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00981
SMIC
HKD
79.3002.700
(3.52%)
1D
AI Analysis for 00981
AI Analysis
High
79.900
Open
77.200
VWAP
79.00
Vol
98.00M
Mkt Cap
419.00B
Low
77.150
Amount
8.00B
EV/EBITDA(TTM)
40.00
Total Shares
6.00B
EV
167.00B
EV/OCF(TTM)
47.00
P/S(TTM)
9.00
Semiconductor Manufacturing International Corp is an investment holding company principally engaged in integrated circuit foundry business. The Company is engaged in the manufacturing and testing of silicon wafers and types of compound semiconductor integrated circuit wafers. The Company also provides integrated circuit-related development, design and technical services, photomask manufacturing, testing and sales of self-produced products as well as other services. The Company provides foundry and technical services to domestic and foreign customers.
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News
4.5
10:25 AMaastocksHKD1.2 Billion Net Inflow from Southbound Trading into TENCENT
Southbound Trading Inflows: TENCENT (00700.HK) saw a significant net inflow of HKD1.2 billion, while POP MART (09992.HK) and CNOOC (00883.HK) also experienced notable inflows, with respective increases of 7.031% and 4.847%.
Southbound Trading Outflows: BABA-W (09988.HK) faced a net outflow of HKD944.9 million, alongside ZIJIN MINING (02899.HK) and SMIC (00981.HK), which also reported substantial outflows.
Market Activity: TENCENT was the most active stock in the Shanghai-Hong Kong Stock Connect with the highest net inflow, while TRACKER FUND (02800.HK) recorded the highest net outflow.
Overall Trading Summary: The total Southbound Trading net outflow was HKD0, accounting for 38.13% of the total transaction amount of HKD137.84 billion.
4.5
01:33 AMaastocksHSI Opens Up 198 Points; HSBC Holdings Surges Over 2%; Gold and Silver Prices Soar
Market Opening: The HSI opened 198 points higher at 27,325, with the HSCEI and HSTECH also showing gains of 58 points and 31 points, respectively.
Financial Sector Performance: HSBC, HKEX, and AIA saw increases of 2.2%, 0.5%, and 0.2%, while short selling activity was notable across these stocks.
Gold and Mining Stocks: With gold prices surpassing USD 5,200, several mining stocks, including CHINAGOLDINTL and ZIJIN MINING, experienced significant gains.
Tech and Chip Stocks: Major tech stocks like TENCENT and NTES-S opened higher, while chip stocks SMIC and HUA HONG SEMI also saw slight increases, despite some fluctuations in other tech shares.
4.5
01-27aastocksNet Outflow of HKD1.1B from CHINA MOBILE in Southbound Trading
Southbound Trading Inflows: TENCENT (00700.HK) and YOFC (06869.HK) saw significant net inflows of HKD1 billion and HKD354.7 million, respectively, with TENCENT being the most active stock in Southbound Trading.
Southbound Trading Outflows: CHINA MOBILE (00941.HK), ZIJIN MINING (02899.HK), and SMIC (00981.HK) experienced substantial net outflows totaling HKD1.1 billion, HKD842.8 million, and HKD552.9 million, respectively, with CHINA MOBILE having the highest outflow.
4.5
01-27aastocksHSI Rises by 361 Points, Driven by Gains in HSBC Holdings, AIA, and Alibaba; AI Stocks Soar
Hong Kong Stock Market Performance: Hong Kong stocks saw significant gains, with the HSI rising 1.4% to close at 27,126, and total market turnover reaching $254.373 billion.
Financial Sector Gains: Major financial stocks like HSBC, HKEX, and AIA experienced notable increases, with HSBC up 2.7% and AIA jumping 4.1%.
Chinese Banks and Insurers: Chinese banks and insurers also reported gains, with CITIC BANK and CHINA LIFE rising 3.3% and 6% respectively, reflecting positive market sentiment.
AI and Tech Stocks Surge: AI-related stocks surged following new product launches, with companies like BABA-W and KINGSOFT CLOUD seeing significant increases in share prices, driven by advancements in AI technology.
4.0
01-27aastocks<Research>HSBC Identifies Hong Kong Stocks Receiving the Most Institutional Interest (Table)
Stock Performance Overview: Various stocks including AIA, Alibaba, and BYD showed mixed performance with AIA and Alibaba experiencing gains, while SMIC saw a decline.
Short Selling Data: Significant short selling activity was noted across multiple stocks, with BYD and SHK PPT having the highest short selling ratios at 34.941% and 35.602%, respectively.
Investment Ratings: Analysts have given "Buy" ratings to several companies including Alibaba, BOC Hong Kong, and Trip.com, while AIA is rated as "Hold."
