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华虹半导体(1347.HK):营收高增长 工业与汽车业务占比提升

Huahong Semiconductor (1347.HK): High revenue growth, increasing share of industrial and automotive businesses

西南證券 ·  Aug 12, 2022 00:00  · Researches

Event: the company releases second-quarter results for 2022. Operating income reached US $620 million in the second quarter of 2022, up 79.4% from the same period last year and 4.4% from the previous quarter. The net profit of returning to the mother was 83.9 million US dollars, an increase of 90.4 percent over the same period last year. The gross profit margin was 33.6%, an increase of 8.8% over the same period last year and 6.7% higher than the previous month. The company expects 2022Q3 to have revenue of $625 million and a gross profit margin of 33% Murray 34%.

Rising prices and high crop growth have led to higher profits. Sales of 12-inch wafers in the second quarter of 2022 were $270 million, up 217.1% from a year earlier and 1.8% from a month earlier, accounting for more than 43% of revenue. The 12-inch wafer gross margin reached 19.6%, an increase of 16.3pp over the same period last year, and an increase of 7.6pp on a month-on-month basis. The 8-inch platform has excellent profitability, with sales of 8-inch wafers of $354 million in the quarter, up 35.9% from a year earlier, 6.4% from a month earlier, and a gross profit margin of 44.2%, up 12.6% from a year earlier. Strong demand downstream continues to support the company's high capacity utilization, with 12-inch fab and three 8-inch fab plants operating at full capacity. The demand for the company's characteristic process products is strong, and the ASP has been improved in an all-round way. The 8-inch wafer ASP is US $624,569 respectively, an increase of 7.2% and 8% over the same period last year, and 7.1% and 5.5% compared with the same period last year.

Various technology platforms are growing at a high speed. Discrete devices and embedded non-volatile memory are the company's top two sources of revenue, accounting for 30.5% and 28.3% of revenue, respectively. Affected by the growing demand for NOR flash, power management products, MCU and smart card chip products, revenue from independent non-volatile memory, analog and power management, and embedded non-volatile memory was $69.6 million, $110 million and $180 million, respectively, up 279.8%, 133% and 69.2% year-on-year. Platforms such as power devices, embedded non-volatile memory, analog and logical radio frequency have gradually completed 12-inch technology upgrades and mass production.

55x65nm process has maintained high growth, and the proportion of industrial and automotive business has increased. On the process side, benefiting from the strong demand for Norflash, CIS and logic products, the 55nm / 65nm process node achieved revenue of US $110 million, up 274% from the same period last year and accounting for 18.4% of revenue. The strong demand for smart card chips, MCU and power management chips led to a 133 per cent year-on-year increase in 90X 95 nanometer process nodes, accounting for 18.5 per cent of revenue. In addition to the decline in revenue of 250nm nodes, other process technology nodes have achieved rapid growth. In addition, due to strong demand for IGBT and MCU products, the industrial and automotive business segment achieved revenue of US $130 million in the quarter, up 90.2% from a year earlier and accounting for 20.3% of revenue, making it the fastest-growing application area.

Profit forecast and rating: the company's net profit is expected to grow at a compound rate of 23.8% in the next three years. The company's 8-inch steady development, 12-inch rapid growth, capacity utilization continues to be high, maintaining a "buy" rating.

Risk tips: downstream demand may be lower than expected, production expansion may be lower than expected, and the risk of banning the supply of foreign equipment.

The translation is provided by third-party software.


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