Huahong Semiconductor (01347.HK): Performance reached a new high, and the A-share listing plans to raise 18 billion yuan

東方證券 · May 14, 2022 00:00 · Researches

单季业绩再创新高。公司22Q1 实现营收5.9 亿美元，超出指引（5.6 亿美元），同比增95%，环比增13%；22Q1 实现归母净利润1 亿美元，同比增211%，环比下降23%。毛利率方面，22Q1 单季毛利率达到26.9%，略低于指引的28%-29%，同比增3.2pcts。公司22Q2 销售收入指引为6.15 亿美元，毛利率指引为28%-29%。

8 英寸晶圆持续满产，ASP 大幅提升。22Q1 公司8 英寸业务实现营收3.3 亿美元，同比增33%，环比增3%，毛利率达到38.6%。8 英寸厂产能利用率维持108%的高位，受设备供给影响，全行业8 英寸产线扩产有限，但需求从8 英寸迁移到12 英寸晶圆仍需时间，预计8 英寸产线高利用率有望在未来较长时间内维持。三季度8 英寸晶圆ASP 为582 美元，环比提升11%，供需紧张态势下ASP 仍有进一步上行空间。

12 英寸线扩产进度符合预期，产能保持满载。22Q1 华虹无锡实现营收2.6 亿美元，环比增27%，毛利率12%，环比小幅下滑。22Q1 公司12 英寸收入占比达到44%，去年同期为18%，21Q4 为39%。22 年第一季度12 英寸片产能6.5 万片/月，产能利用率104%，公司预计2022 年底扩产至9.5 万片/月。我们认为公司12英寸产线扩产恰逢其时，与需求共振，在今年汽车、新能源等领域缺芯延续的背景下，市场对特色工艺的需求维持高位，高产能利用率有望维持。22 年一季度12 英寸片ASP 为1212 美元，环比提升6%，22Q1 公司55/65nm 产品占比已达到17%，随着未来线宽更窄的IC 占比提升和产品结构改善，公司12 英寸片ASP 亦将持续提升。

拟科创板上市募集180 亿元人民币。公司董事会已批准科创板上市计划，拟发行4.3 亿新股，募集资金的约70%(人民币125 亿元)投资于华虹制造无锡项目；约11%(人民币20 亿元)用于8 英寸晶圆厂房优化升级项目；约13%(人民币25 亿元)用于工艺技术创新研发项目；约6%(人民币10 亿元)用于补充营运资金。

我们预测公司22-24 年每股净资产分别为2.47、2.80、3.17 美元（原预测为2.34、2.62、2.94 美元，主要上调了8 英寸晶圆ASP 预测、下调了管理费用率预测），根据可比公司22 年平均2 倍PB 估值水平，对应38.78 港币目标价（美元港币汇率采用1：7.85），维持买入评级。

风险提示

下游需求不及预期；产品结构改善不及预期；华虹无锡厂客户导入及技术开发进度不及预期、费用率改善不及预期、A 股上市进度不及预期

The single-quarter performance hit a new high. The company's 22Q1 achieved revenue of US $590 million, exceeding the guidance (US $560 million), an increase of 95% compared with the same period last year, and a month-on-month increase of 13%. 22Q1 realized a net profit of US $100 million, an increase of 211% over the same period last year, and a decrease of 23%. In terms of gross profit margin, 22Q1's single-quarter gross profit margin reached 26.9%, slightly lower than the guide of 28% Murray 29%, an increase of 3.2pcts over the same period last year. The company's 22Q2 sales revenue guidance is $615 million, with a gross profit margin guidance of 28% Mel 29%.

The 8-inch wafer continues to be full production, and the ASP has increased significantly. 22Q1's 8-inch business had revenue of $330 million, up 33% from a year earlier and 3% month-on-month, with a gross profit margin of 38.6%. The capacity utilization rate of the 8-inch factory remains at a high level of 108%. Due to the influence of equipment supply, the expansion of the 8-inch production line in the industry is limited, but it will take time for the demand to move from 8-inch to 12-inch wafers. It is expected that the high utilization rate of the 8-inch production line will be maintained for a long time in the future. The 8-inch wafer ASP was $582in the third quarter, up 11% from a month earlier, and there is still room for further upside in the tight supply and demand situation for ASP.

The expansion progress of the 12-inch line is in line with expectations, and the production capacity remains at full capacity. 22Q1 Huahong Wuxi realized revenue of US $260 million, an increase of 27% from the previous month, and a gross profit margin of 12%, a slight decline from the previous month. 22Q1's 12-inch revenue accounted for 44%, compared with 18% in the same period last year and 39% in the same period last year. In the first quarter of 22, the 12-inch chip has a production capacity of 65,000 pieces per month, with a capacity utilization rate of 104%. The company expects to expand production to 95,000 pieces per month by the end of 2022. We believe that it is the right time for the company to expand its 12-inch production line, which resonates with the demand. Under the background of the continuous lack of cores in automotive, new energy and other fields this year, the market demand for characteristic processes remains high, and high capacity utilization is expected to be maintained. In the first quarter of 22, the 12-inch chip ASP was 1212 US dollars, a month-on-month increase of 6%. The proportion of the company's 55/65nm products has reached 17%. With the increase in the proportion of IC with narrower linewidth and the improvement of product structure in the future, the company's 12-inch ASP will continue to improve.

Kechuang Board will be listed and raised 18 billion yuan. The board of directors of the company has approved the listing plan of Kechuang Board, which intends to issue 430 million new shares, and about 70% (RMB 12.5 billion yuan) of the funds raised will be invested in the Huahong manufacturing Wuxi project; about 11% (RMB 2 billion) will be used for the optimization and upgrading of 8-inch wafer plants; about 13% (RMB 2.5 billion) will be used for technological innovation R & D projects; and about 6% (RMB 1 billion) will be used to supplement working capital.

We forecast the company's net assets per share for 22-24 years to be US $2.47,2.80,3.17 respectively (the original forecast was US $2.34,2.62,2.94, mainly by raising the 8-inch wafer ASP forecast and lowering the management expense rate forecast), and maintain the buy rating based on the comparable company's 22-year average 2 times PB valuation, corresponding to the target price of HK $38.78 (the US dollar exchange rate is HK $1.7.85).

Risk hint

Downstream demand is not as expected; product structure improvement is not as expected; Huahong Wuxi plant customer introduction and technology development progress is not as expected, expense rate improvement is not as expected, A-share listing progress is not as expected

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华虹半导体(01347.HK)：业绩再创新高 A股上市拟募集180亿元

Huahong Semiconductor (01347.HK): Performance reached a new high, and the A-share listing plans to raise 18 billion yuan

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