Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.00, indicating a potential upside of 32.7% from the current price of HKD 18.08 [1][2]. Core Insights - The company has shown a gradual recovery in market demand, with capacity utilization nearing full capacity. The second quarter revenue was USD 479 million, a year-on-year decline of 24.2% but a quarter-on-quarter increase of 4.0% [2]. - The gross margin for the second quarter improved to 10.5%, significantly higher than the previous quarter's 6.4% and above market expectations [2]. - The company is expected to benefit from the trend of self-sufficiency in China's semiconductor industry, with a forecasted revenue guidance for the third quarter of USD 510 million, reflecting a year-on-year decline of 10.3% but a quarter-on-quarter increase of 6.6% [2]. Financial Summary - The company's financial performance shows a projected revenue of USD 1.983 billion for FY24, a decrease of 13.3% year-on-year, with a gross margin of 11.4% [5][6]. - Net profit is expected to drop to USD 134.7 million in FY24, a decline of 51.9% year-on-year, but is projected to recover in FY25 with an increase to USD 244 million [5][6]. - The company’s cash flow analysis indicates a net operating cash flow of USD 692 million for FY25, reflecting a positive trend in cash generation [10]. Market Position - The company’s market share in the consumer electronics segment has shown signs of recovery, contributing 62% to total revenue in the latest quarter [2]. - The management anticipates maintaining high capacity utilization rates, with projections of 84% in Q4 2023 and 98% in Q1 and Q2 2024 [2]. - The company’s stock performance has been volatile, with a 52-week high of HKD 24.60 and a low of HKD 13.86, indicating significant market fluctuations [3]. Valuation Metrics - The report values the company at 0.8 times the projected 2024 price-to-book ratio, which is above the historical average forward P/E ratio by 10% [2]. - The expected earnings per share for FY24 is USD 0.08, with a projected P/E ratio of 29.5 [5][6]. Conclusion - The report concludes that despite challenges in average selling prices, the company is well-positioned to capitalize on the recovery in the semiconductor market and maintain a balanced approach between average selling prices and capacity utilization to maximize revenue [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.00, indicating a potential upside of 32.7% from the current price of HKD 18.08 [1][2]. Core Insights - The company has shown signs of recovery in market demand, with capacity utilization rates nearing full capacity. The second quarter revenue was USD 479 million, a year-on-year decline of 24.2% but a quarter-on-quarter increase of 4.0% [2]. - The gross margin for the second quarter improved to 10.5%, up from 6.4% in the previous quarter, despite a year-on-year decline from 27.7% [2]. - The company is expected to benefit from the trend of self-sufficiency in China's semiconductor industry, with a forecasted revenue of USD 510 million for the third quarter, reflecting a year-on-year decline of 10.3% but a quarter-on-quarter increase of 6.6% [2]. Financial Data Summary - For FY24E, the company is projected to have sales revenue of USD 1,983 million, a year-on-year decline of 13.3%. The gross margin is expected to be 11.4%, with a net profit of USD 135 million, reflecting a 51.9% year-on-year decline [5][6]. - The company’s capacity utilization rates are projected to remain high, with expectations of 84% in Q4 2023 and 92% and 98% in Q1 and Q2 2024, respectively [2]. - The company’s financial outlook includes a slight downward adjustment of revenue forecasts by 3% and 4% for FY24 and FY25, respectively, while gross margin forecasts have been increased by 0.5 percentage points [2].