Market Insights: JPMorgan estimates Alibaba's T-Head valuation to be between US$25-62 billion, indicating that a spinoff and separate listing is unlikely this year.
Money Flow
Over the past 66 trading days, overall net money flow is -611.00M, with retail investors contributing -32.00M and major investors adding -584.00M.
Net Buy $ Volume
Net Sell $ Volume
BOCOMI
BOCOMI
NULL
to
Buy
maintain
$93
2026-01-06
Reason
The analyst rating for SMIC (00981.HK) was maintained at "Buy" by BOCOMI due to the company's planned acquisition of a 49% stake in Semiconductor Manufacturing North China for RMB40.6 billion. This acquisition is expected to enhance SMIC's profitability, as Semiconductor Manufacturing North China primarily focuses on 12-inch wafer foundry operations. Additionally, BOCOMI raised its target price for SMIC to $93 and increased its diluted EPS forecasts for 2026 and 2027, indicating a positive outlook for the company's financial performance. The broker believes that this equity adjustment will benefit shareholders in both the short and long term.
BOCOMI
NULL
to
Buy
Price Target
$93
2026-01-06
maintain
The analyst rating for SMIC (00981.HK) was maintained at "Buy" by BOCOMI due to the company's planned acquisition of a 49% stake in Semiconductor Manufacturing North China for RMB40.6 billion. This acquisition is expected to enhance SMIC's profitability, as Semiconductor Manufacturing North China primarily focuses on 12-inch wafer foundry operations. Additionally, BOCOMI raised its target price for SMIC to $93 and increased its diluted EPS forecasts for 2026 and 2027, indicating a positive outlook for the company's financial performance. The broker believes that this equity adjustment will benefit shareholders in both the short and long term.
Huatai Securities
Huatai Securities
maintain
2026-01-05
Reason
The analyst rating for SMIC is a "Buy" based on several key factors outlined in the report by Huatai Securities. The planned acquisition of a 49% equity stake in SMNC is expected to significantly enhance the company's financial position, with projections indicating an introduction of around USD4.1 billion in external funds to SMSC, potentially boosting cash reserves by about 101%. Additionally, the equity swap acquisition is anticipated to increase the company's net assets, which could drive a 6.3% growth in net asset value per share to RMB20.1. These positive financial enhancements, along with a maintained target price of HKD100 for SMIC's H-shares and RMB192 for its A-shares, support the analyst's bullish outlook on the stock.
Huatai Securities
Price Target
2026-01-05
maintain
The analyst rating for SMIC is a "Buy" based on several key factors outlined in the report by Huatai Securities. The planned acquisition of a 49% equity stake in SMNC is expected to significantly enhance the company's financial position, with projections indicating an introduction of around USD4.1 billion in external funds to SMSC, potentially boosting cash reserves by about 101%. Additionally, the equity swap acquisition is anticipated to increase the company's net assets, which could drive a 6.3% growth in net asset value per share to RMB20.1. These positive financial enhancements, along with a maintained target price of HKD100 for SMIC's H-shares and RMB192 for its A-shares, support the analyst's bullish outlook on the stock.
JPMorgan
JPMorgan
Underweight
maintain
$36 -> $57
2025-11-18
Reason
The analyst rating for SMIC (00981.HK) is maintained as "Underweight" by JPMorgan due to a cautious outlook. The reasons for this rating include the need for actual earnings data to support a sustained premium valuation, which is not expected in the next 6-12 months. Additionally, despite strong demand for advanced process products, SMIC's gross profit margin (GPM) remains at a low 20% level, and there is limited potential for significant improvement in GPM in the coming years due to rapidly rising depreciation costs. Although JPMorgan has raised its target price from HKD 36 to HKD 57, the overall sentiment remains cautious.
JPMorgan
Underweight
Price Target
$36 -> $57
2025-11-18
maintain
The analyst rating for SMIC (00981.HK) is maintained as "Underweight" by JPMorgan due to a cautious outlook. The reasons for this rating include the need for actual earnings data to support a sustained premium valuation, which is not expected in the next 6-12 months. Additionally, despite strong demand for advanced process products, SMIC's gross profit margin (GPM) remains at a low 20% level, and there is limited potential for significant improvement in GPM in the coming years due to rapidly rising depreciation costs. Although JPMorgan has raised its target price from HKD 36 to HKD 57, the overall sentiment remains cautious.
CLSA
NULL -> Buy
upgrade
2025-11-17
Reason
The analyst rating for SMIC (00981.HK) is maintained at "Buy" by BOCI due to several factors. The company reported 3Q25 results that exceeded revenue and gross profit margin expectations. Despite a cautious outlook for 4Q25 and potential challenges in the consumer electronics market, BOCI believes that favorable market dynamics, such as the ongoing tariff war and the development of domestic GPUs, will continue to drive demand for SMIC's advanced processes (7nm and 5nm). Consequently, BOCI has raised its target price from $56.7 to $83.6, reflecting confidence in SMIC's growth potential despite the current market conditions.
