Gelonghui, December 25 | First Shanghai released a research report saying that Yuhuahong Semiconductor has a “buy” rating, predicting a revenue CAGR of 7.4% for 2023-2025; net profit CAGR of 64.4%, with a target price of HK$21. The company's 23Q3 revenue was 570 million US dollars, down 9.7% year on year and 10% month on month, slightly lower than the agency's unanimous estimate of US$580 million. The bank believes that the company's future shipment volume and capacity utilization rate are expected to benefit from a recovery in consumer electronics sales, ahead of a recovery in wafer ASP. According to the research report, due to increased competition among global foundry foundries, the company's overall wafer ASP is currently down 16.1% year on year to $500. The bank expects wafer ASP prices to continue to be under pressure in the short term. In the second half of 2024, the company is expected to be driven by the slow recovery of demand in the industry, leading to a slow recovery on the revenue side. The company continued to push the 12-inch wafer production capacity upward in Q3. The overall monthly production capacity increased by 11,000 pieces month-on-month to 358,000 pieces equivalent to 8-inch wafers, of which the monthly production capacity of 12-inch wafers could reach 80,000 pieces. In addition, the company has begun construction of a second 12-inch production line with related capital expenditure of 59 million US dollars. The production line will mainly be used to meet the needs of power devices, analog and power management products. It is expected that it will be completed and put into production by the end of 2024 and gradually develop a monthly production capacity of 83,000 pieces within 3 years.
研报掘金|第一上海:予华虹半导体“买入”评级 目标价21港元
Research Report Nuggets | First Shanghai: Yuhuahong Semiconductor's “buy” rating target price of HK$21
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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