Hua Hong (1347.HK): While the Street focuses on slightly softerrevenue guidance, GIR Allenhighlights the Q3 GM guidance of16%-18%, which comfortably beats consensus estimates.GIR isstructurally more positive on Hua Hong's ASP in 2H26/2027 due toproduct mixupgrades and cost reduction efforts, raising the 12-month target price to HK$335.
Hua Hong (1347.HK): While the Street focuses on slightly softerrevenue guidance, GIR Allenhighlights the Q3 GM guidance of16%-18%, which comfortably beats consensus estimates.GIR isstructurally more positive on Hua Hong's ASP in 2H26/2027 due toproduct mixupgrades and cost reduction efforts, raising the 12-month target price to HK$335.