香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分内容而產生或因依賴該等內容而引致的 任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華 虹 半 導 體 有 限 公 司 (于香港注冊成立之有限公司) (股份代號: 01347) 新聞稿 二零二四年第三季度業績公佈 所有貨幣以美元列帳，除非特別指明。 本合併財務報告系依香港財務報告準則編製。 中國香港 — 2024 年 11 月 7 日 — 全球領先的特色工藝純晶圓代工廠華虹半導體有限公司（香港聯交所 股票代號：01347；上交所科創板證券代碼：688347) ("本公司")於今日公佈截至二零二四年九月三十日 止三個月的綜合經營業績。 二零二四年第三季度主要財務指標（未經審核） ■ 銷售收入 5.263 億美元，同比下降 7.4%，環比增長 10.0%。 ■ 毛利率 12.2%，同比下降 3.9 個百分點，環比上升 1.7 個百分點。 ■ 母公司擁有人應占溢利 4,480 萬美元 ，同比上升 222.6% ...

证券时报网讯，恒生科技指数涨幅扩大至2%，截至最新，比亚迪电子涨5.61%，华虹半导体涨幅为 4.94%，理想汽车-W涨幅达到4.44%，众安在线和中芯国际分别以3.99%和3.51%的涨幅位列其后，此 外，京东健康、阿里健康、阅文集团、舜宇光学科技、小米集团-W、商汤-W和金山软件均实现了超过 3%的涨幅。 校对：杨舒欣 ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor with a target price of HK$29.00, representing a potential upside of 22% from the current price of HK$23.70 [1][4]. Core Views - The report indicates that Huahong Semiconductor is on a path to recovery in profitability, with expectations of revenue growth driven by a gradual recovery in demand and price increases [1][2]. - The forecast for 3Q24 includes a revenue increase of 9% quarter-on-quarter to US$522 million, with a gross margin of 11.8% [1][2]. - The semiconductor industry is experiencing a slow recovery, particularly in consumer electronics, which is expected to be a key driver for Huahong's performance [1][2]. Summary by Sections Investment Rating - The investment rating is "Buy" with a target price of HK$29.00, reflecting a 1.0x P/B for 2024 [1][4]. Financial Forecasts - Revenue for 2024 is projected at US$2,036 million, with a year-on-year decline of 11% [2]. - Gross profit is expected to be US$220 million, with a gross margin of 11% [2]. - Net profit attributable to shareholders is forecasted at US$122 million, reflecting a 57% decline year-on-year [2]. Quarterly Projections - For 3Q24, revenue is expected to reach US$522 million, with a gross margin of 12% [3]. - The report anticipates a gradual improvement in operating profit, projecting a loss of US$40 million for 3Q24, improving to a loss of US$29 million in 4Q24 [3]. Valuation - The report adjusts the target P/B from 0.8x to 1.0x for 2024, indicating a potential revaluation based on expected recovery in demand and profitability [4][5]. - The estimated book value per share for 2024 is adjusted to US$3.69, supporting the target price of HK$29.00 [5]. Industry Context - The semiconductor industry is facing challenges, including competition in traditional processes and high capital expenditures, which may impact long-term ROE [4][6]. - The report highlights that Huahong's stock has increased by 28% year-to-date, outperforming the Hang Seng Index, yet remains below its book value [1][4].

