Power Semiconductors and Silicon Photonics with Node Migration at China Semis Panel

Hua Hong is expanding capacity via its Fab 9A and 9B to capture domestic demand and AI opportunities in power semis and PMICs. Goldman Sachs maintains a Buy rating with a HK$152 price target, citing technology migration to 28nm as a key driver.

Key Takeaways

• 1.Rising generative AI investments and the 'China for China' trend are creating specific growth opportunities for local supply chains, particularly in PMICs, power semis, and Silicon Photonics.
• 2.Hua Hong is aggressively expanding capacity with Fab 9A ramping up and Fab 9B scheduled for equipment move-in by the end of 2026, targeting a technology migration to 28nm.
• 3.China's semiconductor industry faces a massive infrastructure gap, with an estimated 2,261 additional lithography systems needed by 2035 to meet domestic chip demand.

Table of Contents

• Key Takeaways
• Price Target Risks and Methodology - Hua Hong
• Disclosure Appendix

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