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00981
SMIC
HKD
51.000-1.850
(-3.50%)
1D
AI Analysis for 00981
AI Analysis
High
52.850
Open
52.850
VWAP
50.95
Vol
65.41M
Mkt Cap
420.06B
Low
50.050
Amount
3.33B
EV/EBITDA(TTM)
24.60
Total Shares
6.00B
EV
120.46B
EV/OCF(TTM)
37.71
P/S(TTM)
5.58
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
03-12aastocksHKD4.7B Net Inflow to TRACKER FUND from Southbound Trading
Southbound Trading Inflows: TRACKER FUND (02800.HK) saw significant net inflows of HKD4.7 billion, while CNOOC (00883.HK) and SMIC (00981.HK) also experienced positive trading activity.
Southbound Trading Outflows: TENCENT (00700.HK) and BABA-W (09988.HK) faced notable net outflows of HKD479.7 million and HKD429.4 million, respectively, with high short selling ratios.
Trading Activity Overview: TRACKER FUND was the most active stock in both Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, while TENCENT and BABA-W had the highest net outflows in their respective categories.
Market Summary: Overall, Southbound Trading net outflow totaled HKD0, accounting for 46.85% of the total transaction amount of HKD113.47 billion.
4.5
03-12aastocksHSI Closes Down 182 Points, While Energy and Aluminum Stocks Rise; AI Stocks Decline
Market Performance: The HSI fell by 182 points (0.7%) to close at 25,716, with total market turnover at $242.18 billion. The HSCEI and HSTECH also experienced slight declines.
Stock Highlights: KUNLUN ENERGY and CNOOC saw gains of 2.4% and 3.7% respectively, while coal stocks YANKUANG ENERGY and CHINA COAL surged by 8.3% and 4.9%.
Sector Movements: New energy stocks like DATANG RENEW and GOLDWIND rose by 8.2% and 7.2%, while traditional power utility DATANG POWER increased by 5.1%.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W declined, with TENCENT dropping 0.996%. In contrast, JD-SW gained 0.8%, while AI stocks faced significant losses, with KNOWLEDGE ATLAS plunging 8.9%.
3.5
03-12aastocksM Stanley Research: CN Wafer Foundry Capacity and Chip Supply Expected to Fulfill Core Sovereign Requirements by 2028
China's Semiconductor Progress: Morgan Stanley reports that China has made significant advancements in addressing equipment and wafer foundry bottlenecks, with expectations that by 2028, its wafer foundry capacity will meet essential sovereign needs.
Optimism in AI Semiconductor Supply Chain: The report expresses optimism regarding China's AI semiconductor supply chain, highlighting companies like SMIC, NAURA, and ASMPT, which are expected to benefit from AI chip investments that enhance the strategic positioning of Chinese internet platforms.
4.5
03-11aastocksHSI Starts 152 Points Up; TENCENT Continues Its Rally; NIO-SW Soars 15%
Market Performance: The HSI opened 0.6% higher at 26,112, with notable gains in tech stocks like TENCENT and BIDU-SW, while some stocks like KNOWLEDGE ATLAS and MINIMAX-WP experienced declines.
Export Growth: China's exports for January-February increased by 21.8%, significantly surpassing the previous value of 6.6% and the forecast of 7.1%.
Tech Stock Movements: Various tech stocks, including BABA-W and KUAISHOU-W, saw increases of 1.3-1.5%, while others like MEITUAN-W and NTES-S faced declines.
Automotive Sector Highlights: NIO-SW surged 15% after reporting a profit, while other automotive stocks like BYD COMPANY and LI AUTO-W showed minor increases.
4.5
03-10aastocksHSI Rises by 551 Points; TENCENT Jumps Over 7%; MINIMAX-WP Soars 22%
Market Performance: The HSI rose by 2.2% to close at 25,959, with significant gains in tech stocks, including MINIMAX-WP and KNOWLEDGE ATLAS, which surged 22.4% and 12.9% respectively.
Short Selling Trends: Notable short selling activity was observed in various stocks, with TENCENT and BABA-W experiencing high short selling ratios of 15.2% and 20.2%, respectively.
Chip and Battery Stocks: Chip stocks like ILUVATAR COREX and BIREN TECH saw substantial increases of 30.2% and 9.3%, while battery stock CATL rallied 9.3% following a strong profit forecast.
Carmakers' Performance: Carmakers BYD and XIAOMI experienced slight declines of 1.1% and 0.2%, contrasting with the overall positive market trend.
