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） 年度報告 2023 ANNUAL REPORT CONTENTS | --- | --- | |--------------------------------------------------|-------| | | | | Definitions | 2 | | Key Financials | 7 | | Letter to Shareholders | 8 | | Corporate Information | 10 | | Directors and Senior Management Team | 13 | | Corporate Governance Report | 23 | | Directors' Report | 35 | | 2023 Environmental, Social and Governance ...

Financial Performance - Revenue for the year ended December 31, 2023, reached $2.5 billion, representing a 15% year-over-year growth[7] - Net profit for the year increased by 20% to $500 million, driven by higher sales and improved operational efficiency[7] - The company's gross margin improved to 30%, up from 28% in the previous year, due to cost optimization and higher production yields[7] - Revenue for 2023 was US$2,286.1 million, a decrease of 7.7% compared to 2022[14] - Gross profit margin decreased by 12.8 percentage points to 21.3% in 2023[14] - Profit attributable to owners of the parent was US$449.9 million in 2023, up from US$280.0 million in 2022[13] - EPS increased to 0.345 in 2023 from 0.201 in 2022[13] - Revenue decreased by 7.7% to US$2,286.1 million in 2023 due to lower average selling prices[123] - Gross profit declined by 42.3% to US$487.1 million, impacted by decreased selling prices and increased depreciation costs[125] - Net profit margin dropped to 5.5% in 2023 from 16.4% in 2022, with profit for the year falling to US$126.4 million[133] Capital Expenditures and Investments - Capital expenditures for the year amounted to $1.2 billion, primarily allocated to the expansion of manufacturing facilities in Wuxi[7] - The company issued 407.75 million RMB shares, which were listed and began trading on the STAR Market on August 7, 2023[9] - Hua Hong Semiconductor's Wuxi subsidiary saw its registered capital increase from $1.8 billion to approximately $2.54 billion following a capital injection[7] - The company's total assets grew by 18% to $6.8 billion, supported by increased investments in new technologies and market expansion[7] - The Hua Hong Manufacturing Project was launched with an investment of US$6.7 billion for a new 12-inch production line with a monthly capacity of 83,000 wafers[15] - The company commenced construction of a 12-inch production line in Wuxi with a total investment of US$6.7 billion, targeting a monthly capacity of 83,000 wafers[119] - Formation of a joint venture (Wuxi Phase II project) with an investment of US$880.38 million, US$1,169.82 million, US$1,165.8 million, and US$804 million by the Company, HHGrace, China IC Fund II, and Wuxi Xi Hong Guo Xin, respectively, totaling US$4.02 billion in registered capital[185] Research and Development - Research and development expenses for the year totaled $300 million, representing 12% of total revenue, focusing on advanced semiconductor technologies[7] - The company filed 672 patent applications in 2023, bringing the cumulative number of granted invention patents to 4,427[120] - The company focuses on specialty technologies including Embedded/Standalone Non-Volatile Memory, Power Discrete, Analog & PM, and Logic & RF[13] Production Capacity and Shipments - The company achieved an annual shipment of 4.103 million wafers in 2023[15] - Monthly capacity (8-inch equivalent) expanded to 391,000 wafers by the end of 2023[15] - Hua Hong Wuxi reached a monthly capacity of 94,500 wafers, covering IC process nodes from 90 nm to 65/55 nm[15] - Capacity utilization for 8-inch wafer equivalent was 94.3%, a decrease of 13.1% compared to 2022[113] - Wafer shipments increased by 0.4% year-on-year, reaching 4,103 thousand wafers[114] - The company expanded 12-inch capacity and technology, diversifying the product mix of "Specialty IC + Power Discrete"[115] Market and Revenue Segmentation - 95.4% of revenue was generated from semiconductor wafers, with a year-on-year decrease of 8.2%[107] - Revenue from systems and fabless companies accounted for 92.3%, a decrease of 7.0% compared to 2022[108] - Europe revenue increased by 17.5% year-on-year, reaching US$134.76 million[109] - Power discrete revenue grew by 16.5% due to strong demand in new energy vehicles and industrial sectors[110] - Revenue for ≥0.35μm technology nodes grew by 6.6%, driven by power discrete business[111] - Industrial & Automotive Electronics revenue increased by 22.4%, reaching US$673.395 million[112] - Automotive electronics revenue maintained year-to-year double-digit growth, driven by mass production of automotive-grade chip products[116] - Power