<p>我们的平台汇总了六家券商对华虹半导体（01347.HK）的最新投资评级、目标价格和观点 -11.100 (-8.740%) 空头头寸 $1.03B; 比率 14.617%，具体如下：</p>
<p>券商 评级 目标价 关键观点摘要</p>
<p>中信证券 买入 HKD116.5 ?HKD152.4</p>
<p>第一季度业绩平平，但该券商对国内计算能力产业链保持乐观。预计人工智能的溢出效应和价格上涨将支持今年的前景。</p>
<p>华泰证券 跑赢大盘 HKD129.5 ?HKD147.6</p>
<p>第一季度业绩和第二季度指引基本符合预期。9A 厂将在第三季度完成产能提升，公司正在积极探索复合半导体和硅光子等新领域，以满足人工智能需求。</p>
<p>野村 中性 HKD100</p>
<p>第一季度收入符合预期，但毛利率处于指引的下限。管理层指引，第二季度平均售价上升和晶圆出货量增加将支持环比收入增长 5%。HLMC 5 号厂的收购和无锡 9B 厂的扩建进展顺利，未受到美国出口管制的影响。</p>
<p>摩根士丹利 等权重 HKD88</p>
<p>第一季度业绩符合预期，但第二季度收入前景疲弱。预计公司今年将继续提升 9B 厂的产能。受中国人工智能基础设施推动的强劲功率集成电路需求将支持其在成熟节点代工服务中的定位。</p>
<p>大和证券 买入 未提及</p>
<p>第一季度净利润同比激增 4.6 倍，符合预期。预计第二季度毛利率将因平均售价上升和出货量增长而扩大。9B 厂的产能扩张进展顺利，设备采购未受到干扰。</p>
<p>巴黎银行 逊色 HKD41.8</p>
<p>第一季度毛利率因产能利用率下降而令人失望。地缘政治逆风可能阻碍其姐妹公司 HLMC 的先进节点扩张，并减少资产注入的潜在收益。从 2027 年起，9B 厂的扩张预计将带来更高的折旧和利润压力。</p>
<p>(ad/da)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-15 16:25。)</p>

华虹半导体

华虹公司

<p>最近六家券商对华虹半导体的评级和目标价格显示出混合的情绪。中信证券和大和证券维持积极的前景，而中信里昂和野村证券则表达了谨慎的乐观。摩根士丹利认为收入前景疲弱，法国巴黎银行因地缘政治担忧而表现不佳。空头头寸为 10.3 亿美元，比例为 14.617%</p>

<p>Our platform has compiled the latest investment ratings, target prices and views from six brokers on HUA HONG SEMI (01347.HK) -11.100 (-8.740%)  Short selling $1.03B; Ratio 14.617%  as follows:</p>
<div class="lb-trans"><p>我们的平台汇总了六家券商对华虹半导体（01347.HK）的最新投资评级、目标价格和观点 -11.100 (-8.740%) 空头头寸 $1.03B; 比率 14.617%，具体如下：</p>
</div><p>Broker Rating TP Summary of Key Views</p>
<div class="lb-trans"><p>券商 评级 目标价 关键观点摘要</p>
</div><p>BOCI Buy HKD116.5 ?HKD152.4</p>
<div class="lb-trans"><p>中信证券 买入 HKD116.5 ?HKD152.4</p>
</div><p>1Q results were mediocre, but the broker remains positive on the domestic computing power industry chain. AI spillover effects and price hikes are expected to support this years outlook.</p>
<div class="lb-trans"><p>第一季度业绩平平，但该券商对国内计算能力产业链保持乐观。预计人工智能的溢出效应和价格上涨将支持今年的前景。</p>
</div><p>CLSA Outperform HKD129.5 ?HKD147.6</p>
<div class="lb-trans"><p>华泰证券 跑赢大盘 HKD129.5 ?HKD147.6</p>
</div><p>1Q results and 2Q guidance were largely in line with expectations. Fab 9A is set to complete its capacity ramp-up in 3QYY and the company is actively exploring new areas such as compound semiconductors and silicon photonics supported by AI demand.</p>
<div class="lb-trans"><p>第一季度业绩和第二季度指引基本符合预期。9A 厂将在第三季度完成产能提升，公司正在积极探索复合半导体和硅光子等新领域，以满足人工智能需求。</p>
</div><p>Nomura Neutral HKD100</p>
<div class="lb-trans"><p>野村 中性 HKD100</p>
</div><p>1Q revenue met expectations but gross margin hit the lower end of guidance. Management guided that higher average selling prices and increased wafer shipments in 2Q will support QoQ revenue growth of 5%. The acquisition of HLMC Fab 5 and the expansion of Wuxi Fab 9B are progressing smoothly and have not been affected by US export controls.</p>
<div class="lb-trans"><p>第一季度收入符合预期，但毛利率处于指引的下限。管理层指引，第二季度平均售价上升和晶圆出货量增加将支持环比收入增长 5%。HLMC 5 号厂的收购和无锡 9B 厂的扩建进展顺利，未受到美国出口管制的影响。</p>
</div><p>M Stanley Equalweight HKD88</p>
<div class="lb-trans"><p>摩根士丹利 等权重 HKD88</p>
</div><p>1Q results met expectations, but 2Q revenue outlook is weak. The company is expected to continue ramping up Fab 9B capacity this year. Strong demand for power ICs driven by Chinas AI infrastructure will support its positioning in mature-node foundry services.</p>
<div class="lb-trans"><p>第一季度业绩符合预期，但第二季度收入前景疲弱。预计公司今年将继续提升 9B 厂的产能。受中国人工智能基础设施推动的强劲功率集成电路需求将支持其在成熟节点代工服务中的定位。</p>
</div><p>Daiwa Buy Not mentioned</p>
<div class="lb-trans"><p>大和证券 买入 未提及</p>
</div><p>1Q net profit surged 4.6x YoY due to a low base effect, in line with expectations. Gross margin is expected to expand in 2Q, driven by higher average selling prices and shipment growth. Fab 9B capacity expansion is progressing smoothly, with no disruption to equipment procurement.</p>
<div class="lb-trans"><p>第一季度净利润同比激增 4.6 倍，符合预期。预计第二季度毛利率将因平均售价上升和出货量增长而扩大。9B 厂的产能扩张进展顺利，设备采购未受到干扰。</p>
</div><p>BNP Paribas Underperform HKD41.8</p>
<div class="lb-trans"><p>巴黎银行 逊色 HKD41.8</p>
</div><p>1Q gross margin disappointed due to lower capacity utilization. Geopolitical headwinds may hinder the expansion of advanced nodes at its sister company HLMC and reduce potential benefits from asset injection. From 2027 onwards, Fab 9B expansion is expected to bring higher depreciation and margin pressure.</p>
<div class="lb-trans"><p>第一季度毛利率因产能利用率下降而令人失望。地缘政治逆风可能阻碍其姐妹公司 HLMC 的先进节点扩张，并减少资产注入的潜在收益。从 2027 年起，9B 厂的扩张预计将带来更高的折旧和利润压力。</p>
</div><p>(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)</p>
<div class="lb-trans"><p>(ad/da)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-15 16:25。)</p>
</div>

Brokers Latest Ratings, TPs, Views on HUA HONG SEMI

AASTOCKS News

Nomura Holdings, Inc.

野村控股

摩根士丹利

Daiwa Securities Group Inc.

法国巴黎银行(ADR)

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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经纪商对华虹半导体的最新评级、目标价格及看法