Investment Rating - Maintains a "Buy" rating for Hua Hong Semiconductor (1347 HK) and Hua Hong Company (688347 CH) [2] - The target price for Hua Hong HK is HKD 23.3, with a potential upside of 21%, and for Hua Hong A-shares, it is RMB 43.7, with a potential upside of 27% [2][3] Core Views - Hua Hong Semiconductor's 2Q24 performance met market expectations, with a significant improvement in gross margin and capacity utilization [2] - The company's gross margin in 2Q24 reached 10.5%, exceeding the guidance range, and is expected to continue improving in 3Q24 [2] - The second 12-inch fab in Wuxi is expected to start trial production in 4Q24 and officially operate in 1Q25, contributing to long-term revenue growth [2] - The company anticipates price increases across most product lines in 3Q24 and 4Q24, except for IGBT, which remains weak [2] - The EV/EBITDA target valuation for 2024 has been raised to 11x, reflecting improved fundamentals [2] Financial Performance and Guidance - 2Q24 revenue declined by 24% YoY but showed a sequential improvement, with a 7% QoQ growth expected in 3Q24 [2] - 2Q24 net profit was $6.67 million, down both YoY and QoQ due to increased expenses from new fabs [2] - 3Q24 revenue guidance is $510 million, with a gross margin of 11%, indicating further improvement [2][8] - The company aims to achieve gross margins of 45%-50% for 8-inch fabs and 25%-30% for 12-inch fabs within 12-16 months [2] Valuation and Financial Metrics - Hua Hong HK's current price-to-book ratio is 0.7x, below the historical average of 1.0x, indicating attractive valuation [2][11] - The EV/EBITDA ratio for Hua Hong HK is 4.1x, significantly below the historical average of 15.0x [11] - The company's free cash flow is expected to improve, with a forecast of -$416 million in 2024E and -$313 million in 2025E [6] Industry and Competitive Position - Hua Hong Semiconductor benefits from the semiconductor industry's upward momentum, with improving product mix and pricing power [2] - The company's capacity utilization has significantly improved, supporting gross margin expansion [2] - The Wuxi 12-inch fab's capacity is expected to reach 20,000 wafers per month by the end of 2025, driving long-term growth [2] Financial Projections - Revenue for 2024E is projected at $1,996 million, with a gross margin of 11.5% [9] - EBITDA for 2024E is forecasted at $492 million, with an EBITDA margin of 24.6% [9] - Net profit for 2024E is expected to be $65 million, with a net profit margin of 3.3% [9]

Investment Rating - The report assigns a rating of "Hold" for Huahong Semiconductor (1347.HK) based on its performance and market conditions [1]. Core Views - The company's Q2 2024 performance met guidance with sales revenue of $478.5 million, reflecting a quarter-over-quarter increase of 4.02% but a year-over-year decline of 24.22% [1][3]. - Gross margin was reported at 10.5%, slightly above the previous guidance of 6%-10%, while net margin was -8.7% [1][3]. - The company anticipates Q3 2024 sales revenue to be between $500 million and $520 million, with a gross margin of 10%-12% [1][21]. Summary by Sections Overall Performance - Q2 2024 sales revenue reached $478.5 million, aligning with prior guidance of $470-500 million, with a quarter-over-quarter increase of 4.02% and a year-over-year decrease of 24.22% [1][3]. - Gross margin stood at 10.5%, up 4.1 percentage points quarter-over-quarter but down 17.2 percentage points year-over-year [1][3]. - Operating costs were $90.3 million, reflecting a quarter-over-quarter increase of 15.04% and a year-over-year increase of 17.82% [3]. Revenue Structure - By business type, semiconductor wafer sales accounted for $453.3 million, down 24.6% year-over-year, while other income was $2.5 million, down 17.3% [5][6]. - By wafer size, 8-inch wafer revenue was $245.5 million (51.3% of total), while 12-inch wafer revenue was $233.1 million (48.7% of total) [7][8]. - By region, revenue from China was $385.5 million (80.5% of total), North America $46.8 million (9.8%), Asia $28.1 million (5.9%), Europe $17.2 million (3.6%), and Japan $0.8 million (0.2%) [9][10]. Capital Expenditure - Capital expenditure for Q2 2024 was $196.8 million, with $128.4 million allocated to Huahong Manufacturing, $40.4 million to Huahong Wuxi, and $2.8 million to Huahong 8-inch [17][18]. Capacity and Utilization - Total monthly capacity for Q2 2024 was 391,000 wafers, with a utilization rate of 97.9%, up 6.2 percentage points quarter-over-quarter [19][20]. - The company expects to maintain a utilization rate above 95% throughout the year and into 2025 [27]. Q3 2024 Guidance - The company projects Q3 2024 sales revenue to be approximately $500-520 million, with a gross margin of 10%-12% [21][22]. Demand Outlook - Demand is primarily driven by the consumer electronics sector, with strong performance in RF, CIS, and power management ICs, particularly BCD, influenced by the AI industry [24]. - The company anticipates a gradual recovery in MCU and small automotive IC sectors, with expectations for improved performance in the second half of the year [24]. New Factory Progress - The new 12-inch production line at Huahong's seventh factory has reached a monthly capacity of 94,500 wafers, with stable mass production achieved across various technology platforms [25]. - The second 12-inch production line in Wuxi is expected to begin operations by the end of the year, with partial capacity release planned for Q1 2025 [25][28].