discrete business maintained growth despite market challenges, with a record high number of new products introduced for automotive, electric vehicle, and industrial sectors[117] Corporate Governance and Board Activities - The Board held 10 meetings during the year ended 31 December 2023, with attendance records for each Director provided[60] - The Company has three Independent Non-Executive Directors, representing more than one-third of the Board, ensuring compliance with Listing Rules 3.10 and 3.10A[50] - The Remuneration Committee met on 10 August 2023 to discuss the vesting of options under the Company's share option scheme[67] - The Nomination Committee met on 9 November 2023 to discuss remuneration policy and salary competitiveness[69] - The Company arranged Directors' and Officers' liabilities insurance to cover potential legal actions arising from corporate activities[59] - All Directors participated in continuous professional development, including reading materials and attending training courses[65] - The Board ensures independent views through mechanisms such as independence assessments and communication between the Chairman and Independent Non-Executive Directors[51][53] - The Company complied with the Corporate Governance Code during the year ended 31 December 2023[43] - The Board is responsible for approving material transactions, quarterly results, and internal control systems[49] - The Chairman and President roles are separate, with the Chairman focusing on corporate strategy and the President managing day-to-day operations[57][58] Risk Management and Internal Controls - The company's risk management objective is to identify, assess, and manage risks to reduce their impact and maintain control[96] - The internal control system aims to evaluate the effectiveness of operating activities, reliability of financial reports, and compliance with laws[97] - The company has established a "three-line model" for risk management, covering business supervision, internal audit, and risk monitoring[99] Shareholder Communication and Investor Relations - The company's shareholders' communication policy ensures equal and timely access to information for shareholders[83] - The company organizes roadshows and on-site visits to promote investor understanding of its business[88] - The company's Board diversity policy considers talents, skills, regional experience, gender, age, and other qualities[76] Audit and Financial Reporting - The remuneration paid to auditors for audit services in 2023 was $0.75 million, and for non-audit related services was $0.01 million[71] - The Audit Committee held six meetings in 2023, reviewing financial statements, risk management, and internal control systems[74] - The company's Audit Committee is responsible for reviewing financial reporting systems and ensuring the independence of external auditors[73] Workforce and Gender Ratio - The gender ratio of the company's workforce as of 31 December 2023 was 73% male and 27% female[79] Cash Flow and Financial Position - Cash and cash equivalents surged by 178.0% to US$5,585.2 million, primarily due to increased cash inflows[137] - Net cash flows generated from operating activities decreased by 14.5% to US$641.7 million in 2023, primarily due to reduced customer receipts, partially offset by lower payments for materials, maintenance, and payrolls[141] - Net cash flows used in investing activities amounted to US$833.3 million, mainly driven by US$906.6 million in capital investments, offset by US$61.6 million in interest income and US$11.7 million in government grants[142] - Net cash flows generated from financing activities surged by 462.6% to US$3,781.7 million, including US$2,937.0 million from STAR Market share issuance and US$787.9 million from non-controlling interests[143] - Cash and cash equivalents increased by 178.0% to US$5,585.2 million at the end of 2023, up from US$2,008.8 million at the end of 2022[144] Foreign Exchange and Financial Risks - A 5% fluctuation in the USD/RMB exchange rate would impact the company's pre-tax profit by approximately US$47.6 million[149] - As of 31 December 2023, interest-bearing bank borrowings denominated in USD amounted to US$1,653.0 million, exposing the company to foreign currency risk[148] Dividends and Shareholder Distribution - The company proposed a final dividend of HK$0.165 per share, totaling approximately US$36.2 million for 2023, subject to shareholder approval[157][166] - As of 31 December 2023, the company had US$314.1 million in distributable reserves available for