天风证券研报指出，目前华虹公司已发展为全球领先的特色工艺纯晶圆代工企业。基于以下三点看好华虹公司的长期发展：看好新一轮涨价周期对公司盈利水平的带动；看好9厂扩产提供的成长性；看好收购华力微对综合竞争力的提升。华虹公司作为重资产科技公司，盈利水平受折旧影响较大，短期利润不能充分反映公司价值，公司更适合采用PB估值，同时考虑盈利水平周期波动以及新厂扩建对远期盈利规模的带动。预计公司25/26/27年营收达到172/204/244亿元，归母净利润达到8.01/12.86/19.85亿元，选取晶圆代工企业中芯国际/华润微/芯联集成作为对标公司，2025年平均pb为3.19，考虑到华虹公司作为大陆特色工艺晶圆代工龙头的技术领先性，保守给华虹公司A股2025年3.0xPB估值，对应目标价76.88元，首次覆盖给予“买入”评级。
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