Hua Hong Semiconductor Limited (HHUSF)
NEUTRALFundamental
36
Preço
$110.40
Capitalização de Mercado
$189.05B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Vantagem competitiva
Escala · EstreitaBuilding 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.
O que impulsiona a procura
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.
Os 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.
Os argumentos 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.
Balanço & Liquidez
Receita
$13.72B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$384M
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$-1.63B
Capital Próprio Total
$42.85B
Passivo Total
$4.20B
Rácio de Liquidez
2.02
Cobertura de Juros
-
Dívida/EBITDA
5.55
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$103.27
Preço Atual
$110.40
Margem de Segurança
-6.9%
Intervalo de Valor Justo
$67.13 - $139.41
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
376.34
ROE
-0.4%
Rácio P/B
4.18
P/FCF
-
Margem Bruta
17.9%
ROIC
0.1%
Radar de Rentabilidade
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.
Critérios de Análise Fundamental
Aprovado (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
Reprovado (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
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
1
Risco do Conselho
9
Risco de Remuneração
6
Risco dos Direitos dos Acionistas
8
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for HHUSF, sourced from Markets Gazette.