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Hua Hong Semiconductor Limited (HHUSF)

NEUTRAL
TechnologySemiconductorsChina

Fundamental

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 · Estrecha

Building 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

Cíclico

Demand 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

Valoración Justa

Valor Justo

$103.27

Precio Actual

$110.40

Margen de Seguridad

-6.9%

Rango de Valor Justo

$67.13 - $139.41

Métodos de Estimación

Analyst Target:$143.81
DCF:$1.93
PE-based:-
Graham Growth:$1.87
EPV:-
Consenso de Analistas:Comprar (9B / 4H / 1S)
Última Sorpresa de Resultados:-60.40%

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

2/9

Preocupaciones financieras graves

score
criteria

Calidad de los Beneficios

16.49

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-

Recomprando acciones. Favorable para el accionista

Gobernanza

Equipo Directivo

NombreCargoEdad
Mr. Bai PengPresident & Executive Chairman62
Mr. Yu-Cheng WangExecutive VP, CFO & Secretary of the Board62
Ying Na HuangAccounting Supervisor-
Ms. Kathy ChienDeputy Director of the Investor Relations-
Mr. Bill LinExecutive Vice President57
Mr. Guangping HuaExecutive Vice President58
Mr. Weiping ZhouExecutive Vice President58
Mr. Maohui Ge LarryExecutive Vice President60
Mr. Hualun ChenCTO & Director55
Mr. Lei WangSenior 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.

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