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交银国际:维持中芯国际中性评级 降目标价至45港元
Zhi Tong Cai Jing·2025-05-12 01:26

Core Viewpoint - The report from CMB International indicates that the stock price of SMIC (00981) has performed in line with expectations, influenced by market sentiment, but is expected to stabilize around the adjusted target price of HKD 45 after a return to fundamentals [1] Group 1: Financial Performance - The revenue for Q1 2025 was USD 2.247 billion, a 2% quarter-on-quarter increase, but below the previous guidance lower limit of 6% [2] - The gross margin for Q1 2025 was 22.5%, exceeding the previous guidance upper limit of 21%, indicating strong resilience [2] - The company has adjusted its revenue and gross margin forecasts for 2025 to USD 8.95 billion and 20.8% respectively, down from USD 9.41 billion and 20.9% [1] Group 2: Market Demand and Production - Industrial and automotive revenues increased by approximately 20% quarter-on-quarter in Q1 2025, driven by strong demand for products such as BCD, CIS, and special memory [3] - The management noted that the overall demand environment is experiencing a broad mild recovery, with better visibility expected after August for demand including smartphones and IoT [3] - The company plans to increase monthly production capacity by 50,000 wafers annually and maintain capital expenditure plans year-on-year [3]