智通财经APP获悉，中银国际发布研报称，相信华虹半导体(01347)将持续受益于强劲的国产替代动能及AI相关需求;维持“买入”评级，基于预测3.2倍市净率，目标价从51.1港元升至94.5港元。该行称，华虹第三季业绩稳固，收入符合预期，但毛利率表现强劲，按季升2.6个百分点至13.5%，主要受晶圆出货量、平均售价(ASP)和产能利用率均超预期推动;但由于高额折旧，净利润仍未实现目标。第四季展望则好坏参半。
中银国际表示，华虹半导体管理层指引2025年第四季度营收为6.5亿至6.6亿美元，毛利率预计保持稳定(较市场一致预期高2个百分点)，主要受价格上调和分离式组件外大部分子板块需求增长带动，惟分离式元件仍是拖累项。中银国际维持华虹半导体收入估计大致不变，但考虑2025年下半年产能满载下平均售价强劲上升，上调毛利率预测50至79个基点。然而，离散功率元件价格战、工程成本及折旧费用增长可能限制利润率短期上行，中银国际上调其2026、2027年每股盈测分别5%、4%。
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