CLSA
NULL -> Buy
Price Target
2025-11-17
upgrade
The analyst rating for SMIC (00981.HK) is maintained at "Buy" by BOCI due to several factors. The company reported 3Q25 results that exceeded revenue and gross profit margin expectations. Despite a cautious outlook for 4Q25 and potential challenges in the consumer electronics market, BOCI believes that favorable market dynamics, such as the ongoing tariff war and the development of domestic GPUs, will continue to drive demand for SMIC's advanced processes (7nm and 5nm). Consequently, BOCI has raised its target price from $56.7 to $83.6, reflecting confidence in SMIC's growth potential despite the current market conditions.
Nomura
Neutral
maintain
$51 -> $75
2025-11-17
Reason
The analyst rating for SMIC was maintained at Neutral by Nomura due to several factors. The firm expects full loadings in 4Q25, benefiting from the continued localization of the supply chain. However, there is caution among customers regarding plans for 2026 due to uncertainty in memory supply, which could impact future demand. Despite this caution, Nomura raised its EPS estimations for 2026 and 2027 by 20% and 29%, respectively, and increased the target price from $51 to $75. The overall outlook remains cautious, leading to the Neutral rating.
Nomura
Neutral
Price Target
$51 -> $75
2025-11-17
maintain
The analyst rating for SMIC was maintained at Neutral by Nomura due to several factors. The firm expects full loadings in 4Q25, benefiting from the continued localization of the supply chain. However, there is caution among customers regarding plans for 2026 due to uncertainty in memory supply, which could impact future demand. Despite this caution, Nomura raised its EPS estimations for 2026 and 2027 by 20% and 29%, respectively, and increased the target price from $51 to $75. The overall outlook remains cautious, leading to the Neutral rating.
CLSA
CLSA
upgrade
2025-11-17
Reason
The analyst rating for SMIC (00981.HK) was elevated to "Outperform" by CLSA due to several positive factors highlighted in their research report. The key reasons for this rating include:
1. Strong 3Q25 Results: SMIC's revenue grew by 7.8% quarter-over-quarter to $2.38 billion, surpassing the guidance range of 5-7% growth.
2. Improved Gross Margin: The gross margin increased by 1.6 percentage points to 22%, exceeding the guidance of 18-20%. This improvement was attributed to higher capacity utilization, reduced production volatility, and adjustments in the product mix.
3. Positive 4Q25 Outlook: Despite being a traditionally low season, demand is expected to remain strong, with current capacity utilization and wafer production better than the guidance for 4Q25.
4. Increased Earnings Forecasts: CLSA raised its earnings forecasts for 2025-2027 by 5-22% due to higher gross margin expectations.
5. Target Price Increase: The target price for SMIC's H-shares was raised from $58.8 to $93.3, reflecting the positive outlook and performance.
These factors collectively contributed to the decision to maintain an "Outperform" rating on SMIC.
CLSA
Price Target
2025-11-17
upgrade
The analyst rating for SMIC (00981.HK) was elevated to "Outperform" by CLSA due to several positive factors highlighted in their research report. The key reasons for this rating include:
1. Strong 3Q25 Results: SMIC's revenue grew by 7.8% quarter-over-quarter to $2.38 billion, surpassing the guidance range of 5-7% growth.
2. Improved Gross Margin: The gross margin increased by 1.6 percentage points to 22%, exceeding the guidance of 18-20%. This improvement was attributed to higher capacity utilization, reduced production volatility, and adjustments in the product mix.
3. Positive 4Q25 Outlook: Despite being a traditionally low season, demand is expected to remain strong, with current capacity utilization and wafer production better than the guidance for 4Q25.
4. Increased Earnings Forecasts: CLSA raised its earnings forecasts for 2025-2027 by 5-22% due to higher gross margin expectations.
5. Target Price Increase: The target price for SMIC's H-shares was raised from $58.8 to $93.3, reflecting the positive outlook and performance.
These factors collectively contributed to the decision to maintain an "Outperform" rating on SMIC.
Goldman Sachs
Goldman Sachs
maintain
$117 -> $211
2025-11-14
Reason
The analyst rating from Goldman Sachs for SMIC (00981.HK) is maintained at "Buy" due to the company's 3Q25 revenue performance, which amounted to US$2.4 billion, exceeding both market expectations and management's guidance. Despite a slightly lower gross profit margin guidance, the broker believes that actual performance has the potential to beat expectations, justifying the positive rating and target prices of $117 for H-shares and RMB211 for A-shares.