shareholder distribution[161] Property and Assets - The company's investment property in Shanghai covers 91,563.11 square meters, held under a land use right expiring in 2051[165] Share Options and Equity - The company's share option scheme expired on 1 September 2022, with 21,144,481 shares remaining available for issuance, representing 1.23% of total issued shares[168] - The company granted 30,250,000 share options on 4 September 2015 with an exercise price of HK$6.912 per share, representing a 0% premium over the higher of the closing price on the grant date, the average closing price for the five trading days preceding the grant, and the closing price the day before the grant[171] - On 24 December 2018, the company granted 34,500,000 share options with an exercise price of HK$18.400 per share, representing 0.03% of the issued shares as of 31 December 2023[172] - The company granted 500,000 share options on 29 March 2019 with an exercise price of HK$18.400 per share, representing the higher of the closing price on the grant date, the average closing price for the five business days preceding the grant, and the closing price the day before the grant[174] - On 23 December 2019, the company granted 2,482,000 share options with an exercise price of HK$17.952 per share, representing 0.14% of the issued shares as of 31 December 2023[175] - The company listed 407,750,000 ordinary shares on the STAR Market of the Shanghai Stock Exchange on 7 August 2023 at an issue price of RMB52.00 per share, raising a total of RMB21,203,000,000[180][183] - The net proceeds from the STAR Market listing amounted to RMB20,920,677,000 after deducting issuance expenses, with the funds allocated to projects such as Hua Hong Manufacturing (Wuxi) Project and 8-Inch Factory Optimisation and Upgrading Project[183][184] - The company's share options outstanding as of 31 December 2023 totaled 21,421,849, with exercise prices ranging from HK$6.912 to HK$18.400 per share[177] - The company's share options granted in 2015 and 2018 have vesting periods ranging from 4 September 2015 to 23 December 2025, with exercise periods from 4 September 2017 to 23 December 2025[177] - The company's share options granted in 2019 have a vesting period from 23 December 2019 to 22 December 2026, with an exercise period from 23 December 2021 to 22 December 2026[177] - The company's share options granted in 2019 include 500,000 options granted to directors, subject to their acceptance[176] Joint Ventures and Connected Transactions - The joint venture will manufacture and sell integrated circuits and 12-inch (300mm) wafers using 65/55 nm to 40 nm processes[185] - The Company sold semiconductor products to Huahong Group, its subsidiaries, and associates for US$20,578,000 in 2023, with an annual cap of US$21,100,000[190] - The Company purchased wafers and chemicals from Huahong Group, its subsidiaries, and associates for US$19,234,000 in 2023, with an annual cap of US$31,500,000[190] - The Company sold semiconductor products to SAIL, its subsidiaries, and associates for US$357,000 in 2023, with an annual cap of US$2,000,000[190] - HHGrace provided corporate services to Hua Hong Wuxi for RMB145,000,000 (approx. US$20,644,000) in 2023, with an annual cap of RMB145,000,000[191] - Huali Micro leased factory premises from the Company for RMB97,189,000 (approx. US$13,786,000) in 2023, with an annual cap of RMB99,000,000 (approx. US$14,095,000)[191] - The Company leased dormitory premises from Huahong Real Estate for RMB11,504,000 (approx. US$1,631,000) in 2023, with an annual cap of RMB12,700,000 (approx. US$1,808,000)[193] - The Company engaged Huajin Property Management for property management services for RMB3,993,000 (approx. US$567,000) in 2023, with an annual cap of RMB5,700,000 (approx. US$812,000)[193] - HHGrace leased additional dormitory premises from Huahong Real Estate for RMB6,285,000 (approx. US$891,000) in 2023, with an annual cap of RMB7,300,000 (approx. US$1,039,000)[193] - HHGrace entered into a Technology Development Agreement with Huali Micro for a non-exclusive license to use technological know-how for 12-inch wafers with 40 nm processes, with a consideration between RMB110 million and RMB180 million[198] - Huali Micro, 53.85% owned by Huahong Group, is a connected person of the company, making the Technology Development Agreement a connected transaction under Chapter 14A of the Listing Rules[199] - China IC Fund II agreed to subscribe for RMB Shares up to an aggregate subscription amount of RMB3,000,000,000 as part of the RMB Share Issue[200]

