公司簡介
華虹半導體是目前中國大陸第二大、全球第六大晶圓代工廠,在 8 吋和 12 吋晶圓代
工平台上,提供嵌入式/獨立式非揮發性存儲器、功率元件、類比與電源管理、邏輯與
射頻等五大特色製程平台的晶圓代工及配套服務,成為特色製程平台涵蓋最全面的晶
圓代工企業。根據 TrendForce 資料,在嵌入式非易失性存儲器領域,公司是全球最
大的智慧卡 IC 製造代工企業以及國內最大的 MCU 製造代工企業;在功率器件領域,
公司是全球產能排名第一的功率器件晶圓代工企業,也是唯一家同時具備 8 英寸以及
12 英寸功率器件代工能力的企業。
3Q24 業績整體優於前期指引
公司 3Q24 收入為 5.3 億美元,同比下降 7.4%,毛利率為 12.2%,同比下降 3.9%,
主要系 ASP 承壓,部分被付運晶圓數量上升和產能利用率提升所抵消,母公司擁有人
應占溢利 4480 萬美元,同比上升 222.6%。分應用領域來看,管理層表示電子消費品
作為第一大終端市場保持強勁勢頭,而工業及汽車產品保持疲弱狀態,主要由於 IGBT
產品的平均銷售價格及需求下降。分客戶地區來看,公司海外客戶整體需求穩定,中
國區營收同比下降 1.5%,主要由於 IGBT、超級結和閃存產品的需求及平均銷售價格
下降,部分被 CIS 及其他電源管理的產品需求增加所抵消。
4Q24 業績展望
公司指引 4Q24 收入約為 5.3-5.4 億美元,處於同業公司平均水準。指引 4Q24 毛利
率約為 11.0%-13.0%,低於同業其他公司的毛利率水準,主要系 ASP 較低。由於中
國整體宏觀環境持續面臨挑戰,工業產出未見明顯提升跡象,我們預計工業及汽車行
業仍是增長滯後的終端市場,會令高壓 IGBT 和超結產品的需求承壓。然而,在人工智
慧需求持續增長的情況下,公司在數據中心應用方面的 CIS、BCD 以及邏輯業務需求
表現良好。公司預計第四季度 8 英寸業務面臨價格壓力,但隨著管理層在 2Q24 業績
會上提出的 12 英寸產能擴張面臨的技術瓶頸逐步解決的情況下,12 英寸產能利用率
有提升趨勢, ASP 或略有提升。
無錫二期晶圓厰產能順利爬坡,2024 年底新廠房有望建成投片
公司第二條 12 英寸生產線的建設正在緊鑼密鼓地推進中,預計各工藝平臺試生產及工
藝驗證在今年年底到明年年初全面鋪開,屆時公司產能及特色工藝平臺將得到進一步
的拓展和提升,以滿足下游各類新興需求的不斷湧現及增長,挖掘出更大的潛力。管
理層預計建成後有望新增 1-2 萬片/月產能,並計劃在未來兩至三年內將產能提高至每
月 8.3 萬片晶圓。我們預計待產線完全建成後華虹不會再有較大的資本開支計畫。
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She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.