Hua Hong Semiconductor Limited (HHUSF)
NEUTRALFondamental
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 · ÉtroitBuilding 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
CycliqueDemand 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
Direct competitors
Who this company fights with for the same customers
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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
Juste valeur
$103.27
Prix actuel
$110.40
Marge de sécurité
-6.9%
Fourchette de juste valeur
$67.13 - $139.41
Méthodes d'estimation
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
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
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
Recent headlines for HHUSF, sourced from Markets Gazette.