瑞银发表研究报告指，华虹半导体次季销售额按季增5%至5.66亿美元，符合指引，受晶圆出货量按季增6%推动；毛利率10.9%，优于指引，主因产能利用率提升，当中电源管理芯片(PMIC)为最主要增长引擎。另外，华虹半导体第三季指引亦超出预期，管理层料销售额为6.2亿至6.4亿美元，毛利率10至12%，并预期稳健需求将延续至第四季；该行料第三及四季销售分别按季增13%及2%，电源管理芯片需求强劲。 集团将毛利率稳健表现归因于成本管控与轻微加价，但表示随着12寸晶圆厂Fab 9项目持续扩产，折旧费用将攀升。虽然次季部分产品价格有单位数升幅，该行认为仍不足以抵消厂房快速扩张带来的结构性毛利率压力。该行料华虹2025年第三季及第四季毛利率均为11.9%，并估计2026年首季、第二季、第三季及第四季毛利率各为7.4%、7.9%、9.2%及9.2%。基于折旧快速增加，以及产业供过于求限制加价空间，该行将对华虹的毛利率与股本回报率(ROE)前景维持审慎观点，目标价由20港元上调至22.5港元，维持“沽售”评级。
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