Money Flow
Over the past 66 trading days, overall net money flow is -218.83M, with retail investors contributing 34.44M and major investors adding -134.41M.
Net Buy $ Volume
Net Sell $ Volume
Goldman Sachs
Goldman Sachs
maintain
$134
2026-03-05
Reason
The analyst rating for SMIC (00981.HK) is based on several key factors highlighted in the Goldman Sachs report. They maintain a bullish view on the upcycle of China's semiconductor capital expenditure (capex), driven by the growth of fabless companies and technology migration. The report anticipates that advanced logic and memory will be the main contributors to capex growth, with the supply chain increasing investments to close the gap between China's domestic supply and leading overseas companies. Additionally, continuous capacity expansion is expected to support local Chinese semiconductor equipment companies, fostering research and development for more localized equipment solutions. As a result, Goldman Sachs has set a target price of HKD134 and assigned a rating of Buy for SMIC.
Goldman Sachs
Price Target
$134
2026-03-05
maintain
The analyst rating for SMIC (00981.HK) is based on several key factors highlighted in the Goldman Sachs report. They maintain a bullish view on the upcycle of China's semiconductor capital expenditure (capex), driven by the growth of fabless companies and technology migration. The report anticipates that advanced logic and memory will be the main contributors to capex growth, with the supply chain increasing investments to close the gap between China's domestic supply and leading overseas companies. Additionally, continuous capacity expansion is expected to support local Chinese semiconductor equipment companies, fostering research and development for more localized equipment solutions. As a result, Goldman Sachs has set a target price of HKD134 and assigned a rating of Buy for SMIC.
DBS Group Research
DBS Group Research
Buy
downgrade
2026-02-20
Reason
The analyst rating for SMIC (00981.HK) is maintained at "Buy" by DBS Group Research due to the company's strong position as China's leading 7nm-class wafer foundry, extensive 12-inch footprint, and advanced local logic process capabilities. The report highlights that SMIC is expected to benefit from the supply chain's shift towards local design and domestic manufacturing. However, the target price was cut from $88.8 to $87.4, and earnings forecasts for 2026 and 2027 were lowered by 10% and 12%, respectively, to account for short-term pressure on profit margins.
DBS Group Research
Buy
Price Target
2026-02-20
downgrade
The analyst rating for SMIC (00981.HK) is maintained at "Buy" by DBS Group Research due to the company's strong position as China's leading 7nm-class wafer foundry, extensive 12-inch footprint, and advanced local logic process capabilities. The report highlights that SMIC is expected to benefit from the supply chain's shift towards local design and domestic manufacturing. However, the target price was cut from $88.8 to $87.4, and earnings forecasts for 2026 and 2027 were lowered by 10% and 12%, respectively, to account for short-term pressure on profit margins.
CICC
CICC
Outperform
maintain
HKD100
2026-02-16
Reason
The analyst rating for SMIC (00981.HK) was maintained as "Outperform" due to the company's strong leading position in wafer manufacturing. The report indicated that SMIC's 4Q25 results aligned with the broker's forecasts, with revenue and gross margin figures meeting expectations. Additionally, the company's guidance for 1Q26 revenue and gross margin was also in line with estimates, and it was anticipated that revenue growth for 2026 would exceed that of comparable peers. This combination of factors contributed to the positive rating.
CICC
Outperform
Price Target
HKD100
2026-02-16
maintain
The analyst rating for SMIC (00981.HK) was maintained as "Outperform" due to the company's strong leading position in wafer manufacturing. The report indicated that SMIC's 4Q25 results aligned with the broker's forecasts, with revenue and gross margin figures meeting expectations. Additionally, the company's guidance for 1Q26 revenue and gross margin was also in line with estimates, and it was anticipated that revenue growth for 2026 would exceed that of comparable peers. This combination of factors contributed to the positive rating.
Citi
Neutral
to
Buy
upgrade
$53 -> $75
2026-02-13
Reason
The analyst rating for SMIC (00981.HK) was lifted to a Neutral rating by Citi, with the target price increased from HKD53 to HKD75. This adjustment is based on the expectation that localization demand for semiconductors in China and AI-driven opportunities will support growth prospects. However, the outlook for 1Q26 was noted to be slightly below expectations, and there are concerns about increased depreciation and intensified competition putting pressure on profit margins.