证券研究报告 | 2024年08月11日 华虹半导体（01347.HK） 优于大市 需求温和复苏，产能利用率稳步提升 2Q24 毛利率略超预期，3Q24 预计环比增长。公司发布未经审核业绩：2Q24 实现销售收入 4.79 亿美元(YoY -24.2%，QoQ +4.0%)，符合指引（4.7-5.0 亿美元），毛利率为 10.5%(YoY -17.2pct，QoQ +4.1pct)，略超指引(6%-10%)， 营收、毛利率与产能利用率均实现环比增长。公司指引 3Q24 销售收入约 5.0-5.2 亿美元之间，毛利率约在 10%-12%之间，营收及毛利率指引中值皆 环比提升，ASP 与出货量提升将为增长动能。 晶圆交付量环比增长 7.8%，产能利用率回升至 97.9%。截至 2Q24 末，公司 折合 8 英寸月产能 39.1 万片，与 1Q24 末相同。2Q24 付运折合 8 寸晶圆 1106 千片(YoY +3.0%，QoQ+7.8%)，产能利用率持续增加至 97.9%(YoY -4.8pct， QoQ +6.2pct)。其中 8 寸晶圆收入 2.45 亿美元(YoY -32.0%，QoQ +2.3%)， 产 ...

2024 年 8 月 11 日 公司研究 3Q24 业绩指引保守，看好 ASP 提升驱动后续业绩持续改善 ——华虹半导体（1347.HK）2024 年二季度业绩点评 要点 事件：2Q24 实现收入 4.79 亿美元，同比下滑 24%，环比增长 4%，略高于 公司指引区间 4.7-5.0 亿美元的下限，低于 4.86 亿美元的市场预期。按晶圆 尺寸分类，8 寸产线收入 2.45 亿美元，同比下降 32%，环比增长 2%；12 寸 产线收入 2.33 亿美元，同比下降 14%，环比增长 6%。盈利方面，毛利率超 预期，净利润因经营开支增长而承压。2Q24 毛利率 10.5%，高于指引区间 6%-10%的上限，高于 9.1%的市场预期，同比下降 17.2pct，系 ASP 下降； 环比增长 4.1pct，系产能利用率提升。2Q24 归母净利润 667 万美元，同比下 降 91.5%，环比下降 79%，低于 1530 万美元的市场预期。 市场需求企稳复苏信号已现，产能利用率满载，晶圆 ASP 2Q24 触底后将提价， 看好后续毛利率表现。1）下游需求整体向好，2Q24 逻辑、射频、电源管理 IC（特别是 BCD）和 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 产能持续满载，二季度业绩符合预期 华虹半导体(1347) [Table_Industry] 电子元器件 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.09 ——二季度业绩点评 | --- | --- | --- | --- | |----------|-----------------|------------------------|----------------------------| | | 舒迪(分析师) | 文越(分析师) | 陈豪杰(研究助理) | | | 021-38676666 | 021-38038032 | 021-38038663 | | | shudi@gtjas.com | wenyue029694@gtjas.com | chenhaojie026733@gtjas.com | | 登记编号 | S0880521070002 | S0880524050001 | ...

电子/半导体 公 司 研 究 估值重回低位，基本面改善趋势持续 华虹半导体（01347.HK） 2024 年 08 月 09 日 ——港股公司信息更新报告 投资评级：买入（上调） 吴柳燕（分析师） wuliuyan@kysec.cn 证书编号：S0790521110001 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/8 | | 当前股价(港元) | 19.280 | | 一年最高最低(港元) | 25.650/13.800 | | 总市值(亿港元) | 331.16 | | 流通市值(亿港元) | 252.55 | | 总股本(亿股) | 17.18 | | 流通港股(亿股) | 13.10 | | 近 3 个月换手率(%) | 77.27 | 股价走势图 华虹半导体 恒生指数 -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《业绩如期逐季改善，复苏力度偏弱 —港股公司信息更新报告》-2024.5.13 《2023Q4 是基本面低点，行业复苏有 望 ...

二零二四年第二季度業績公佈 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。 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內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 中國香港 — 2024 年 8 月 8 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；上交所科创板证券代码：688347) ("本公司")於今日公佈截至二零二四年六月三 十日止三個月的綜合經營業績。 二零二四年第二季度主要財務指標（未經審核） 二零二四年第三季度指引 1 銷售收入 4.785 億美元，上年同期為 6.314 億美元，上季度為 4.600 億美元。 毛利率 10.5%，上年同期為 27.7%，上季度為 6.4%。 母公司擁有人應占溢利 670 萬美元，上年同期為 7,850 ...

高盛：华虹半导体CFO电话会议要点12英寸新产线年投产,812英寸产能利用率保持高位;维持买入 ...