Guohai Securities: Maintain Buy rating on Huahong Semiconductor.

Guokai Securities released a research report on Huahong Semiconductor, maintaining a "buy" rating. In 2025Q4, revenue was 660 million US dollars, an increase of 22.4% year-on-year, with a gross profit margin of 13.0%, benefiting from ASP improvement and cost reduction efficiency; growth driven by power management, flash memory, and other products. There is room for price increases for 12-inch products in 2026, with new factory capacity release and support from the "China for China" trend leading to a rise in both price and quantity, but depreciation pressure still exists. It is expected that EPS for 2026-2028 will be $0.08/$0.10/$0.11.