BOCOM International has issued a research report, projecting that Hua Hong Semiconductor's revenue for the fourth quarter of 2025 will reach US$656 million, accompanied by a gross profit margin of 13.6%. Simultaneously, it has revised its revenue and gross profit margin forecasts for the period from 2025 to 2027. Additionally, it has made a minor adjustment to the target price, setting it at HK$91, while reaffirming its 'Buy' rating. The report highlighted that Hua Hong Semiconductor's revenue for the third quarter of 2025 aligned with market expectations, with the gross profit margin surpassing forecasts. There has been a consistent upward trend in the gross profit margin since the second quarter of 2025. The production capacity of Phase I of Plant 9 has been expanded, and it is anticipated that by mid-2026, the monthly output will reach 60,000 to 65,000 wafers, with nearly 80,000 wafers of production capacity slated for completion by the end of the year. The average selling price of products has witnessed a month-on-month increase of over 5%, and demand across all platforms has shown a year-on-year improvement. The memory market is experiencing robust downstream demand, and PMIC products, influenced by the AI server boom, have seen a year-on-year revenue surge of over 32%. Management may consider further price adjustments, and the transaction for Plant 5 is expected to be finalized before August 2026.