricing pressure across most platforms [2]
交银国际每日晨报-20250513
BOCOM International· 2025-05-13 04:06
每日晨报 2025 年 5 月 13 日 交银国际研究 今日焦点 | 台积电 | | TSM US | | --- | --- | --- | | 先进制程优势在扩大,首予买入 | | 评级: 买入 | | 收盘价: 美元 176.52 目标价: | 美元 225.00 | 潜在涨幅: +27.5% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 产品周期与供需周期均利于业绩稳定增长。从产品周期角度看,我们认 为台积电新产品单价打破之前上市后逐渐下滑的趋势,公司对于半导体 设计厂商客户的议价能力或在增强,3 纳米工艺芯片或不会在 2 纳米上 市前后降价。 从全球先进制程的供需关系看,我们认为之前以智能手机为主导的先进 制程需求正转化为手机和高性能计算需求竞争供给的格局。我们认为全 球先进制程芯片或进入一个长于之前周期的上行周期,而作为全球高端 智能手机芯片和人工智能加速芯片的主要甚至唯一供应商,台积电或进 一步受益。 进入 2 纳米时代技术优势或继续扩大。我们认为台积电在先进制程和先 进封装技术上的优势或在扩大。我们认为 2 纳米工艺相对之前的 3 纳米 工 ...