Investment Rating - The report gives a "Recommend" rating for the company, considering its leading position in the domestic wafer foundry industry and the gradual recovery of downstream demand [1][4] Core Views - The company adheres to the "Specialty IC + Power Devices" strategy, focusing on the development of specialty process technologies, serving markets such as consumer electronics, communications, computers, industrial, and automotive [1] - With the gradual recovery of consumer electronics demand, the semiconductor industry cycle is expected to reach an inflection point, and the company's capacity utilization rate has improved significantly [1] - The company's gross margin is expected to continue to recover, driven by price increases and the full production of its Wuxi facility [1] - The domestic wafer foundry market is accelerating, with the localization of wafer manufacturing becoming a priority due to supply chain security concerns [1] - The company is a global leader in specialty process wafer foundry, with a comprehensive coverage of specialty process platforms and a focus on mature nodes [1] Company Overview - The company is a global leader in specialty process wafer foundry, offering a wide range of process platforms including embedded/non-volatile memory, power devices, analog and power management, and logic and RF [1][6] - The company has 3 8-inch and 1 12-inch wafer fabs, with another 12-inch fab under construction, and plans to invest $2 billion annually in equipment from 2024 to 2026 [1] - The company's revenue in H1 2024 was $939 million, a YoY decrease of 25.7%, with a net profit of $38 million, a YoY decrease of 83.3% [1] - The company's capacity utilization rate in Q2 2024 was 97.9%, a QoQ increase of 6.2 percentage points [1] Industry Trends - The global pure-play wafer foundry market has grown significantly, with the Chinese market expanding from RMB 39.1 billion in 2018 to RMB 77.1 billion in 2022, with a CAGR of 8.5% [1] - The proportion of mature process capacity in China is expected to increase from 29% in 2022 to 33% in 2027, driven by policy support and subsidies [1][28] - The power device market is booming, with global market size expected to grow from $17.5 billion in 2020 to $26.2 billion in 2026, with a CAGR of 6.96% [30] - The MCU market in China is growing faster than the global market, with a CAGR of 8.29% from 2015 to 2020, compared to the global CAGR of 5.34% [37] Financial Projections - The company's revenue is expected to be $2.254 billion, $2.556 billion, and $3.098 billion in 2024, 2025, and 2026, respectively, with net profits of $102 million, $195 million, and $302 million [1][2] - The corresponding PE ratios are 52x, 27x, and 17x, and PB ratios are 0.8x, 0.8x, and 0.8x for 2024, 2025, and 2026, respectively [1][2] Strategic Focus - The company is focusing on mature nodes, with its 8-inch fabs covering nodes from 0.35µm to 90nm, and its 12-inch fabs covering nodes from 90nm to 55nm [1][50] - The company is expanding its 12-inch capacity, with the Wuxi fab expected to reach full production capacity of 94,500 wafers per month by the end of 2023 [19] - The company is also building a new 12-inch fab, which is expected to start production by the end of 2024, with a planned capacity of 83,000 wafers per month [19] Competitive Advantages - The company has a comprehensive coverage of specialty process platforms, including embedded/non-volatile memory, power devices, analog and power management, and logic and RF [1][6] - The company has a strong R&D capability, with 1,285 R&D personnel, accounting for 18.72% of the total workforce, and has accumulated 8,969 patents [23] - The company has a stable customer base, with 92.3% of its revenue coming from system companies and fabless design companies in 2023 [8]

业绩温和复苏，产能利用率持续提升 买入（维持） 核心观点 ⚫ 二季度收入温和环比回升，销量显著增长，毛利率略超预期。2024 年二季度主营业 务收入 4.79 亿美元，同比下降 24.2%，环比增长 4.0%，符合业绩指引（4.7-5.0 亿 美元）；归母净利润为 667.3 万美元，同比下降 91.5%，环比下降 79.0%。收入环 比增幅的实现主要源于晶圆出货量增加，本期付运晶圆（折合 8 英寸）110.6 万片， 同比增长 3.0%，环比增速 7.8%；但销售单价相比上季度继续下滑。24Q2 毛利率达 到 10.5%，略高于指引上限（6%-10%），相比 24Q1 的 6.4%环比提升 4.1pct，主 要源于 8 英寸和 12 英寸晶圆的产能利用率上升，报告期 8 英寸、12 英寸产能的稼 动率分别达到 107.6%、89.3%。公司指引三季度销售收入在 5.0-5.2 亿美元，毛利 率在 10%-12%之间，直接驱动因素预计来自销量和单价的增长。 ⚫ 电源管理、CIS 和逻辑 IC 产品需求增长。收入按技术平台分，模拟与电源管理收入 同比提升 25.7%，主要系电源管理产品需求增加；逻辑及射频收入同 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） 2024 中期報告 INTERIM REPORT DEFINITIONS In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below. | "Board" | the board of Directors of the Company; | | --- | --- | | "China" or "the PRC" | the People's Republic of China, but for the purpose of this interim report and | | | for geographical reference only, exc ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 2024 gross margin exceeded expectations, reaching 11%, which was above the upper guidance of 10% [3] - The semiconductor cycle is showing signs of moderate recovery, driven by a rebound in consumer electronics demand [1][4] - The company's capacity utilization rate reached 98% in Q2 2024, with expectations to remain high through 2025 [5] - The company's second 12-inch production line is progressing smoothly, with trial production expected by the end of 2024 and full capacity by Q1 2025 [5] Financial Performance - Q2 2024 revenue was $480 million, down 24% YoY but up 4% QoQ [3] - Net income attributable to shareholders was $70 million, down 92% YoY and 79% QoQ, primarily due to a shift from tax credits in Q1 2024 to tax expenses in Q2 2024 [3] - Revenue from consumer electronics, industrial & automotive, communications, and computers in Q2 2024 was $290 million, $110 million, $60 million, and $10 million respectively, with consumer electronics showing a 4% QoQ increase [4] - Embedded memory and discrete device revenues in Q2 2024 were $140 million and $150 million respectively, up 15% and 6% QoQ [4] Capacity and ASP - The company's 8-inch equivalent ASP in Q2 2024 was $432.7, down 26% YoY and 4% QoQ, but expected to rise in H2 2024 due to price increases in logic, RF, CIS, and embedded memory [5] - The company expects Q3 2024 revenue to be between $500 million and $520 million, with 70% of the growth driven by ASP increases and 30% by additional shipments [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be $1,982 million, $2,493 million, and $3,044 million respectively [2] - Net income attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be $83.95 million, $104.93 million, and $165.84 million respectively [2] - The company's P/B ratio for 2024E, 2025E, and 2026E is estimated to be 0.58, 0.57, and 0.56 respectively [2] Market Data - The closing price on September 2, 2024, was HKD 16.70, with a P/B ratio of 4.57 [6] - The company's market capitalization was HKD 21,875.37 million [6] Financial Ratios - ROE for 2024E, 2025E, and 2026E is projected to be 1.32%, 1.63%, and 2.53% respectively [10] - Gross margin for 2024E, 2025E, and 2026E is expected to be 10.75%, 18.54%, and 19.88% respectively [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 截至二零二四年六月三十日止六個月 中期業績公告 華虹半導體有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其子公司 截至二零二四年六月三十日止六個月的未經審核綜合業績。 本公告載列本公司二零二四年中期報告全文，並符合香港聯合交易所有限公司 （「香港聯交所」）證券上市規則有關中期業績初步公告附載資料之相關規定。 本公司二零二四年中期報告的印刷版本將於適當時候寄發予本公司股東，並可於 香港聯交所網站 www.hkexnews.hk 及本公司網站 www.huahonggrace.com 進行查 閱。 承董事會命 華虹半導體有限公司 董事長兼執行董事 張素心先生 中國上海，二零二四年八月二十九日 於本公告日期，本公司董事分別為： 執行董事： 張素心 （董事長） 唐 ...

