CICC raises target price of Huahong Semiconductor (01347.HK) to 110 Hong Kong dollars, maintains "outperform" rating.

According to the Wise Wealth APP, Zhongjin Securities released a research report stating that Huahong Semiconductor (01347.HK) third quarter revenue increased by 20.7% year-on-year to 635 million USD, falling within the previously guided range of 620 million to 640 million USD; gross margin increased by 1.3 percentage points year-on-year to 13.5%, surpassing the previous guidance range of 10% to 12%, with a net loss of 7.19 million USD and a net profit of 25.72 million USD. The bank raised Huahong Semiconductor's target price by 120% to 110 Hong Kong dollars based on the upward shift of the market valuation center and the market's expectations for the company's future platformization, maintaining an "outperform industry" rating.