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<Research>BOCOMI: HUA HONG SEMI May Enhance Average Profitability of Existing Production Lines After Acquiring HLMC Equity
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According to a report from BOCOMI, HUA HONG SEMI (01347.HK) has acquired 97.4988% equity of HLMC at a transaction price of RMB8.268 billion, which the broker believes may enhance the profitability scale of the listed company. In terms of net profit, pro forma financial data shows that HUA HONG SEMI's net profit for 2024 and January-August 2025 reached RMB380 million and RMB190 million, respectively. After the injection of HLMC, the pro forma net profit figures for 2024 and January-August 2025 increased to RMB960 million and RMB700 million, respectively. From a financial perspective, HLMC's focus on production lines may have already completed equipment depreciation, and the integration may drive overall profitability to be stronger than the average profitability of HUA HONG SEMI's existing production lines. BOCOMI has kept a Buy rating and a target price of HKD91 on HUA HONG SEMI. AAStocks Financial News |
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