智通财经APP获悉，瑞银发布研究报告称，予华虹半导体(01347)“中性”评级，目标价20港元。该行预计公司今年销售额增长为14%，之前预测为15%，全年销售增长预测由13.3%降至12.2%，纯利预测由5,000万美元降至2,900万美元。
报告中称，华虹半导体去年第四季销售额为5.39亿美元，按季增长2.4%。由于平均售价下降及折旧费用增加，全年毛利率较去年同期下降11.1%。季内，公司亦因为15亿美元的贷款而遭受汇兑损失。主要产品线的表现各有不同。功率分立器件因 IGBT产品需求下降而继续受挫，原因是该公司指出激烈竞争导致供过于求。
瑞银预测，华虹今年首季营收将持平，而毛利率则为10.9%。虽然仍认为整体半导体产业复苏将带来2025年销售增长，但华虹12英寸晶圆厂产能爬坡所造成的折旧增加，将使其营收受到限制。在初期阶段，该公司也可能需要以利润率较低的产品来填充晶圆厂。
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