華虹半導體(01347.HK)：業績見底，下個季度開始好轉，維持“買入”評級
機構：國信證券
評級：買入
2020公司Q1收入符合預期
2020年Q1收入2.03億美元（指引2億美元左右）符合預期，ASP和晶圓銷量下降導致同比降8.1%，環比下降16.4%。毛利率21.1%，符合指引（21%~23%）同比下降11.1個百分點，環比下降6.1個百分點，毛利率下降主要是ASP下降和產品組合變化導致。
?2020公司Q2指引預示基本面開始好轉
Q2指引：收入2.2億美元，毛利率22%~24%。Q2的收入和毛利率指引均高於Q1，隨着無錫廠的產能利用率提升，公司的基本面開始好轉。
各條產品線表現不同，模擬與電源管理同比大漲30.6%
受到疫情影響，Q1各產品線有漲有跌。模擬與電源管理第一季度銷售額同比增長30.6%。嵌入式閃存、分立器件和邏輯及射頻產品需求有一定程度的放緩，相應產品的出貨量有了不同程度下降。
受到疫情影響，無錫廠設備調試推後至Q2
受海外疫情影響，參與設備調試的廠商技術人員到崗有所推遲，公司與廠商正協力推進設備的調試工作，預計第二階段的工藝設備調試會盡快完成。無錫12寸生產線90nm、65nm研發項目達到預期目標。無錫廠收入230萬美元，運營開支增加，帶動整體經營開支提升125.2%至7150萬美元。
汽車半導體業是公司未來看點
從燃油到電動汽車，對半導體需求增加。公司IGBT等特色工藝符合汽車所需的功率器件等需要，2020Q1工業和汽車收入5009萬美元，同比增長11.9%，是公司四大類收入中唯一實現增長的。
維持“買入”評級
2020~2022年收入分別為10.1億美元/12.2億美元/14.6億美元，增速分別為9%/20.5%/19.6%，2020~2022淨利潤分別為1.1億美元/1.4億美元/1.7億美元，增長-29.8%/23.5%/25.1%，維持“買入”評級。
風險提示
新半導體器件工藝替代，下游需求放緩，無錫廠不能按期放量。
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