華虹半導體(01347.HK)：毛利率超預期，基本面持續好轉，維持“買入”評級
機構：國信證券
評級：買入
產能利用率提升拉動 2022Q2 毛利率遠超指引
Q1 財報出來後，我們認為“業績見底，下個季度開始好轉”，Q2 財報證明我們的判斷。2020 年 Q2 收入在 IGBT、超級結、MCU、CIS 等產品需求推動下達到 2.245 億美元符合指引（指引 2.2 億美元），環比增 11.1%，同比降 2%。毛利率 26%，遠超指引（22%~24%），環比提升 4.9 個百分點，毛利率環比提升主要是產能利用率提升（Q2 為93.4%、Q1 為 82.4%）以及人工費用下降。 ? 2020 公司 Q3 指引預示基本面持續好轉Q3 指引：收入 2.36 億美元，按照指引收入同比增長-1.3%，環比增長4.7%，毛利率指引 22%~24%。 ? 各條產品線表現不同，邏輯及射頻收入同比大漲 23.6%Q2 各產品線表現不一致，邏輯射頻增 23.6%，MCU 持續增加。公司單客户貢獻收入不超 5%，以及各產線產能較小、且之間可以相互調整，單季度的產品線收入變化不能體現行業的變化，只有多季度持續的變化才有意義，例如 MCU、IGBT 等產品持續增長。
無錫廠順利推進，是未來增長的最大驅動力
無錫廠穩步推進多技術平台認證工作，目前 12寸產線已有智能卡芯片、功率器件和 CIS 產品出貨，預計下半年還有 IGBT、超級結等。無錫廠2019Q4 首次貢獻收入，2020Q2 收入 950 萬美元，環比增 316%。無錫廠進展迅速，年中產能 2 萬片/月，預計年底產能能到 4 萬片/月。無錫廠的產能和良率提升將帶動公司收入快速增長。
特色工藝龍頭，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 0.95 億美元/1.4億美元/1.7 億美元，增長-40.9%/46.4%/25.0%。公司合理 PB 估值3~3.2 倍，對應股價 49.3~52.6 港元，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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