Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q4 performance and Q1 guidance are largely in line with expectations, despite the constraints posed by memory shortages [1] Group 1: Company Performance - SMIC's Q4 performance and Q1 guidance are in line with expectations [1] - The company anticipates that the memory shortage situation will ease within 9 to 12 months [1] Group 2: Financial Projections - Capital expenditure for SMIC in 2026 is expected to remain at $8.1 billion, with depreciation expenses projected to grow by 30% annually [1] - Earnings estimates for SMIC have been reduced by 14% and 11% for 2026 and 2027, respectively [1] Group 3: Stock Ratings - The target price for SMIC's H-shares is set at HKD 93.3, while the target price for A-shares is set at CNY 152, maintaining an "outperform" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that SMIC's gross margin in Q4 of last year fell short of expectations primarily due to rising depreciation costs [1] Group 1: Financial Performance - SMIC is projected to experience approximately 15% revenue growth by 2026 [1] - However, significant capital expenditures in 2025/26 are expected to increase depreciation costs by 30%, which will continue to pressure gross margins [1] Group 2: Market Demand - Demand pressures in the smartphone, personal computer, and consumer electronics sectors are anticipated to lead to stagnant average selling prices, making significant increases unlikely [1] - Morgan Stanley maintains a "reduce" rating with a target price of HKD 57 [1]

Group 1 - UBS raised the revenue forecast for SMIC (00981) for 2026 to 2029 by 4% to reflect greater domestic opportunities and improved supply-demand dynamics [1] - The profit forecast was lowered by 8% to 18% due to higher depreciation burdens, with a target price set at HKD 76 based on a projected price-to-book ratio of 3.3 times and a long-term return on equity of 11.3% [1] - SMIC's net profit for the last quarter increased by 4.5% quarter-on-quarter, exceeding previous guidance of 0% to 2% and market expectations of 1.3% growth, driven by slight increases in wafer shipments and average selling prices [1] Group 2 - The management predicts that capital expenditures this year will remain at USD 8.1 billion, with a 40 kW per month increase in 12-inch capacity by year-end to meet strong domestic demand from fabless companies [1] - The focus will be on expanding in areas with tight supply, such as BCD chips and memory-related products [1] - The management forecasts flat sales for the first quarter, with a gross margin between 18% and 20%, and expects sales growth to exceed the industry average this year [1] Group 3 - The management anticipates a 30% year-on-year increase in depreciation expenses this year, which will continue to exert pressure on gross margins [2] - UBS currently forecasts a gross margin of 20% for the first quarter and 21.2% for the entire year, with depreciation pressure offset by a more favorable pricing environment [2]

Core Viewpoint - Goldman Sachs reports that SMIC (00981) is expected to exceed operational profit forecasts for Q4 2025, with Q1 revenue guidance meeting expectations. The optimistic growth outlook leads Goldman Sachs to anticipate continued capacity expansion and advancement in process technology transfer, setting a target price of HKD 134 and a "Buy" rating [1] Group 1: Financial Performance - The company is expected to benefit from increased domestic customer demand, ongoing capacity expansion, and product mix optimization this year [1] - The projected increase in capacity includes an additional 49,000 wafers per week (measured in 12-inch wafers) by 2025, while maintaining strong wafer yield [1] Group 2: Market Trends - The demand for high-margin products is expected to grow at a faster rate than traditional products, driven by the AI boom, supply chain restructuring opportunities, and the trend of "localization of production" [1]

智通财经APP获悉，瑞银发布研报称，上调中芯国际(00981) 2026至2029年营收预测4%，以反映更大的 国产化机会与更佳的供需态势；但下调盈利预测8%至18%，以反映更高的折旧负担。予目标价76港 元，基于未来12个月预测3.3倍股价净值比，长期股东权益报酬率11.3%计；维持"中性"评级。 该行续指，业务持续扩产下，管理层预测今年折旧费用将年增30%，且明年仍将维持高位，对毛利形成 进一步压力。瑞银目前预测首季毛利率为20%，今年全年毛利率为21.2%，折旧压力将被更有利的价格 环境所抵销。 中芯国际去年末季纯利按季增4.5%，较往常季节性好，亦较早前指引按季升介乎0%至2%为佳，亦优于 市场预测按季增1.3%，主要得益于晶圆出货量与混合平均售价两者小幅增长。毛利率19.2%，符合介乎 18%至20%的指引，但低于市场预期的20%。 瑞银表示，随着8吋晶片产能利用率超过100%、12英寸晶片接近满载运转，管理层预测今年资本支出将 与去年的81亿美元持平，今年底产能预计增加40kwpm /12英寸产能，以应对中国无晶圆厂企业持续强 劲的国产化需求，中芯国际亦将目标锁定在BCD晶片、内存及内存相关产品等 ...