Goldman Sachs
Price Target
$117 -> $211
2025-11-14
maintain
The analyst rating from Goldman Sachs for SMIC (00981.HK) is maintained at "Buy" due to the company's 3Q25 revenue performance, which amounted to US$2.4 billion, exceeding both market expectations and management's guidance. Despite a slightly lower gross profit margin guidance, the broker believes that actual performance has the potential to beat expectations, justifying the positive rating and target prices of $117 for H-shares and RMB211 for A-shares.
Huatai Securities
Huatai Securities
Buy
maintain
2025-10-10
Reason
Huatai Securities raised its target prices for SMIC's H-shares and A-shares while maintaining a Buy rating due to several key factors. The firm predicts significant year-over-year net profit increases for SMIC from 2025 to 2027, driven by the anticipated rapid growth in domestic demand for advanced process foundry services, particularly due to the release of Chinese-made AI chips led by Huawei. Additionally, the tightening of US export controls on equipment to China is expected to compel domestic foundry companies like SMIC to capture a larger market share. The report also advises investors to monitor future trends in SMIC's product pricing and changes in minority interests.
Huatai Securities
Buy
Price Target
2025-10-10
maintain
Huatai Securities raised its target prices for SMIC's H-shares and A-shares while maintaining a Buy rating due to several key factors. The firm predicts significant year-over-year net profit increases for SMIC from 2025 to 2027, driven by the anticipated rapid growth in domestic demand for advanced process foundry services, particularly due to the release of Chinese-made AI chips led by Huawei. Additionally, the tightening of US export controls on equipment to China is expected to compel domestic foundry companies like SMIC to capture a larger market share. The report also advises investors to monitor future trends in SMIC's product pricing and changes in minority interests.
Goldman Sachs
Goldman Sachs
Buy
to
Buy
upgrade
$95
2025-10-06
Reason
The analyst rating from Goldman Sachs for HUA HONG SEMI and SMIC is based on a positive outlook regarding the continuous development of China's domestic AI ecosystem. This development is expected to create long-term business opportunities in the semiconductor sector for both companies. Goldman Sachs anticipates that as leading Chinese foundries, HUA HONG SEMI and SMIC will benefit from the growth in AI-related demand, particularly for products such as PMICs for data centers and various components for AI devices. Consequently, the firm raised its target prices for both stocks and maintained a "Buy" rating.
Goldman Sachs
Buy
to
Buy
Price Target
$95
2025-10-06
upgrade
The analyst rating from Goldman Sachs for HUA HONG SEMI and SMIC is based on a positive outlook regarding the continuous development of China's domestic AI ecosystem. This development is expected to create long-term business opportunities in the semiconductor sector for both companies. Goldman Sachs anticipates that as leading Chinese foundries, HUA HONG SEMI and SMIC will benefit from the growth in AI-related demand, particularly for products such as PMICs for data centers and various components for AI devices. Consequently, the firm raised its target prices for both stocks and maintained a "Buy" rating.
BOCOM International
Neutral
maintain
$45 -> $47
2025-08-12
Reason
The analyst rating from BOCOM International for SMIC (00981.HK) is maintained at Neutral due to the current valuation level of the company adequately reflecting its fundamentals. Despite the stronger-than-expected 2Q25 results, which included a revenue decline of 1.7% QoQ and a gross margin of 20.4%, the overall assessment suggests that the company's valuation aligns with its performance. The slight adjustment of the H-share target price from HKD45 to HKD47 indicates a cautious outlook, reflecting the anticipated revenue growth of 5-7% QoQ for 3Q25 and a gross margin guidance of 18-20%.
BOCOM International
Neutral
Price Target
$45 -> $47
2025-08-12
maintain
The analyst rating from BOCOM International for SMIC (00981.HK) is maintained at Neutral due to the current valuation level of the company adequately reflecting its fundamentals. Despite the stronger-than-expected 2Q25 results, which included a revenue decline of 1.7% QoQ and a gross margin of 20.4%, the overall assessment suggests that the company's valuation aligns with its performance. The slight adjustment of the H-share target price from HKD45 to HKD47 indicates a cautious outlook, reflecting the anticipated revenue growth of 5-7% QoQ for 3Q25 and a gross margin guidance of 18-20%.
Valuation Metrics
Forward PE
5Y Average PE
34.32
Current PE
82.66
Overvalued PE
56.15
Undervalued PE
12.49
Forward EV/EBITDA
5Y Average EV/EBITDA
11.56
Current EV/EBITDA
19.12
Overvalued EV/EBITDA
15.10
Undervalued EV/EBITDA
8.02
Forward PS
5Y Average PS
4.95
Current PS
8.80
Overvalued PS
6.63
Undervalued PS
3.26
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