12 Aug 2024 CMB International Global Markets | Equity Research | Company Update Hua Hong Semi (1347 HK) Slowly but surely, gradual recovery is in play Hua Hong Semi announced 2Q24 results. Revenue was down 24.2% YoY but up 4.0% QoQ to US$479mn, slightly missing Bloomberg consensus by 2.0% and our estimates by 1.6%. The moderate sequential growth was a result of growing wafer shipments (+8.4% QoQ) partially offset by continued downward ASP (-3.5% QoQ). GPM increased QoQ to 10.5% (vs. 6.4%/27.7% in 1Q24/2Q23) ...

Investment Rating - Buy rating with a target price of HKD 29.00, representing a 57.8% upside potential from the current price [2][5] Core Views - The company's 24Q2 revenue reached USD 480 million, a 4% QoQ increase but a 24% YoY decline, with a gross margin of 10.5% [2] - Net profit attributable to shareholders was USD 6.67 million, down 92% YoY and 79% QoQ, with a capacity utilization rate of 98%, up 6 ppts QoQ [2] - The company expects 24Q3 revenue to grow 4-9% QoQ, with gross margin improving to 10-12% [2] - Recovery in the consumer electronics and AI sectors drove 24H1 revenue growth, while the power device market remains weak [2] - The company's 12-inch fab is expected to start mass production in 25Q1, with 40,000 wafers per month capacity by mid-2025 [2] - Wafer ASP is expected to gradually recover, with 2024-2026 ASPs projected at USD 422/522/566, and gross margins at 11.6%/21.1%/27.7% [2] Financial Performance Summary - 24Q2 eNVM revenue was USD 140 million, up 15% QoQ but down 34.2% YoY, driven by lower MCU ASPs and reduced demand for smart card chips [2] - Discrete device revenue was USD 150 million, up 6.3% QoQ but down 39.4% YoY, due to lower demand and ASPs for IGBT and super-junction products [2] - Logic and RF revenue was USD 60 million, up 11% YoY, benefiting from growth in CIS and logic product demand [2] - Analog and power management revenue was USD 100 million, down 0.4% QoQ but up 25.7% YoY, driven by increased demand for power-related products [2] Future Outlook - The company is expected to maintain high capacity utilization, with wafer ASPs gradually recovering, supported by strong demand for CIS, RF, and PMIC products [2] - The automotive and industrial markets remain uncertain, putting pressure on power device and MCU product prices [2] - The company's second 12-inch fab is expected to contribute to ASP improvements starting in 2025, with significant capacity expansion planned [2] Financial Projections - 2024-2026 revenue is projected at USD 1.97/2.94/3.45 billion, with net profits of USD -47/196/519 million [2][4] - 2024-2026 gross margins are forecasted at 11.6%/21.1%/27.7%, with EBITDA margins at 24.4%/42.2%/47.4% [4][6] - The company's P/B ratio for 2024 is estimated at 1x, supporting the target price of HKD 29.00 [2]