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<Research> CICC Raises HUA HONG SEMI (01347.HK) TP to HKD146, Bullish on Computing-Power and Power Synergy Trend and Memory Upcycle
CICC said in a report that HUA HONG SEMI (01347.HK)'s 1Q26 results were in line with expectations. Gross margin was 13%, up 3.8 ppts YoY and flat QoQ, mainly benefiting from higher...
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<Research> CICC Raises HUA HONG SEMI (01347.HK) TP to HKD146, Bullish on Computing-Power and Power Synergy Trend and Memory Upcycle
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CICC said in a report that HUA HONG SEMI (01347.HK)  +2.100 (+1.641%)    Short selling $1.27B; Ratio 19.082%   's 1Q26 results were in line with expectations. Gross margin was 13%, up 3.8 ppts YoY and flat QoQ, mainly benefiting from higher utilization and improved pricing.

According to the companys announcement, in 1Q26 its capacity utilization maintained a high level at 99.7%, with shipments reaching 1.45 million wafers (8-inch equivalent). Among them, revenue from 12-inch wafers amounted to USD415 million, accounting for 62.7% of total revenue and becoming the key driver of revenue growth.

Related News BofAS Raises HUA HONG SEMI (01347.HK) TP to HKD63, Reiterates Underperform
Taking into account price increases for certain products, cost-reduction measures and a structural uptrend in gross margin, CICC raised its 2026 revenue forecast for HUA HONG SEMI by 2% to USD2.942 billion and its 2027 revenue forecast by 3% to USD3.307 billion. It lifted its 2026 profit forecast by 14% to USD156 million and its 2027 profit forecast by 32% to USD218 million. The current share price corresponds to 3.8x 2026 price-to-book and 3.7x 2027 price-to-book. The broker maintained an Outperform rating and raised the TP by 33% to HKD146, corresponding to 4.8x 2026 price-to-book and 4.7x 2027 price-to-book, citing optimism over the computing-power and power synergy trend and the sustainability of the memory upcycle. (su/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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