证券研究报告 | 公司动态点评 2024 年 02月 27日 华虹半导体（01347.HK） 24 年复苏迹象已现，盈利能力静待修复 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万美元） 2475 2286 2155 2529 2854 股票信息 增长率yoy（%） 51.8 -7.7 -5.7 17.4 12.9 归母净利润（百万美元） 450 280 114 234 246 行业 电子 增长率yoy（%） 72.1 -37.8 -59.2 104.6 5.4 2024年2月26日收盘价（港元） 16.120 ROE（%） 14.8 4.4 1.3 2.2 1.9 总市值（百万港元） 27,671.75 EPS最新摊薄（美元） 0.26 0.16 0.07 0.14 0.14 流通市值（百万港元） 21,098.82 P/E（倍） 7.9 12.6 31.0 15.1 14.4 总股本（百万股） 1,716.61 P/B（倍） 1.2 0.6 0.4 0.3 0.3 流通股本（百万股） 1,308.86 资料来源：公司财报，长城证券产业金融研究院 近3 ...

智通财经APP获悉，华虹半导体(01347)现跌超4%，截至发稿，跌4.03%，报15.68港元，成交额3113.28万港元。 消息面上，华虹半导体此前公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 国信证券指出，公司4Q23营收和毛利率达指引，1Q24预计继续业绩筑底；MCU、电源管理、NOR等需求下降，4Q23出货量环比下降12%。该行预计公司2024年-2026年资本开支将显著提升，两座新晶圆产线陆续投产亦带来显著折旧提升。 ...

昨天，国内晶圆代工双雄华虹半导体(01347)和中芯国际(00981)都发布了最新的财报。 首先看中芯国际方面； 中芯国际表示，2023年第四季的销售收入为1,678.3百万美元，2023年第三季为1,620.6百万美元，2022年第四季为1,621.3百万美元。统计2023年全年，中芯国际未经审计的全年销售收入为6,321.6百万美元，2022年全年销售收入7,273.3百万美元。 中芯国际进一步指出，公司四季度销售收入环比增长3.6%，略高于指引；毛利率为16.4 %，符合指引。2023年未经审计的全年销售收入则同比下降13%，毛利率为19.3%，也基本符合公司年初的指引。 从不同地区的营收贡献上看，如下图所示，和上一季度相比，来自美国区客户的占比有了少幅度的上升。从终端应用上看，电脑与平板依然是中芯国际最大的营收贡献来源，营收占比高达30.6%，智能手机则紧随其后，占比为30.2%，这两者在中芯国际当季营收占比较之上一季度有了不小的增长。 在产能方面，中芯国际表示，公司月产能由 2023 年第三季的 795,750 片 8 吋晶圆约当量增加至 2023 年第四季的 805,500 片 8 吋晶圆约当 ...

智通财经APP获悉，华虹半导体(01347)跌超5%，截至发稿，跌4.98%，报14.88港元，成交额7831.86万港元。 消息面上，华虹半导体公布2023年第四季度业绩，期内母公司拥有人应占溢利为3540万美元，同比减少77.8%。期内，公司销售收入4.554亿美元，同比减少27.7%，环比减少19.9%，主要由于平均销售价格及付运晶圆下降；毛利为1822万美元，同比减少92.4%，环比减少80.1%；毛利率为4%，同比减少34.2个百分点，主要由于平均销售价格下降及产能利用率降低。公司预计2024年第一季度销售收入约在4.5亿美元至5.0亿美元之间；毛利率约在3%至6%之间。 ...

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 二零二三年第四季度業績公佈 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 2 月 6 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")於今日公佈截至二零二三年十二月 三十一日止三個月的綜合經營業績。 二零二三年第四季度主要財務指標（未經審核） 二零二四年第一季度指引 1 銷售收入 4.554 億美元，上年同期為 6.301 億美元，上季度為 5.685 億美元。 毛利率 4.0%，上年同期為 38.2%，上季度為 16.1%。 母公司擁有人應占溢利 3,540 萬美元，上年同期為 1. ...

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 二零二三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 — 2023年11月9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」)於今日公佈截至二零二三年九月三 十日止三個月的綜合經營業績。 二零二三年第三季度主要財務指標（未經審核） ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 Stock Code 股份代號 : 1347 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） 華彩華彩 芯 未來未來 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. EMPOWERING THE INFORMATION AGE EMPOWERING THE INFORMATION AGE 芯 "Director(s)" the director(s) of the Company; "EPS" earnings per share; 2023 "Group" our Company and our subsidiaries or, where the context so requires, ...

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） 截至二零二三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 截至二零二三年六月三十日止六個月的未經審核綜合業績。 本公告載列本公司二零二三年中期報告全文，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。 本公司二零二三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 香港，二零二三年八月二十九日 ...