华虹半导体发布2024年三季报。截至本报告期末，集团营业总收入105.02亿元(人民币，下同)，同比下降18.92%，归母净利润5.78亿元，同比下降65.69%。不过，按单季度数据看，第三季度营业总收入37.7亿元，同比下降8.24%，第三季度归母净利润3.13亿元，同比上升226.62%。按终端市场划分，电子消费品、工业及汽车与通迅营收环比上升，对应增速10.9%、11.9%与10.9%。集团特色工艺代工拥有头部客户及领先工艺的龙头竞争力，集团新的12英寸晶圆厂的投资进展顺利，或有助于提高整体销售均价，至于产能扩张可继续成为其2025财年的收入动力。Golden Finance News | Hang Seng Index closed at 19,846 on Tuesday (12th), down 580 points or 2.8%; total market turnover was 234.2 billion yuan. China Index fell by 3.1% to 7,127; Technology Index dropped by 4.2% to 4,456. Bitcoin broke through the peak again, approaching the $0.09 million mark, leading to an increase in related ETFs. Huaxia Bitcoin (03042) surged by 10%; ASMPT (00522) stated that discussions on potential privatization with potential offerors have been halted, causing a 7.2% decline for the entire day.
Dow Jones closed at 43,910 on Tuesday (12th), down 382 points or 0.86%. Standard Index fell by 0.29%, the first decline after the election, closing at 5,983 points; Nasdaq dropped by 0.09% to 19,281 points; Among heavyweight stocks, Tesla stock price fell by 6.1% at the close; Meta briefly rose by 2.8% and closed with a 0.3% increase; Nvidia rebounded by 2.1%, with Amazon and Microsoft rising by 1% and 1.2% respectively. Hedge fund Elliott absorbed components of the Dow Jones, as well as the conglomerate industrial enterprise Honeywell shares, worth $5 billion, driving the company's spin-off and boosting its stock price by 3.9%. Cryptocurrency 'king' Bitcoin briefly exceeded the $0.09 million mark, rising to $90,036, a new high, with an increase of over 5%; Individual developments in cryptocurrency-related stocks, Coinbase stock fell by 1.6%, Riot Platforms slid by 3.5%, while Micro Strategy rose by 4.9%. Asian stock markets fluctuated this morning (13th), with the Nikkei 225 index currently at 39,127, down 248 points or 0.63%. The South Korean Composite Index is currently at 2,450, down 32 points or 1.29%. The Renminbi weakened, and Hong Kong stocks lacked upward momentum.
Market Focus: Hua Hong Semiconductor (01347)
Hua Hong Semiconductor released the third quarter report of 2024. As of the end of this reporting period, the Group's total operating income was 10.502 billion yuan (RMB, the same below), a year-on-year decrease of 18.92%, with a net income attributable to the parent company of 0.578 billion yuan, a year-on-year decrease of 65.69%. However, looking at the quarterly data, total operating income for the third quarter was 3.77 billion yuan, a year-on-year decrease of 8.24%, and net income attributable to the parent company for the third quarter was 0.313 billion yuan, a year-on-year increase of 226.62%. Divided by end markets, revenue from consumer electronics, industrial, automotive, and telecommunications improved quarter-on-quarter, with corresponding growth rates of 10.9%, 11.9%, and 10.9%. The Group's distinctive advanced process technology manufacturing has top customers and leading technological competitiveness. The investment progress of the Group's new 12-inch wafer fab is smooth, which may help increase the overall average selling price. Capacity expansion could continue to be a revenue driver for its 2025 fiscal year.
Target price: $28 Stop loss price: $19
(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)
Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.
