华虹：2026 年第一季度收入持平，毛利率环比有望提升；2025 年第四季度收入及毛利率符合预期；买入评级

13 February 2026 | 12:52AM HKT Equity Research Hua Hong (1347.HK): 1Q26 revenues flat with GM potentially higher QoQ; 4Q25 Rev/ GM in-line; Buy Hua Hong expects 1Q26 revenues to grow at -1%~+0% QoQ and GM at 13%~15% (vs. 13% in 4Q25), showing continuous improvement in GM with strong UT rate, ASP increase and cost control. The 1Q26 revenue guidance is largely in-line, or 8%/ 6% lower than GSe/ Bloomberg consensus at the mid point. The GM guidance is in-line with our estimate (14.0%) while 0.8ppts higher than ...