Citi
Neutral
to
Buy
Price Target
$53 -> $75
2026-02-13
upgrade
The analyst rating for SMIC (00981.HK) was lifted to a Neutral rating by Citi, with the target price increased from HKD53 to HKD75. This adjustment is based on the expectation that localization demand for semiconductors in China and AI-driven opportunities will support growth prospects. However, the outlook for 1Q26 was noted to be slightly below expectations, and there are concerns about increased depreciation and intensified competition putting pressure on profit margins.
Nomura
Neutral
maintain
$75
2026-02-12
Reason
The analyst rating from Nomura on SMIC is Neutral, based on the company's performance meeting expectations for wafer revenue and gross margin in 4Q25. Additionally, the guidance for 1Q26 indicates flat revenue QoQ and a gross margin that aligns with expectations. While management anticipates that full-year revenue growth for 2026 will exceed that of comparable peers, Nomura's cautious stance is reflected in their Neutral rating, despite expectations of mid to high double-digit growth. The target price set at HKD75 also suggests a measured outlook.
Nomura
Neutral
Price Target
$75
2026-02-12
maintain
The analyst rating from Nomura on SMIC is Neutral, based on the company's performance meeting expectations for wafer revenue and gross margin in 4Q25. Additionally, the guidance for 1Q26 indicates flat revenue QoQ and a gross margin that aligns with expectations. While management anticipates that full-year revenue growth for 2026 will exceed that of comparable peers, Nomura's cautious stance is reflected in their Neutral rating, despite expectations of mid to high double-digit growth. The target price set at HKD75 also suggests a measured outlook.
UBS
Neutral
maintain
$76
2026-02-12
Reason
The analyst rating from UBS for SMIC (00981.HK) is Neutral, based on several factors. The company experienced a 4.5% quarter-over-quarter net profit growth in 4Q25, which exceeded both its previous guidance and market expectations. However, UBS highlights concerns regarding ongoing business expansion leading to a significant increase in depreciation expenses, projected to surge by 30% year-over-year. This increase is expected to exert pressure on gross margins, despite a more favorable pricing environment that may help offset some of the depreciation impact. UBS forecasts gross margins of 20% in 1Q26 and 21.2% for the entire year of 2026, indicating cautious optimism but also acknowledging the challenges ahead.
UBS
Neutral
Price Target
$76
2026-02-12
maintain
The analyst rating from UBS for SMIC (00981.HK) is Neutral, based on several factors. The company experienced a 4.5% quarter-over-quarter net profit growth in 4Q25, which exceeded both its previous guidance and market expectations. However, UBS highlights concerns regarding ongoing business expansion leading to a significant increase in depreciation expenses, projected to surge by 30% year-over-year. This increase is expected to exert pressure on gross margins, despite a more favorable pricing environment that may help offset some of the depreciation impact. UBS forecasts gross margins of 20% in 1Q26 and 21.2% for the entire year of 2026, indicating cautious optimism but also acknowledging the challenges ahead.
CLSA
CLSA
Outperform
downgrade
2026-02-12
Reason
The analyst rating from CLSA for SMIC (00981.HK) is "Outperform" despite lowering its earnings forecasts for 2026 and 2027 by 14% and 11%, respectively. The reasoning behind this rating includes the company's 4Q25 results and 1Q26 guidance being largely in line with expectations, and the ongoing demand for consumer electronics, which remains intact despite memory shortages. Additionally, CLSA notes that the memory shortage situation is expected to ease within 9-12 months, and the company's capital expenditure for 2026 is set to remain significant at US$8.1 billion.
CLSA
Outperform
Price Target
2026-02-12
downgrade
The analyst rating from CLSA for SMIC (00981.HK) is "Outperform" despite lowering its earnings forecasts for 2026 and 2027 by 14% and 11%, respectively. The reasoning behind this rating includes the company's 4Q25 results and 1Q26 guidance being largely in line with expectations, and the ongoing demand for consumer electronics, which remains intact despite memory shortages. Additionally, CLSA notes that the memory shortage situation is expected to ease within 9-12 months, and the company's capital expenditure for 2026 is set to remain significant at US$8.1 billion.
JPMorgan
JPMorgan
Underweight
maintain
$57
2026-02-12
Reason
The analyst rating from JPMorgan on SMIC (00981.HK) is Underweight, primarily due to several factors:
1. Gross Margin Miss: The company reported a gross margin miss for 4Q25, which was attributed to increased depreciation costs.
2. Future Depreciation Costs: Looking ahead to 2026, significant capital expenditures (capex) in 2025 and 2026 are expected to drive up depreciation costs by 30%, which will continue to exert pressure on gross margins.
