金吾财讯 | 国信证券发研指，华虹半导体(01347)4Q24实现销售收入5.392亿美元(YoY+18.4，QoQ+2.4%)，符合指引（5.3-5.4亿美元），毛利率为11.4%(YoY+7.4pct，QoQ-0.8pct)，略好于指引(9%-11%)，由于汇兑损失、新厂运营费用上升等因素影响4Q24净利润。公司预计1Q25收入约5.3-5.5亿美元，毛利率11%-13%，整体保持平稳。该行指，公司晶圆交付量环比增长，产能利用率保持高位。截至4Q24末，公司月产能折合8英寸为391千片，4Q24付运晶圆折合8英寸为1213千片(YoY+27.5%，QoQ+1.1%)，产能利用率103.2%(YoY+19.1pct，QoQ-2.1pct)保持稳定。其中，8英寸晶圆收入2.52亿美元(YoY+0.6%，QoQ-4.1%)，产能利用率105.8%(QoQ-7.2pct)；12英寸晶圆收入2.86亿(YoY+40.2%，QoQ-9.0%)，产能利用率100.9%(QoQ+2.4pct)。该行看好公司特色工艺代工拥有头部客户及领先工艺的龙头竞争力，根据公司指引，略调整费用率与毛利率，该行预计2025-2027年净利润1.07/1.68/2.31亿美元（前值25-26年1.70/2.95亿美元)，当前股价对应2025年PB为1.26倍，维持“优于大市”评级。
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