On June 21, Guoqian Daily reported that Goldman Sachs issued a report stating that it has a positive view on Hua Hong Semiconductor, and that its shipments are gradually recovering. It is expected that revenue growth will gradually improve under the promotion of demand improvement. However, the average selling price and profit margin are still conservative because of the continuous increase in mature process production capacity in China. Since May, the bank has noticed that the market has re-evaluated the valuation of foundry companies to reflect a more optimistic outlook for the semiconductor cycle. The report pointed out that based on the current market valuation, Hua Hong's target price-earning ratio has been raised to 18.5 times, and H shares' target price has been raised by 14% to HKD 30, mainly based on a higher valuation multiple. Driven by electric vehicles, new energy, and industrial applications, local customers' demand for Hua Hong's IGBT, MCU, logic and other professional technologies continues to grow. Therefore, the rating is "buy".