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<Research> BOCOM International Raises HUA HONG SEMI (01347.HK) TP to HKD145, Lifts Revenue and Gross Margin Forecasts
BOCOM International issued a report stating that HUA HONG SEMI (01347.HK) guided 2Q26 revenue at USD690 million to USD700 million, with gross margin guidance of 14%-16%. Products s...
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<Research> BOCOM International Raises HUA HONG SEMI (01347.HK) TP to HKD145, Lifts Revenue and Gross Margin Forecasts
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BOCOM International issued a report stating that HUA HONG SEMI (01347.HK)  -5.800 (-4.367%)    Short selling $719.05M; Ratio 21.246%   guided 2Q26 revenue at USD690 million to USD700 million, with gross margin guidance of 14%-16%. Products such as NOR Flash may have room for price increases, while visibility for the 9B fab has improved. Management mentioned that investment in the 9B fab totals approximately USD6 billion. Plant construction began in March, and equipment installation may commence in 4Q. The broker expects monthly capacity at Fab 9 to increase by 42,000/41,000/37,000/18,000 wafers by the end of 2025/2026/2027/2028, respectively. It also believes capital expenditure in 2027 may be significantly higher than in 2026, raising its 2027/2028 capex forecasts to USD2.8 billion and USD2.73 billion, respectively.

The broker forecasts further upside in the companys average selling price, mainly driven by more advanced process technologies in 2027. Management indicated that NOR Flash may still see 10-15% room for price hikes, while supply of AI-related products such as PMIC remains tight.

Related News Daiwa Reiterates Buy on HUA HONG SEMI (01347.HK) as 1Q26 Profit Meets Expectations
BOCOM International maintained its Buy rating on HUA HONG SEMI. Considering improved visibility for capacity ramp-up at the 9B fab and continued ASP growth, the broker raised its 2027/2028 revenue forecasts to USD3.51 billion and USD3.96 billion, respectively, and lifted its gross margin forecasts to 16.3% and 16.9%. In view of an overall recovery in the semiconductor cycle, the companys proactive capacity expansion and high earnings visibility, the broker increased its TP to HKD145, implying 4.6x 2027 price-to-book ratio. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-21 12:25.)

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