华虹半导体（01347）：能利用率维持高位，关注成熟制程国产化带来的增量空间

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company maintains high capacity utilization, with a focus on the incremental space brought by the localization of mature processes [4] - The company reported sales revenue of $539.2 million in 4Q24, an increase of 18.4$530 million and $550 million, with a gross margin of 11$1.506 billion, primarily for 12-inch capacity expansion [4] - The projected net profits for 2025-2027 are $107 million,$168 million, and $231 million respectively [4] Production and Capacity - As of the end of 4Q24, the company had a monthly capacity equivalent to 391 thousand 8-inch wafers, with wafer shipments of 1,213 thousand 8-inch wafers, a year-over-year increase of 27.5% [2] - The capacity utilization rate was 103.2%, showing a year-over-year increase of 19.1 percentage points [2] Market Demand - The demand from downstream applications remains stable, with independent non-volatile memory revenue increasing by 57% quarter-over-quarter [3] - Revenue from 12-inch wafers grew by 40.2% year-over-year, while 8-inch wafer revenue saw a slight increase of 0.6% [2][3] Strategic Insights - The company is positioned to benefit from the acceleration of localization in mature processes, with a significant portion of its revenue coming from power devices and analog management [4] - The company has established itself as a preferred foundry for overseas clients, which is expected to support its 12-inch capacity expansion and profitability [4]