Hua Hong Grace Semiconductor Ltd (OTCPK:HHUSF)

Q4 2024 Hua Hong Semiconductor Ltd Earnings Call Transcript

Feb 13, 2025 / 09:00AM GMT

Release Date Price: $2.7

Transcript

Key Points

Positve

Hua Hong Semiconductor Ltd (HHUSF) achieved a revenue of USD 539 million in Q4 2024, marking an 18.4% increase over Q4 2023.
The company maintained a high average capacity utilization rate approaching 100%, which is a leading level for global wafer foundry enterprises.
Successful construction and commencement of operation in the second 12-inch production line in Wuxi represents a significant milestone.
Revenue from embedded non-volatile memory increased by 22.5% compared to Q4 2023, driven by demand for MCU and smart car ICs.
The company plans to intensify R&D investment and expand capacity, focusing on evolving demands of critical emerging industries.

Negative

Gross margin for Q4 2024 was 11.4%, which is 0.8 percentage points lower than Q3 2024.
Net loss for Q4 2024 was $96.3 million, compared to a profit of $3.5 million in Q4 2023.
Operating expenses increased by 16.4% over Q4 2023, primarily due to increased engineering wafer costs and new fab start-up costs.
Revenue from Europe and Japan decreased by 22.8% and 36.9% respectively, compared to Q4 2023.
The company experienced foreign exchange losses and decreased government subsidies, impacting financial performance.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Hua Hong Semiconductor fourth quarter 2024 earnings conference call. Today's call is hosted by Dr. Peng Bai, President and Executive Director; and Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. (Operator Instructions)

The earnings press release and fourth quarter 2024 summary slides are available to download at our company's website www.huahonggrace.com.

Without further ado, I would like to introduce you to Mr. Daniel Wang, Executive Vice President and Chief Financial Officer. Thank you.

Daniel Wang

Hua Hong Semiconductor Ltd - Executive Vice President and Chief Financial Officer

Good afternoon, everyone. Thank you for joining our Q4 2024 earnings conference. I'm pleased to formally introduce Dr. Peng Bai, who was recently appointed as our Executive Director and President. Dr. Bai is a highly respected veteran in the semiconductor industry, bringing over 30 years of leadership experience

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