BofA Securities: Reaffirming the underperform rating for SMIC (01347.HK), Management cautiously optimistic about next year

According to the Wise Finance and Economics APP, Bank of America Securities released a research report stating that Huahong Semiconductor (01347.HK) achieved sales of 635 million US dollars in the third quarter, a year-on-year increase of 21% and a quarterly increase of 12%, which is in line with the bank's forecast of 636 million US dollars. The gross profit margin was 13.5%, exceeding the guidance range of 10% to 12%. The bank reiterated its rating of "underperforming the market" for Huahong's H shares with a target price of 59 Hong Kong dollars.