3. Demand Pressures: There are anticipated demand pressures in key segments such as smartphones, PCs, and consumer electronics, which are expected to lead to stagnant blended average selling prices (ASPs). This stagnation makes it difficult for the company to achieve major price increases.
Overall, these factors contribute to JPMorgan's cautious outlook on SMIC, reflected in their target price of HKD57.
JPMorgan
Underweight
Price Target
$57
2026-02-12
maintain
The analyst rating from JPMorgan on SMIC (00981.HK) is Underweight, primarily due to several factors:
1. Gross Margin Miss: The company reported a gross margin miss for 4Q25, which was attributed to increased depreciation costs.
2. Future Depreciation Costs: Looking ahead to 2026, significant capital expenditures (capex) in 2025 and 2026 are expected to drive up depreciation costs by 30%, which will continue to exert pressure on gross margins.
3. Demand Pressures: There are anticipated demand pressures in key segments such as smartphones, PCs, and consumer electronics, which are expected to lead to stagnant blended average selling prices (ASPs). This stagnation makes it difficult for the company to achieve major price increases.
Overall, these factors contribute to JPMorgan's cautious outlook on SMIC, reflected in their target price of HKD57.
Goldman Sachs
Goldman Sachs
maintain
$134
2026-02-12
Reason
The analyst rating from Goldman Sachs is based on a bullish growth outlook for SMIC, driven by several factors:
1. Growing Domestic Customer Demand: The company is expected to benefit from increasing demand from domestic customers.
2. Continuous Capacity Expansion: SMIC has been expanding its production capacity, adding a significant number of wafers while maintaining strong yields.
3. Product Mix Optimization: The company is optimizing its product mix, with high-margin products expected to see greater demand than traditional products.
4. AI Boom and Supply Chain Restructuring: The demand growth is further supported by the AI boom and opportunities arising from supply chain restructuring.
5. Localized Production Trend: There is a trend towards localized production, which is also contributing to demand growth.
Given these factors, Goldman Sachs set a target price of HKD134 and issued a Buy rating for SMIC.
Goldman Sachs
Price Target
$134
2026-02-12
maintain
The analyst rating from Goldman Sachs is based on a bullish growth outlook for SMIC, driven by several factors:
1. Growing Domestic Customer Demand: The company is expected to benefit from increasing demand from domestic customers.
2. Continuous Capacity Expansion: SMIC has been expanding its production capacity, adding a significant number of wafers while maintaining strong yields.
3. Product Mix Optimization: The company is optimizing its product mix, with high-margin products expected to see greater demand than traditional products.
4. AI Boom and Supply Chain Restructuring: The demand growth is further supported by the AI boom and opportunities arising from supply chain restructuring.
5. Localized Production Trend: There is a trend towards localized production, which is also contributing to demand growth.
Given these factors, Goldman Sachs set a target price of HKD134 and issued a Buy rating for SMIC.
UBS
Neutral
downgrade
$76
2026-02-12
Reason
The analyst rating for SMIC remains Neutral due to a combination of factors. While the company reported a 4.5% quarter-over-quarter increase in earnings, which outperformed typical seasonal patterns and market expectations, its gross profit margin (GPM) of 19.2% was at the lower end of the guidance range and below market forecasts. Additionally, UBS has lowered its earnings forecast for SMIC by 8-18% to account for higher depreciation expenses, which contributed to a decline in GPM. These factors led to the decision to maintain a Neutral rating with a target price of HKD76.
UBS
Neutral
Price Target
$76
2026-02-12
downgrade
The analyst rating for SMIC remains Neutral due to a combination of factors. While the company reported a 4.5% quarter-over-quarter increase in earnings, which outperformed typical seasonal patterns and market expectations, its gross profit margin (GPM) of 19.2% was at the lower end of the guidance range and below market forecasts. Additionally, UBS has lowered its earnings forecast for SMIC by 8-18% to account for higher depreciation expenses, which contributed to a decline in GPM. These factors led to the decision to maintain a Neutral rating with a target price of HKD76.
Valuation Metrics
Forward PE
5Y Average PE
34.92
Current PE
82.66
Overvalued PE
56.92
Undervalued PE
12.92
Forward EV/EBITDA
5Y Average EV/EBITDA
11.54
Current EV/EBITDA
19.12
Overvalued EV/EBITDA
15.15
Undervalued EV/EBITDA
7.94
Forward PS
5Y Average PS
4.89
Current PS
8.80
Overvalued PS
6.57
Undervalued PS
3.20
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