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Hua Hong Semiconductor Limited (HHUSF)

NEUTRAL
TechnologySemiconductorsChina

Fondamental

36

Prix

$110.40

Capitalisation boursière

$189.05B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Avantage concurrentiel

Économies d'échelle · Étroit

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.

Ce qui stimule la demande

Cyclique

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.

Les arguments en faveur

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.

Les arguments contre

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 août 2026

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Bilan & Liquidités

Chiffre d'affaires

$13.72B

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Résultat net

$384M

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Flux de trésorerie libre

$-1.63B

Capitaux propres totaux

$42.85B

Passif total

$4.20B

Ratio de liquidité général

2.02

Couverture des intérêts

-

Dette/EBITDA

5.55

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Justement valorisé

Juste valeur

$103.27

Prix actuel

$110.40

Marge de sécurité

-6.9%

Fourchette de juste valeur

$67.13 - $139.41

Méthodes d'estimation

Analyst Target:$143.81
DCF:$1.93
PE-based:-
Graham Growth:$1.87
EPV:-
Consensus des analystes:Acheter (9B / 4H / 1S)
Dernière surprise sur les résultats:-60.40%

Indicateurs de valorisation

Ratio P/E

376.34

ROE

-0.4%

Ratio P/B

4.18

P/FCF

-

Marge brute

17.9%

ROIC

0.1%

Radar de rentabilité

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.

Critères d'analyse fondamentale

Réussi (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

Échoué (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

Indisponible (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)

Score F de Piotroski

2/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

16.49

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
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-

Risque d'audit

1

Risque du conseil

9

Risque de rémunération

6

Risque droits des actionnaires

8

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

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