华虹半导体：国内外客户持续扩展 12英寸放量规模稳步提升

国信证券2025-06-15

1Q25 毛利率与收入符合指引，2Q25 预期保持平稳。公司发布未经审核业绩：1Q25 实现销售收入5.41 亿美元(YoY+17.6%，QoQ +0.33%)，符合指引（5.3-5.5亿美元），毛利率为9.2%(YoY +2.8pct，QoQ -2.2pct)，符合指引(9%-11%)，由于第二条12 英寸产线扩建所带来折旧增加等因素影响，1Q25 毛利率环比回落。公司预计2Q25 收入约5.5...

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