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　　交银国际发布研报称，华虹半导体（01347）作为国产特色工艺的龙头之一，考虑到公司与可比同业公司的估值差距，将H股目标价从32港元上调16%至37港元，相对于1.3倍2025年市净率，维持“买入”评级。该行微调2025/26年预测收入至22.9亿及27.7亿美元，同时下调毛利率预测至9.2%及14.9%。

　　报告指，管理层指引2025年第二季收入为5.5至5.7亿美元，符合该行预期。指引毛利率7%-9%，中位数8%按季下降，低于该行预期。PMIC等AI相关产品需求旺盛，总体需求存在不确定性。该行观察到功率器件同比增长14%，打破之前连续五个季度同比下跌趋势，该行认为功率电子领域供需关系或在向更加平衡的方向发展。该行预测2025年第二季综合ASP按季降1%，2025年第二季收入5.62亿美元，毛利率7.9%。

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