智通财经APP获悉，招银国际发布研报称，华虹半导体(01347)首季业绩基本符合预期，毛利率持续承压。基于2025年1.35倍的预测市净率，上调集团目标价56%，由24港元升至37.5港元，维持“买入”评级。半导体国产代替进程加速将推动行业重估，该行认为华虹半导体将从地缘政治及政策不确定性加剧趋势中受益，因此预计集团2026年将实现更强劲的收入，即同比增27.1%。
报告表示，虽集团第二座12英寸的工厂产能正逐步提升，但或减缓产品价格的复苏势头。该行预计，集团产品价格或在未来几个季度有所改善。同时受价格承压及新工厂产能上升带来的折旧成本增加，集团毛利率恢复速度或慢于预期。总体而言，该行预计华虹半导体今明两年毛利率分别为10.6%及16.8%，并料今年收入同比增15.6%。
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