【券商聚焦】交银国际维持华虹半导体(01347)买入评级 指华虹九厂加速放量

金吾财讯
Feb 24

金吾财讯 | 交银国际研报指,华虹半导体(01347)4Q25营收6.599亿美元,环比升3.9%,接近之前指引上限。毛利率13.0%,为之前指引(12-14%)中位数,环比降0.5个百分点。管理层指引1Q26营收为6.5-6.6亿美元,指引毛利率13-15%。该机构指,九厂产能加速放量,PMIC/MCU推到需求继续保持强劲:该机构计算九厂2025年增加42kwpm 12寸等效产能。该机构预测九厂2026年底总产能或达到83kwpm 12寸等效产能(即2026年增产41kwpm)。该机构预测二期或从1Q27之后开始贡献产能。2025年资本开支为18.1亿美元,同比降34%。该机构预测2026/27年资本开支分别为16.2/24.0亿美元。该机构预测1Q26营业收入/毛利率分别为6.57亿美元/14.0%。考虑到2027年公司或继续扩产确定性高,该机构调整2026/27年收入到28.43/33.49亿美元(前值28.37/32.63亿美元)。该机构预测公司2026/27年毛利率分别为14.2%/16.2%(前值14.3%/16.8%)。该机构乐见九厂加速落地和继续扩产,维持买入评级,上调目标价到120港元,对应3.9倍2026年市净率。

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