研報掘金丨申萬宏源研究:維持華虹公司“買入”評級 Q2指引銷售收入5.5-5.7億美金
申萬宏源研究指出,根據港股財報,華虹公司(688347.SH)25Q1晶圓交付1231K,yoy+20%,QoQ+1.5%,ASP為439美元/片,QoQ-1.1%淡季略有下滑;25Q1整體稼動率102.7%,QoQ-0.5pct,基本維持高位。2025年公司開始加快產能進程,一季度公司產能摺合8寸產能新增22K/M(摺合12寸約10K/M),從2024年底的391K/M增長至413K/M。25Q2指引繼續環增,Fab 9正式進入建設期。公司25Q2指引銷售收入5.5-5.7億美金,QoQ+1.7%~+5.4;毛利率約7-9%之間。根據公司A 股招股書,自華虹公司首次公開發行並於科創板上市之日起三年內,按照國家戰略部署安排,在履行政府主管部門審批程序後,華虹集團將華力微注入發行人,預計後續有望帶來積極影響。由於晶圓代工環節資產偏重,PB定價較為合理,根據Wind公司目前PB(LF)為1.86X,SW集成電路製造指數平均為3.04X,維持“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.