Hua Hong Semiconductor Limited (HHUSF)
NEUTRALFundamental
36
Precio
$110.40
Capitalización Bursátil
$189.05B
Parte 1 · Cuánto vale la empresa
Resumen
Hua Hong Semiconductor manufactures chips for other companies as a foundry: customers design chips and send Hua Hong the blueprints, and Hua Hong fabricates the silicon wafers in its own factories in Shanghai and Wuxi, China. It specializes in mature and specialty process technologies rather than the most cutting-edge nodes — chips for power management, embedded memory, and analog circuits used in cars, industrial equipment and consumer electronics — where reliability and cost matter more than raw transistor density.
Cómo genera ingresos
Hua Hong is paid a manufacturing fee per wafer processed, plus charges for mask sets and process development, rather than earning royalties on the chips it makes. Because fabs have high fixed costs from expensive equipment and cleanrooms, profitability depends heavily on capacity utilization — the plants ran at 106.1% utilization in 2025, among the highest in the industry. Revenue grew a fifth in 2025 as demand strengthened for its specialty process platforms, particularly analog and power management chips.
Ventaja competitiva
Escala · EstrechaBuilding and qualifying a specialty-process wafer fab requires billions of dollars and years of process-engineering know-how that a new entrant cannot quickly replicate, giving established foundries like Hua Hong an advantage in mature and specialty nodes. The advantage is narrower than in cutting-edge logic manufacturing, where a small number of much larger foundries compete on more advanced technology.
Qué impulsa la demanda
CíclicoDemand tracks the broader semiconductor cycle and the capital-spending plans of the fabless chip companies that are Hua Hong's customers, which can swing between shortage and oversupply within a few quarters. High fixed costs mean that when fab utilization falls, profitability falls faster than revenue, since a large share of costs continue regardless of how many wafers actually run through the plant.
Los argumentos a favor
Buyers argue that Hua Hong's near-full capacity utilization and 20% revenue growth in 2025 show strong demand for its specialty process platforms, and that its position as a leading China-based foundry benefits from the country's push to build domestic semiconductor manufacturing capacity.
Los argumentos en contra
Sellers worry that mature-node foundry capacity is being added quickly across the industry, which could pressure the pricing that supports today's high utilization, and that heavy reliance on China's semiconductor ecosystem exposes the company to geopolitical and export-control risk beyond its control.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance y Liquidez
Ingresos
$13.72B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$384M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$-1.63B
Patrimonio Neto Total
$42.85B
Pasivo Total
$4.20B
Ratio de Liquidez
2.02
Cobertura de Intereses
-
Deuda/EBITDA
5.55
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$103.27
Precio Actual
$110.40
Margen de Seguridad
-6.9%
Rango de Valor Justo
$67.13 - $139.41
Métodos de Estimación
Métricas de Valoración
Ratio P/E
376.34
ROE
-0.4%
Ratio P/B
4.18
P/FCF
-
Margen Bruto
17.9%
ROIC
0.1%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
0.1%
WACC
15.2%
ROIC − WACC
-15.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Criterios de Análisis Fundamental
Superado (7)
- Price CAGR 29.48%
- Debt/Equity ratio
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 20.8%
- Analyst Consensus 64% Buy
- Earnings Quality (OCF/NI) 16.49
Fallido (11)
- ROIC 0.1%
- Gross Margin 17.9%
- P/B Ratio 4.18
- Operating Margin -2.3%
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.1%
- Earnings Surprise avg -30.4%
- Net Margin Trend 2.3% vs 2.6%
- Piotroski F-Score 2/9
No disponible (9)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Bai Peng | President & Executive Chairman | 62 |
| Mr. Yu-Cheng Wang | Executive VP, CFO & Secretary of the Board | 62 |
| Ying Na Huang | Accounting Supervisor | - |
| Ms. Kathy Chien | Deputy Director of the Investor Relations | - |
| Mr. Bill Lin | Executive Vice President | 57 |
| Mr. Guangping Hua | Executive Vice President | 58 |
| Mr. Weiping Zhou | Executive Vice President | 58 |
| Mr. Maohui Ge Larry | Executive Vice President | 60 |
| Mr. Hualun Chen | CTO & Director | 55 |
| Mr. Lei Wang | Senior Vice President | - |
Riesgo de Auditoría
1
Riesgo del Consejo
9
Riesgo de Compensación
6
Riesgo de Derechos del Accionista
8
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for HHUSF, sourced from Markets Gazette.