<p>我們的平台匯總了六家券商對華虹半導體（01347.HK）的最新投資評級、目標價格和觀點 -11.100 (-8.740%) 空頭頭寸 $1.03B; 比率 14.617%，具體如下：</p>
<p>券商 評級 目標價 關鍵觀點摘要</p>
<p>中信證券 買入 HKD116.5 ?HKD152.4</p>
<p>第一季度業績平平，但該券商對國內計算能力產業鏈保持樂觀。預計人工智能的溢出效應和價格上漲將支持今年的前景。</p>
<p>華泰證券 跑贏大盤 HKD129.5 ?HKD147.6</p>
<p>第一季度業績和第二季度指引基本符合預期。9A 廠將在第三季度完成產能提升，公司正在積極探索複合半導體和硅光子等新領域，以滿足人工智能需求。</p>
<p>野村 中性 HKD100</p>
<p>第一季度收入符合預期，但毛利率處於指引的下限。管理層指引，第二季度平均售價上升和晶圓出貨量增加將支持環比收入增長 5%。HLMC 5 號廠的收購和無錫 9B 廠的擴建進展順利，未受到美國出口管制的影響。</p>
<p>摩根士丹利 等權重 HKD88</p>
<p>第一季度業績符合預期，但第二季度收入前景疲弱。預計公司今年將繼續提升 9B 廠的產能。受中國人工智能基礎設施推動的強勁功率集成電路需求將支持其在成熟節點代工服務中的定位。</p>
<p>大和證券 買入 未提及</p>
<p>第一季度淨利潤同比激增 4.6 倍，符合預期。預計第二季度毛利率將因平均售價上升和出貨量增長而擴大。9B 廠的產能擴張進展順利，設備採購未受到干擾。</p>
<p>巴黎銀行 遜色 HKD41.8</p>
<p>第一季度毛利率因產能利用率下降而令人失望。地緣政治逆風可能阻礙其姐妹公司 HLMC 的先進節點擴張，並減少資產注入的潛在收益。從 2027 年起，9B 廠的擴張預計將帶來更高的折舊和利潤壓力。</p>
<p>(ad/da)(香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-15 16:25。)</p>

華虹半導體

華虹公司

<p>最近六家券商對華虹半導體的評級和目標價格顯示出混合的情緒。中信證券和大和證券維持積極的前景，而中信里昂和野村證券則表達了謹慎的樂觀。摩根士丹利認為收入前景疲弱，法國巴黎銀行因地緣政治擔憂而表現不佳。空頭頭寸為 10.3 億美元，比例為 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>我們的平台匯總了六家券商對華虹半導體（01347.HK）的最新投資評級、目標價格和觀點 -11.100 (-8.740%) 空頭頭寸 $1.03B; 比率 14.617%，具體如下：</p>
</div><p>Broker Rating TP Summary of Key Views</p>
<div class="lb-trans"><p>券商 評級 目標價 關鍵觀點摘要</p>
</div><p>BOCI Buy HKD116.5 ?HKD152.4</p>
<div class="lb-trans"><p>中信證券 買入 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>第一季度業績平平，但該券商對國內計算能力產業鏈保持樂觀。預計人工智能的溢出效應和價格上漲將支持今年的前景。</p>
</div><p>CLSA Outperform HKD129.5 ?HKD147.6</p>
<div class="lb-trans"><p>華泰證券 跑贏大盤 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>第一季度業績和第二季度指引基本符合預期。9A 廠將在第三季度完成產能提升，公司正在積極探索複合半導體和硅光子等新領域，以滿足人工智能需求。</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>第一季度收入符合預期，但毛利率處於指引的下限。管理層指引，第二季度平均售價上升和晶圓出貨量增加將支持環比收入增長 5%。HLMC 5 號廠的收購和無錫 9B 廠的擴建進展順利，未受到美國出口管制的影響。</p>
</div><p>M Stanley Equalweight HKD88</p>
<div class="lb-trans"><p>摩根士丹利 等權重 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>第一季度業績符合預期，但第二季度收入前景疲弱。預計公司今年將繼續提升 9B 廠的產能。受中國人工智能基礎設施推動的強勁功率集成電路需求將支持其在成熟節點代工服務中的定位。</p>
</div><p>Daiwa Buy Not mentioned</p>
<div class="lb-trans"><p>大和證券 買入 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>第一季度淨利潤同比激增 4.6 倍，符合預期。預計第二季度毛利率將因平均售價上升和出貨量增長而擴大。9B 廠的產能擴張進展順利，設備採購未受到干擾。</p>
</div><p>BNP Paribas Underperform HKD41.8</p>
<div class="lb-trans"><p>巴黎銀行 遜色 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>第一季度毛利率因產能利用率下降而令人失望。地緣政治逆風可能阻礙其姐妹公司 HLMC 的先進節點擴張，並減少資產注入的潛在收益。從 2027 年起，9B 廠的擴張預計將帶來更高的折舊和利潤壓力。</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)(香港股票報價延遲至少 15 分鐘。空頭數據截至 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.

法國巴黎銀行(ADR)

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

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

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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經紀商對華虹半導體的最新評級、目標價格及看法