智通财经APP获悉，晨星发布研报称，维持无护城河的华虹半导体(01347)34港元的公允价值预测。该行认为，由于需要外部融资来扩大产能以及代工领域竞争加剧，该公司股价被严重高估。
3月16日，华虹半导体股价一度飙升12%，随后在3月17日回落，此前海外媒体报道该公司正在为7纳米芯片制造做准备。尽管如此，该行并不认为这种情况会发生。如果消息属实，这将彻底改变该公司的商业模式。该行对华虹半导体的公允价值估值和“无护城河”评级是基于一个前提：其专注于特殊工艺而非追求尖端技术。该行认为，该公司没有动力去追求7纳米芯片制造。
今年2月，华虹半导体批准收购上海华力微电子超过97.5%的股权，以回应中国监管机构对关联方竞争的担忧。华虹半导体将代表华虹集团专注于特殊技术，避免开发尖端产品。
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