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Hua Hong Semiconductor Limited (HHUSF)

NEUTRAL
TechnologySemiconductorsChina

Fundamental

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 · Estreita

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.

O que impulsiona a procura

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.

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

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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

Justamente Valorizada

Valor Justo

$103.27

Preço Atual

$110.40

Margem de Segurança

-6.9%

Intervalo de Valor Justo

$67.13 - $139.41

Métodos de Estimativa

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

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

2/9

Preocupações financeiras graves

score
criteria

Qualidade dos Resultados

16.49

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
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-

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.

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