华虹半导体(01347)今日盘中大涨5.99%,受到市场热捧。分析师指出,该公司上一季度收入与指引相符,未来业绩增长可期,主要原因包括:
1)下游需求继续缓慢复苏。尽管结构分化,但华虹电子消费品收入同比大涨36.5%,工业及汽车需求有望在2025年恢复。通讯收入同比增长近20%,需求保持旺盛。
2)产能利用率维持高位,平均售价有望逐步回升。上一季度华虹综合产能利用率达103.2%,同比大增19.1%。虽然受新产能影响毛利率承压,但ASP料将随着环境改善而上升。
3)新产线建设推进顺利,未来更先进制程节点有望带来长期增长动力。分析师预计,华虹上海新厂2025年底月产能将达2-3万片,并将向22nm和28nm节点转移,满足市场需求。
分析师看好华虹在不利环境下仍保持较佳表现,下调部分预测后再次给予"买入"评级,目标价较现价有17%至18%的上升空间。
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