该行预期公司今年将受惠于国内客户需求增长、持续扩增产能，以及产品组合优化，高毛利产品需求增 速将超越传统产品。该公司于2025年新增4.9万片晶圆/周产能(以12英寸晶圆计)，同时维持强劲的晶圆 良率，反映出AI热潮、供应链产业重组契机及"本土化生产"趋势下的需求增长。 智通财经APP获悉，高盛发布研报称，中芯国际(00981)2025年第四季营运利润胜预期，今年首季收入指 引符预期。基于乐观增长前景，高盛预期中芯国际将持续扩产并推进先进制程技术转移。目标价134港 元，评级"买入"。 ...

Group 1 - The three major indices collectively rose, with the Shanghai Stock Exchange Science and Technology Innovation Board Composite Index increasing by 1.33% as of the report time [1] - Among the constituent stocks of the index, Youke De and Science & Technology reached the daily limit, while Oulain New Materials surged over 16% [1] - The Tianhong ETF tracking the Science and Technology Innovation Index had a trading volume exceeding 17 million yuan, with a turnover rate of over 6%, indicating active trading [1] Group 2 - The Science and Technology Innovation Index ETF closely tracks the Science and Technology Innovation Index, covering approximately 97% of the market capitalization of the Science and Technology Innovation Board, with a focus on small-cap hard technology companies [1] - The top ten weighted stocks in the index include leading technology firms such as Cambrian, Haiguang Information, and SMIC [1] - A new AI application scenario open platform, LuckyMate.AI, was launched in Huaqiangbei, Shenzhen, aimed at providing sustainable solutions for "Artificial Intelligence +" scenarios [1] Group 3 - According to Caixin Securities, historical market data suggests that the relative profit growth of "technology and value" has not reversed, and the differentiation in growth and value valuation is not extreme [1] - The overall trading congestion in the TMT sector remains low, leading to expectations that the market style may return to a "technology growth" focus in the medium term [1]

摩根士丹利发布研报称，中芯国际(00981)在结构上处于有利位置，可受惠于内地人工智能运算能力建 设，有助于抵销消费需求的周期性波动。该行维持公司"增持"评级，续予目标价80港元。 该行认为，中芯国际是中国本地人工智能GPU供应链的关键推动者。此外，随着晶圆利用率维持高位， 且均价呈上升趋势，相信公司可吸收部分因持续扩产而上升的折旧成本。 大摩表示，中芯国际引指今年首季收入按季持平，毛利率为18%至20%，略低于预测，反映部分面向消 费者的客户在记忆体价格上行周期中持谨慎态度，并对终端需求可见度感到忧虑。 ...

截至9月30日，中芯国际股东户数33.62万，较上期增加33.27%；人均流通股6134股，较上期减少 25.41%。2025年1月-9月，中芯国际实现营业收入495.10亿元，同比增长18.22%；归母净利润38.18亿 元，同比增长41.09%。 机构持仓方面，截止2025年9月30日，中芯国际十大流通股东中，易方达上证科创板50ETF（588080） 位居第五大流通股东，持股5730.50万股，相比上期减少1650.36万股。华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股5599.90万股，相比上期减少3972.76万股。华夏上证50ETF （510050）位居第七大流通股东，持股3797.30万股，相比上期减少103.16万股。华泰柏瑞沪深300ETF （510300）位居第八大流通股东，持股3393.58万股，相比上期减少146.80万股。嘉实上证科创板芯片 ETF（588200）位居第九大流通股东，持股2760.90万股，为新进股东。易方达沪深300ETF（510310） 位居第十大流通股东，持股2446.97万股，为新进股东。香港中央结算有限公司退出十大流通股东之 列。 ...

该行认为，中芯国际是中国本地人工智能GPU供应链的关键推动者。此外，随着晶圆利用率维持高位， 且均价呈上升趋势，相信公司可吸收部分因持续扩产而上升的折旧成本。 智通财经APP获悉，摩根士丹利发布研报称，中芯国际(00981)在结构上处于有利位置，可受惠于内地人 工智能运算能力建设，有助于抵销消费需求的周期性波动。该行维持公司"增持"评级，续予目标价80港 元。 大摩表示，中芯国际引指今年首季收入按季持平，毛利率为18%至20%，略低于预测，反映部分面向消 费者的客户在记忆体价格上行周期中持谨慎态度，并对终端需求可见度感到忧虑。 ...