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00981
SMIC
HKD
75.600-0.900
(-1.18%)
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News
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8.5
03:54 AMaastocksPinned<Research> BOCOMI Raises SMIC (00981.HK) Price Target to $93, Maintains Buy Rating
SMIC Acquisition Plans: SMIC plans to acquire a 49% stake in Semiconductor Manufacturing North China for RMB40.6 billion, which will make it a wholly-owned subsidiary focused on 12-inch wafer foundry with strong profitability.
Broker Ratings and Forecasts: BOCOMI maintains a "Buy" rating for SMIC, raising its target price to $93 and increasing its 2026/2027 diluted EPS forecasts to US$0.16/US$0.18, indicating positive long-term benefits for shareholders.
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4.5
02:44 AMaastocksHSI Jumps Over 400 Points in Early Trading; Several Resource Stocks Hit New Peaks; HSBC HOLDINGS, BIDU-SW, and SENSETIME-W in Demand
Market Performance: The HSI opened 155 points higher and surged to a high of 26,748, closing at 26,716, up 369 points or 1.4%, with a turnover of HKD99.281 billion.
Resource Stocks Surge: Key resource stocks like ZIJIN MINING and CHINAHONGQIAO reached historical highs, with significant gains and high turnover, indicating strong investor interest.
Chip Stocks Activity: Major chip stocks, including SMIC and HUA HONG SEMI, saw positive movement, while BIREN TECH experienced a decline, reflecting mixed performance in the tech sector.
Financial Sector Support: Heavyweight financial stocks like HSBC and AIA contributed to market strength, with HSBC reaching a post-dividend high, showcasing resilience in the financial sector.
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4.5
01-05aastocksHSI Closes with a Gain of 8 Points; KUAISHOU-W Soars by 11%; Excitement Grows Around Brain-Computer Interface Concept
Market Performance: The HSI closed up 0.03% at 26,347, while the HSCEI fell 0.2% to 9,148, and the HSTECH increased by 0.1% to 5,741, with a total market turnover of HKD283.462 billion.
Kuaishou and Bilibili Surge: KUAISHOU-W saw an 11.1% increase following BLUEFOCUS's resubmission of a listing application, while BILIBILI-W rose 5.1% due to its ties with BLUEFOCUS.
Neuralink Announcement Impact: Stocks related to brain-computer interfaces surged, with NANJING PANDA jumping nearly 40% after Elon Musk's announcement about Neuralink's mass production plans.
Tech Stock Movements: Various tech stocks showed mixed results, with notable gains for PA GOODDOCTOR and Q TECH, while JD-SW and NTES-S experienced declines.
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8.5
01-05aastocks<Research>HTSC: SMIC Enhances Capital Structure for Greater Profit Flexibility; Rating Maintained at Buy
Acquisition Plans: SMIC plans to acquire a 49% equity stake in SMNC for approximately RMB40.6 billion, with funding from institutions including the third phase of China's integrated circuit Big Fund, which will inject USD7.778 billion into SMSC.
Financial Impact: The transactions are expected to enhance financial performance, potentially introducing around USD4.1 billion in external funds and increasing cash reserves by about 101%.
Net Asset Growth: The equity swap acquisition may lead to a 6.3% growth in net asset value per share, raising it to RMB20.1.
Target Prices and Ratings: Huatai Securities maintains a target price of HKD100 for SMIC's H-shares and RMB192 for its A-shares, with an unchanged Buy rating.
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4.5
01-05aastocksHSI Opens with a 22-Point Increase; KUAISHOU-W Surges Approximately 6%
US Military Action Impact: The US military action against Venezuela caused initial drops in international oil prices, which later rose during Asian trading hours.
Hong Kong Market Performance: The Hong Kong stock market opened higher, with the HSI up 22 points, while various tech stocks showed mixed performance, with some gaining and others declining.
Tech Sector Highlights: KUAISHOU-W and BABA-W saw significant gains, while companies like BIDU-SW and INNOSCIENCE experienced declines in their stock prices.
Investment and R&D Developments: SMIC received increased investment from the China Integrated Circuit Industry Investment Fund, and Xiaomi announced plans to invest heavily in R&D and set ambitious car delivery targets.
Money Flow
Over the past 66 trading days, overall net money flow is -31.30M, with retail investors contributing 259.76M and major investors adding -243.74M.
Net Buy $ Volume
Net Sell $ Volume
Huatai Securities
Huatai Securities
maintain
2026-01-05
New
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
New
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%.
JP Morgan
Underweight
maintain
$36
2025-08-12
Reason
JP Morgan maintained its Underweight rating for SMIC due to several factors: the company's anticipated slowdown in growth for 4Q25 attributed to inventory destocking, ongoing pressure on gross margins from increased depreciation costs, and a lack of improvement in average selling prices (ASP) despite a higher mix of high-end wafers resulting from lower yields. Additionally, the firm noted that SMIC's capital expenditures are expected to remain high over the next 2-3 years as the company continues to expand its production capacity for 28nm and below wafers.
JP Morgan
Underweight
Price Target
$36
2025-08-12
maintain
JP Morgan maintained its Underweight rating for SMIC due to several factors: the company's anticipated slowdown in growth for 4Q25 attributed to inventory destocking, ongoing pressure on gross margins from increased depreciation costs, and a lack of improvement in average selling prices (ASP) despite a higher mix of high-end wafers resulting from lower yields. Additionally, the firm noted that SMIC's capital expenditures are expected to remain high over the next 2-3 years as the company continues to expand its production capacity for 28nm and below wafers.
Valuation Metrics
Forward PE
5Y Average PE
34.11
Current PE
82.66
Overvalued PE
55.88
Undervalued PE
12.35
Forward EV/EBITDA
5Y Average EV/EBITDA
11.57
Current EV/EBITDA
19.12
Overvalued EV/EBITDA
15.09
Undervalued EV/EBITDA
8.05
Forward PS
5Y Average PS
4.97
Current PS
8.80
Overvalued PS
6.66
Undervalued PS
3.28
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Free Cash Flow
N/A
Gross Profit Margin - %
N/A
Net Margin - %
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Daily
Monthly
No data
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