【券商聚焦】交银国际维持华虹半导体(01347)买入评级指第三季度毛利率再次超预期

金吾财讯

Nov 10

金吾财讯 | 交银国际研报指，华虹半导体(01347)3Q25营收6.35亿美元，符合该机构/市场预期，毛利率13.5%，超过该机构预期（11.6%）和之前指引上限（12%）。管理层指引4Q25收入6.5-6.6亿美元，指引毛利率12-14%。管理层预测9A厂到2026年中达到6-6.5万片每月产能。管理层之前提到公司对各个平台自2Q25开始普遍涨价，并在3Q25开始显现作用。管理层提到公司与存储器相关的嵌入式NVM（eNVM）和独立NVM平台主要涉及NOR Flash存储器产品，与近期价格快速上升的NAND和DRAM产品或有不同价格/周期动态规律。但管理层认为总体存储器市场下游需求旺盛。该机构预测4Q25公司营收/毛利率在6.56亿美元/13.6%（前值6.79亿美元/12.1%）。调整2025/26/27年收入预测至24.0/28.4/32.6亿美元（前值24.3/29.2/33.1亿美元）。调整2025/26/27年毛利率至11.9%/14.3%/16.8%（前值11.1%/14.5%/16.8%）。考虑到南向资金对国产半导体核心资产的持续关注，微调目标价到91港元，对应3.1倍2026年市账率（前值3.1倍2025年市账率），维持买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2582142708"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2582142708\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2582142708?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/ZDNhNDUwNDVmY2U2MTcxMzU2NTcyMzcyOQ==.jpg","is_english":false,"pubTime":"2025-11-10 08:51","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2582142708","market":"sh","top_or_hot":-1,"title":"【券商聚焦】交银国际维持华虹半导体(01347)买入评级 指第三季度毛利率再次超预期","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>(01347)3Q25营收6.35亿美元，符合该机构/市场预期，毛利率13.5%，超过该机构预期（11.6%）和之前指引上限（12%）。管理层指引4Q25收入6.5-6.6亿美元，指引毛利率12-14%。管理层预测9A厂到2026年中达到6-6.5万片每月产能。管理层之前提到公司对各个平台自2Q25开始普遍涨价，并在3Q25开始显现作用。管理层提到公司与存储器相关的嵌入式NVM（eNVM）和独立NVM平台主要涉及NOR Flash存储器产品，与近期价格快速上升的NAND和DRAM产品或有不同价格/周期动态规律。但管理层认为总体存储器市场下游需求旺盛。该机构预测4Q25公司营收/毛利率在6.56亿美元/13.6%（前值6.79亿美元/12.1%）。调整2025/26/27年收入预测至24.0/28.4/32.6亿美元（前值24.3/29.2/33.1亿美元）。调整2025/26/27年毛利率至11.9%/14.3%/16.8%（前值11.1%/14.5%/16.8%）。考虑到南向资金对国产半导体核心资产的持续关注，微调目标价到91港元，对应3.1倍2026年市账率（前值3.1倍2025年市账率），维持买入评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】交银国际维持华虹半导体(01347)买入评级 指第三季度毛利率再次超预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】交银国际维持华虹半导体(01347)买入评级 指第三季度毛利率再次超预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-11-10 08:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>(01347)3Q25营收6.35亿美元，符合该机构/市场预期，毛利率13.5%，超过该机构预期（11.6%）和之前指引上限（12%）。管理层指引4Q25收入6.5-6.6亿美元，指引毛利率12-14%。管理层预测9A厂到2026年中达到6-6.5万片每月产能。管理层之前提到公司对各个平台自2Q25开始普遍涨价，并在3Q25开始显现作用。管理层提到公司与存储器相关的嵌入式NVM（eNVM）和独立NVM平台主要涉及NOR Flash存储器产品，与近期价格快速上升的NAND和DRAM产品或有不同价格/周期动态规律。但管理层认为总体存储器市场下游需求旺盛。该机构预测4Q25公司营收/毛利率在6.56亿美元/13.6%（前值6.79亿美元/12.1%）。调整2025/26/27年收入预测至24.0/28.4/32.6亿美元（前值24.3/29.2/33.1亿美元）。调整2025/26/27年毛利率至11.9%/14.3%/16.8%（前值11.1%/14.5%/16.8%）。考虑到南向资金对国产半导体核心资产的持续关注，微调目标价到91港元，对应3.1倍2026年市账率（前值3.1倍2025年市账率），维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01347","symbol_name":"华虹半导体","start_time":0,"source_url":"1969263","article_id":"2582142708","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/ZDNhNDUwNDVmY2U2MTcxMzU2NTcyMzcyOQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2582142708","pubTimestamp":1762735868,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 交银国际研报指，华虹半导体 3Q25营收6.35亿美元，符合该机构/市场预期，毛利率13.5%，超过该机构预期和之前指引上限（12%）。管理层指引4Q25收入6.5-6.6亿美元，指引毛利率12-14%。但管理层认为总体存储器市场下游需求旺盛。该机构预测4Q25公司营收/毛利率在6.56亿美元/13.6%。调整2025/26/27年毛利率至11.9%/14.3%/16.8%。考虑到南向资金对国产半导体核心资产的持续关注，微调目标价到91港元，对应3.1倍2026年市账率，维持买入评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"01347":"华虹半导体"},"translate_title":"[Brokerage Focus] BoCom International maintains the buy rating of Hua Hong Semiconductor (01347), indicating that the gross profit margin in the third quarter once again exceeded expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01347":1.5},"content_text":"金吾财讯 | 交银国际研报指，华虹半导体(01347)3Q25营收6.35亿美元，符合该机构/市场预期，毛利率13.5%，超过该机构预期（11.6%）和之前指引上限（12%）。管理层指引4Q25收入6.5-6.6亿美元，指引毛利率12-14%。管理层预测9A厂到2026年中达到6-6.5万片每月产能。管理层之前提到公司对各个平台自2Q25开始普遍涨价，并在3Q25开始显现作用。管理层提到公司与存储器相关的嵌入式NVM（eNVM）和独立NVM平台主要涉及NOR Flash存储器产品，与近期价格快速上升的NAND和DRAM产品或有不同价格/周期动态规律。但管理层认为总体存储器市场下游需求旺盛。该机构预测4Q25公司营收/毛利率在6.56亿美元/13.6%（前值6.79亿美元/12.1%）。调整2025/26/27年收入预测至24.0/28.4/32.6亿美元（前值24.3/29.2/33.1亿美元）。调整2025/26/27年毛利率至11.9%/14.3%/16.8%（前值11.1%/14.5%/16.8%）。考虑到南向资金对国产半导体核心资产的持续关注，微调目标价到91港元，对应3.1倍2026年市账率（前值3.1倍2025年市账率），维持买入评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}